Bafang debuted on the main board in Shanghai Stock Exchange (SSE) yesterday, 11th November.
30 million Bafang shares (stock code: 603489) were issued on the capital market, accounting for 25% of the total share capital after release, with an opening price of 43.44 Yuan/share.
As of closing day 11th November, Bafang’s share price went up 43.99% to hit the daily trading limit of 62.55 Yuan. The total fund raised is 1.303 billion Yuan (US $186 million/€168 million), and the net fund raised after deducting issuing expenses is 1.238 billion Yuan.
“Bafang’s goal is to produce innovative and high-quality products for our customers that make a tangible contribution to their riding comfort,” said chairman and managing director Qinghua Wang.
“After the completion of this equity investment project, Bafang’s production capacity of mid and hub motor systems for all kinds of pedelecs will be significantly increased. The global marketing network will be further developed, which is conducive to improving the company’s market share and brand influence.
“At the same time, our technical centre will carry out targeted research and development and constantly improve the technical level of EPAC-related electric system products.”
With the funds raised, investment will be made in a variety of areas including the production and construction of electric motors and control systems for EPACs and the projected production of Li-ion batteries.
Further investment will also be made in international marketing projects, replenishing the working capital and in the company’s technical centre (R&D department) located at its headquarters.