Ningbo welcomes 118th A-share listed company

Zhejiang Fengmao Technology Co Ltd made its debut on the ChiNext board of the Shenzhen Stock Exchange on Dec 13, becoming the 118th A-share listed company in Ningbo.

Headquartered in Yuyao, a county-level city in Ningbo, Fengmao is a nationally-recognized "little giant" enterprise specializing in the research and industrialization of precision rubber components.

The company's entrance into the stock market was impressive, as its shares experienced an uptick of 107.52 percent during intraday trading, reaching a peak price of 66.2 yuan ($9.28) per share. Ultimately, the stock closed at 59.22 yuan per share, an 85.64-percent increase, with a total trading volume of 870 million yuan throughout the day.

Fengmao's initial public offering involved the issuance of 20 million new shares at a price of 31.9 yuan per share, successfully raising a total of 638 million yuan. These funds will be primarily allocated to strategic projects, including the development of an intelligent factory for transmission belts, expansion of tensioner wheel production, and the enhancement of the research and development center.

Financial reports reveal a consistent growth trajectory for Fengmao, with operating income steadily increasing from 420 million yuan in 2020 to 555 million yuan in 2021 and further to 608 million yuan in 2022. The company's net profits also grew from 55.57 million yuan in 2020 to 70.01 million yuan in 2021 and 102.24 million yuan in 2022.

In the first three quarters of the current year, Fengmao continued its upward momentum, achieving an operating income of 605 million yuan, marking a year-on-year growth of 38.83 percent. Moreover, the company's net profits soared to 116 million yuan, representing a 62.9 percent increase compared to the corresponding period last year.