Wuhan Zhongyuan Huadian shares up 76.2% in ChiNext debut

Oct. 30, 2009 (China Knowledge) - Wuhan Zhongyuan Huadian Science & Technology Co Ltd<300018>, which is engaged in the electrical equipment industry, debuted on the ChiNext Board on the Shenzhen Stock Exchange today, and its shares rose 76.2% above the IPO price on its first day of trading.

Shares of the company started trading at RMB 47, a price 46.05% higher than the IPO price. They surged 119.08% after the opening and climbed to RMB 70.5 in the morning session. After hitting an intraday high of RMB 83.5, the shares closed at RMB 56.7, with 11.78 million shares having changed hands.

The firm raised RMB 185 million from the IPO by issuing shares accounting for 20% of the firm's enlarged capital. Haitong Securities Co<600837>, China's second-largest broker in terms of assets, is the underwriter of the offering.

Wuhan Zhongyuan Huadian Science & Technology Co Ltd was founded in November 2001 and is engaged in the development, manufacturing and sales of intelligent runtime recorders and time synchronization systems. The company's products are widely used in the communication, railway and industrial control industries as well as in the petrochemical industry and the metallurgy industry.