On September 1, Shengtak New Materials Co., Ltd. went public on the Shenzhen Stock Exchange and offered 25 million shares of stock to the public, raising 354 million yuan in its IPO. Vice mayor Yang Fen and Shengtak’s president Zhou Wenqing together rang the opening bell to celebrate the company’s IPO at 9:30 a.m.

Founded in 2001 as a seamless tube and pipe supplier, Shengtak is the first company in Changzhou that got listed under the registration-based IPO system, which aims to simplify and shorten the previously lengthy approval process for IPO issuance and enhance the capital market’s inclusiveness to innovation and start-up firms. The capital raised this time will be used for manufacturing seamless stainless steel and alloy steel pipes applied to special equipment.

Yang Fen said in her speech that going public is the best proof of a company’s transformation and brand influence, as well as the best business card for the local government to attract investment. She called on the departments at all levels to bolster support for potential enterprises to go public and achieve leapfrog development through the capital market.

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