On the morning of June 1, Changzhou Kaidi Electrical Inc. (stock code: 605288) got listed on the Shanghai Stock Exchange (SSE) through an initial public offering (IPO).

Mayor Chen Jinhu, vice mayor Liang Yibo, secretary-general Hang Yong and leaders of Jiangsu Changzhou Economic Development Zone (CZEZ) joined Changzhou Kaidi’s president Zhou Rongqing and general manger Zhou Shucheng at the bell-ringing ceremony.

Chen Jinhu said in his speech that he hopes Changzhou Kaidi will carry forward the entrepreneurial spirit to face the challenge of changing times and make progress through practical innovation. He also hopes the company will remain dedicated to its main business sector and keep improving its core competitiveness, so as to pay back to investors and society with outstanding performance. The governments in Changzhou will provide thoughtful and timely service for high-quality enterprises to realize leap-forward development with the capital market instruments.

Changzhou Kaidi is located inside the CZEZ in Henglin town, specialized in R&D, production and sales of linear motion systems. Through 20 years of development, the company has become one of the top suppliers of linear motion systems in China, taking the lead in production capacity, technology R&D, production quality and market share.

This time, Changzhou Kaidi announced the launch of an IPO of 12.5 million shares at a price of 92.59 yuan per share. The price-earnings ratio (P/E ratio) of its stock is 22.99. The funds raised are set to be used for construction of its linear motion system production base and R&D center, as well as for the intelligent actuator system project and supplementary working capital.