Ningbo Sinyuanzm Technology Co Ltd makes its initial public offering on the ChiNext board of the Shenzhen Stock Exchange on Dec 15. [Photo/Ningbo Evening News]

Ningbo Sinyuanzm Technology Co Ltd made its initial public offering on the ChiNext board of the Shenzhen Stock Exchange on Dec 15, becoming the eighth listed company from Ningbo, East China's Zhejiang province this year. 

Its listing has brought the total number of A-share listed companies in the city to 114.

The company issued 20 million shares each priced at 34.4 yuan ($4.9). As of the end of the first day of trading, the share price had surged to 41.14 yuan.

Founded in 2003, Ningbo Sinyuanzm Technology is a company that specializes in the development, design and production of magnesium alloy and aluminum alloy die casting products. It is a supplier of globally renowned auto brands, including Tesla, Ford, Chrysler and Audi.

The raised funds of 350 million yuan will be used to expand its production capacity and enhance its innovation capability, according to a spokesman at Sinyuanzm.

The market capacity of magnesium alloy automotive die casting in China is expected to increase from 413,600 metric tons in 2020 to 1.24 million tons in 2030.