Taizhou achieves milestone month in capital market with surge in IPO activity

Asia Electronics Technology, based in Taizhou, is a leading supplier of wet cleaning equipment. [Photo/Asia Electronics Technology]

Taizhou marked a standout month in June with a wave of progress in corporate listings, signaling another highlight in the city's ongoing integration with the capital market.

Leading the charge was Haiyang Technology, a key player in the nylon 6 industrial chain, which made its debut on the main board of the Shanghai Stock Exchange. With an annual revenue of 5.54 billion yuan ($771.15 million), the company's listing not only solidified its position as a hidden champion in the new materials sector but also changed market perceptions of the traditional chemical fiber industry.

Shuangdeng Group and Ab&B Biotech gained approval from the China Securities Regulatory Commission on June 13 and June 26, respectively, advancing their plans for Hong Kong IPOs. On June 27, Asia Electronics Technology's application to list on the STAR Market was approved by the Shanghai Stock Exchange.

Asia Electronics Technology, a top provider of wet cleaning equipment in China, specializes in solutions for silicon semiconductors, compound semiconductors, and photovoltaics. It plans to raise 950 million yuan via its IPO, highlighting the innovative spirit and growth prospects of Taizhou's advanced electronics manufacturing industry.

This recent surge in IPO activity is the result of years of dedicated effort. The driving force behind this momentum is Taizhou's proactive strategy to develop its corporate pipeline, provide policy incentives, and improve the overall business environment.

In 2021, Taizhou was the first city in Jiangsu province to establish a dedicated listing service platform, which simplifies government services for companies seeking IPOs. By 2023, the municipal government rolled out 10 policy measures that include financial incentives, addressing corporate IPO challenges, and providing expert support.

"Before going public, I was focused on funding. After listing, all I think about is the product," said Xia Hanguan, chairman of Taizhou-based Pacific Precision Forging, reflecting a shift in corporate mindset post-IPO. Going public, he noted, not only provides access to capital but also serves as a crucial springboard for long-term innovation and sustainable growth.

Between 2019 and 2024, Taizhou added 19 listed companies. In 2024 alone, the city's listed firms generated a combined revenue of 41.05 billion yuan.