Zhejiang YGM Technology Co Ltd made its initial public offering on the Beijing Stock Exchange on Oct 27, becoming the second company from Taizhou, East China's Zhejiang province to be listed on the Beijing bourse.

The company raised 170.52 million yuan ($26.23 million) after issuing 15.51 million shares each priced at 10.99 yuan. The raised capital will be utilized to build a R&D center and a factory that can produce 20 million square meters of high-performance reflective materials a year, as well as enhance the level of automation of existing production lines.

Located in the Taizhou Bay New Area, YGM Technology specializes in the R&D, manufacturing, and sales of reflective materials.

The company has won numerous laurels, including the "national high-tech company" and "national little giant" titles. It has also been listed as a provincial enterprise technical center.

YGM Technology's listing means that there are now 69 listed companies in Taizhou. Among them, 65 are A-share listed, placing Taizhou fourth nationwide in this regard.

Zhang Saiting, director of the securities financing division of the Taizhou financing office, pointed that the IPO of YGM Technology will serve as an encouragement for similar companies in the city to follow suit.

Taizhou is presently home to 90 "little giant" enterprises, which refer to outstanding high-tech small and medium-sized enterprises with high growth potential, advanced technology, and strong market competitiveness.

Taizhou will sustain its efforts to promote the growth of listed companies in the city, according to an action plan passed at the first session of the 6th Taizhou Municipal Congress of the Communist Party of China on Feb 23.