Taizhou's first service enterprise debuts on HK bourse

chinadaily.com.cn | Updated: 2021-01-04

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Wenling Zhejiang Measuring and Cutting Tools Trading Center Co Ltd makes an initial public offering on the Hong Kong Stock Exchange on Dec 30. [Photo/WeChat account: tzfb001]

Wenling Zhejiang Measuring and Cutting Tools Trading Center Co Ltd made an initial public offering on the Hong Kong Stock Exchange on Dec 30, according to local media reports.

The company issued 20 million shares at a price of HK$6.25 per share.

It is the first company in the service sector in Taizhou to go public and the third trading center in Zhejiang province to be listed, following the Yiwu small commodity market and the Haining leather market.

Based in Wenling, a county-level city in Taizhou, the Wenling measuring and cutting tool trading center is the nation's largest in terms of trade volume, commodity variety, and number of brands, according to Pan Haihong, president of the company.

The market is home to more than 1,360 brands, and in 2019 it generated more than 5 bilion yuan ($769.23 million) in trade.

About 70 percent of funds raised through the IPO will be used to construct an industrial park funded by the company.

Wang Haogang, head of the Wenling financial work center, said that the IPO will improve the market's profile at home and abroad and boost the development of enterprises in niche segments.