Dec 29, 2022 07:29 PM

BUSINESS

CATL-Linked Battery Materials Company Stages Hot IPO

Battery components manufacturer Shijiazhuang Shangtai Technology held its IPO Wednesday on the Shenzhen Stock Exchange. Photo: Shijiazhuang Shangtai Technology Co. Ltd.

Battery components manufacturer Shijiazhuang Shangtai Technology held its IPO Wednesday on the Shenzhen Stock Exchange. Photo: Shijiazhuang Shangtai Technology Co. Ltd.

(Nikkei Asia) — Chinese battery components manufacturer Shijia-zhuang Shangtai Technology Co. Ltd. held an initial public offering Wednesday on the Shenzhen Stock Exchange, beating expectations as its market capitalization exceeded 12 billion yuan ($1.72 billion) at one point.

The 40.66 yuan opening price was 20% above the initial offering price of 33.88 yuan, showing optimism regarding future growth.

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