Jun 10, 2021 (China Knowledge) - Guangdong Greenway Technology (688345) to start trading on the Shanghai Stock Exchange STAR Market tomorrow. The firm has issued 25 mln shares priced at RMB 25.91 per share raising RMB 647.8 mln. Its initial price-to-earnings ratio (PE) stands at 22.15. During subscription the IPO was 4,849 times oversubscribed.
Dongguan Securities acts as the lead underwriter and sponsor for the IPO.
Guangdong Greenway Technology is a manufacturer and wholesaler of storage batteries. The company is mainly engaged in the research and development, manufacturing, and sales of lithium-ion batteries. The company's main products are lithium-ion batteries for light vehicles, consumer electronics batteries, energy storage batteries, and lithium-ion batteries.
In FY 2020, Guangdong Greenway garnered a total revenue of RMB 1.43 bln, up 39.4% YoY. In terms of net income, it achieved RMB 123.4 mln, up 75.3% YoY. In Q1 2021, the company reported revenue of RMB 455.1 mln, a YoY increase of 106.96%, and its net profits reached RMB 46.8 mln, up 68.3% YoY.
The funds raised from the IPO will be used for light-duty vehicle lithium-ion battery projects, further research and development, information management system construction projects, and to supplement its working capital.
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