On November 27, Zhejiang Chenfeng Technology Co., Ltd. officially made its debut on the main board of the Shanghai Stock Exchange, ringing in a new chapter for the company. The stock, listed under the ticker symbol 603685 and named Chenfeng Technology, saw an initial public offering (IPO) of 25 million shares at a price of 21.04 yuan per share. Following the IPO, the company's total share capital reached 100 million shares.
Founded in 2001, Chenfeng Technology is based in Haining City, Zhejiang Province—a region renowned for its spectacular tidal phenomena. The company underwent a shareholding system reform in 2015, marking a significant step in its evolution. Over the years, it has built a comprehensive value chain encompassing research and development, production, and trade, positioning itself as a mid-sized modern enterprise specializing in lighting accessories.
The company’s primary products include LED bulbs, lamp holders, and various lighting accessories, which are widely used in both LED and traditional lighting systems. Financial data from 2014 to early 2017 shows steady growth: revenue increased from 302 million yuan to 582 million yuan, while net profit rose from 27.89 million yuan to 92.5 million yuan. However, the first quarter of 2017 saw a slight dip in net profit, reaching 57.03 million yuan.
According to the prospectus, Chenfeng Technology plans to raise up to 576 million yuan through the IPO, with funds allocated to several key projects. A significant portion—383 million yuan—will go toward an LED green lighting energy-saving structural components project, while 69.5 million yuan will be invested in a green lighting R&D center. An additional 1.26 billion yuan is set aside for working capital to support daily operations.
By investing in these initiatives, the company aims to enhance its technological innovation and strengthen its R&D capabilities. The construction of the R&D center is expected to foster talent development and create a sustainable platform for long-term research and product development. This strategic move is intended to solidify Chenfeng Technology’s competitive edge in the lighting industry.
The company also emphasized that the fundraising projects will play a crucial role in driving product upgrades and structural improvements. These efforts are designed to ensure continued profitability and deliver strong returns to shareholders.
As Chenfeng Technology takes this major step forward, it signals a promising future for the company and its stakeholders. With a clear vision and well-planned strategies, the firm is poised to grow and thrive in the dynamic global market.
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