Lygend makes debut on HK bourse

Lygend Resources & Technology Co Ltd made its initial public offering on the Hong Kong Stock Exchange on Dec 1, becoming the 17th company from Ningbo, East China's Zhejiang province to be listed on the Hong Kong bourse.

Its listing has brought the total number of listed companies in the city to 134, of which 112 are listed on domestic bourses.

The company raised HK$3.52 billion ($457 million) after issuing 233 million shares each priced at HK$15.8.

Established in 2009, Lygend is a nickel industry chain services provider. Its business covers the trading and production of nickel products as well as equipment manufacturing and sales.

The company's revenue surged 144 percent year-on-year to 9.98 billion yuan ($1.43 billion) in the first half of this year. Its net profit over the six-month period amounted to 1.35 billion yuan, more than the total recorded in the past year.