KUNSHAN, CHINA – Kunshan Dongwei Technology will start trading on the Shanghai Stock Exchange Star Market on Jun. 16. The firm has issued 36.8 million shares priced at RMB 9.41 per share (US$ 1.47), raising RMB 346.3 million (US$54.1 million).

The funds raised from the IPO will be used to invest in phase one of a PCB vertical continuous electroplating equipment expansion project, construction of an R&D center, horizontal equipment industrialization project, and to supplement working capital.

Kunshan Dongwei Technology is mainly engaged in research, development, design, production and sales of precision electroplating equipment and its supporting equipment. The company's main products include vertical continuous electroplating equipment and horizontal surface treatment equipment used in PCB electroplating. It distributes products and services mainly within the domestic market.

In 2020, Kunshan Dongwei had revenue of RMB 554.5 million, up 25.6% year-over-year. Net income was RMB 87.8 million, up 18.3% compared to 2019. In the first quarter of this year, the company reported revenue of RMB 161.6 million, a year-over-year increase of 173.9%. Net profits reached RMB 26.7 million, up 178.1%.

Ed.: RMB 1 = US$0.16

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