Zhejiang Yongtai Technology Co Ltd in Taizhou, East China's Zhejiang province. [Photo/WeChat account: tzfb001]

Zhejiang Yongtai Technology Co Ltd issued Global Depository Receipts (GDRs) and was officially listed on the London Stock Exchange on July 11.

The Taizhou-based company is the first Shenzhen Stock Exchange-listed company to issue GDRs on the London Stock Exchange, achieving dual listing in Shenzhen and London.

About 7.43 million GDRs were issued at a price of $9.41 per GDR, raising approximately $70 million. The GDRs represent an underlying 37.19 million A-shares, accounting for 4.07 percent of the total A-share capital after the issuance.

The funds raised will primarily be used to facilitate the company's global industrial chain layout in core business areas, including new energy materials, pharmaceuticals, and plant protection products. Additionally, they will enhance the company's capabilities in research and development, manufacturing, and sales, help the company repay corporate debts, and supplement operational capital.

This successful listing marks a significant milestone for Yongtai Technology, further solidifying its position in the international market and opening up new avenues for global expansion and growth.