Chinese pet care manufacturer successfully goes public
Shenzhen-listed Wenzhou Yuanfei Pet Toy Products increased its value by 44% after the first trading day.
The company started an initial public offering (IPO) for CNY 409 million ($60M) earlier in the month.
According to local media, the company opened its first day on the Shenzhen Stock Exchange’s Main Board on August 18 at CNY 13.71 ($2) per share. This was an increase of 20% against the IPO price.
At the closure of the session, company shares jumped by 44%.
Wenzhou Yuanfei Pet Toys Products manufactures and distributes pet supplies worldwide, including snacks, toys, chews, collars and leashes.
The company stated that the funds raised from the IPO will be used to expand its annual production capacity of 3,000 tons of gum and 25 million of pet traction appliances.
Chinese sources pointed out that the company wishes to increase funds to its intellectual storage technology reform project and add more workforce.
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