Ningbo new energy firm surges upon STAR board debut
Ningbo Ronbay Lithium Battery Materials Co goes listed on the Science and Technology Innovation Board at the Shanghai Stock Exchange on July 22. [Photo/cnnb.com.cn]
The Ningbo Ronbay Lithium Battery Materials Co, along with 24 other tech companies across the country, was listed on the newly-launched science and technology innovation board at the Shanghai Stock Exchange on July 22.
The new innovation-focused board is a Nasdaq-like stock market index which was officially launched on June 13. The first 25 stocks were fiercely sought after by eager investors on the first day of trading.
The stock price of Ronbay opened at 26.62 yuan ($3.87) per share and closed at 49.53 yuan, seeing a drastic growth of 86.06 percent.
The STAR board will play a reformative role in China's industrial transformation and upgrading, according to Bai Houshan, chairman of the company.
As a high-tech new energy company, Ningbo Ronbay is engaged in the development, production and sales of the anode materials for lithium batteries and has famous clients from home and abroad, such as automaker BYD and LG Chemicals.