Forehope Electronic (Ningbo) Co Ltd makes its initial public offering on the science and technology innovation board of the Shanghai Stock Exchange on Nov 16. [Photo/Ningbo Daily]

Forehope Electronic (Ningbo) Co Ltd made its initial public offering on the science and technology innovation board of the Shanghai Stock Exchange on Nov 16, becoming the fifth Star Market-listed company from Ningbo, East China's Zhejiang province.

Its listing has brought the total number of listed companies in the city to 133, of which 111 are listed on domestic bourses.

Forehope Electronic (Ningbo) Co Ltd is a company that specializes in high-end integrated circuit packaging and testing. Founded in November 2011, the company has been developing rapidly in recent years and ranked among the top six domestic companies in IC packaging.

The company's revenue increased from 366 million yuan ($52 million) in 2019 to 2.06 billion yuan in 2021, before climbing to 1.14 billion yuan in the first half of 2022.

Its net profit attributed to its parent company surged from minus 39.6 million yuan to 322 million yuan from 2019 to 2021. In the first half of this year, the figure amounted to 115 million yuan.

"This successful listing marks the beginning of a new chapter in the high-quality development of Forehope Electronic," said Wang Shunbo, the company's founder and president.

He added that the company will continue to increase its investment in scientific research, enhance its technological capabilities and sustainable profitability, and provide more high-quality products to customers in China.