Ningbo ice machine leader debuts on Shenzhen Stock Exchange

The listing ceremony for Ningbo Hicon Industrial Technology. [Photo/WeChat account: nbqwxqfb]

Ningbo Hicon Industrial Technology went public on the Shenzhen Stock Exchange's main board on May 22. With Hicon's debut, Ningbo now has 155 listed companies, including 126 A-share firms.

Hicon issued 37.09 million shares at 53.26 yuan ($7.84) each, raising 1.97 billion yuan. The stock opened at 99.99 yuan per share on its first trading day, more than 80 percent above the IPO price.

Founded in 2001 in Ningbo's Qianwan New Area, the company specializes in refrigeration equipment, including ice makers, refrigerators, wine coolers, and freezers. Its products are sold in more than 80 countries and regions worldwide.

According to the China Light Industry Machinery Association, Hicon ranked first domestically in ice machine market share from 2022 to 2024. Its global market share in ice makers also rose from about 8 percent in 2022 to 12 percent in 2024.

The company plans to use the IPO proceeds to expand intelligent manufacturing, upgrade production lines, strengthen research and development, and build a new production base in Thailand.

Industry data show that the global ice maker market grew from 14.48 billion yuan in 2019 to 21.29 billion yuan in 2024 and is expected to reach 27.2 billion yuan by 2028, highlighting the sector's strong growth potential.

An ice machine manufactured by Ningbo Hicon Industrial Technology. [Photo/Ningbo Hicon Industrial Technology's official website]