Drive System Corporation’s application for an initial public offering (IPO) was approved by the Listing Committee of the Growth Enterprise Board of the Shenzhen Stock Exchange. 

Changzhou Xiangming is located in Jiangsu Changzhou Economic Development Zone. The company specializes in the production and sales of micro motors, fans, and intelligent components. In 2019, its sales reached 524 million yuan in its main business activities. The annual sales last year achieved 551 million yuan, with a net profit of 59.65 million yuan. 

The company is planning to raise 365 million yuan in the IPO.

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