Sep 14, 2021 (China Knowledge) - Guizhou Zhenhua E-chem (688707) opened at RMB 58 on its first day trading on the Shanghai Stock Exchange's STAR Market, an increase of 394% from its IPO price of RMB 11.75.
The shares price ended the day at RMB 46.97, soaring 300% from its issue price. Its intraday high and low were RMB 58.2 and RMB 46.78, respectively. A total of 56.8 mln shares changed hands with a turnover of RMB 2.8 bln, and ending the day with a total market capitalization of RMB 20.8 bln.
Guizhou Zhenhua E-chem manufactures and distributes advanced materials. The Company produces nickel cobalt lithium manganese oxide ternary cathode materials, lithium cobalt oxides, composite ternary, and other products. Guizhou Zhenhua E-chem also operates import and export businesses.
Guizhou Zhenhua E-chem reported in its prospectus that the funds raised from the IPO will be used to expand its production capacity of lithium-ion battery cathode material, and to supplement its working capital.
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