Ningbo Shimao Energy Co Ltd made an initial public offering on the main board of Shanghai Stock Exchange on June 30.

The company issued 40 million shares at a subscription price of 14.18 yuan ($2.18) per share. It will be the 101st A-share listed company from Ningbo.

Shimao Energy is a company that operates degeneration plants with municipal solid waste and coal as the main raw materials.

There are already seven companies from Ningbo that have been listed this year. Another two companies from Ningbo - Daye Garden Industry Co Ltd and Ningbo Dechang Electric Machinery Co Ltd - are currently preparing for their IPOs.

On June 28, Ningbo Color Masterbatch Co Ltd made its debut on the Shenzhen Stock Exchange, becoming the 100th A-share listed company from the city.

Ningbo is now ranked seventh nationwide in terms of number of A-share listed companies, behind Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, and Guangzhou.

As of June 28, the 100 A-share listed companies from the city saw their total market value surpass 1.2 trillion yuan.

Ningbo is looking to double both the number of listed companies and their total market value. It aims to have 200 listed companies with a total market value of over 3 trillion yuan by the end of 2025.