By Bingyan Wang
Shijiazhuang Shangtai Technology is planning an initial public offering in Shenzhen as the boom in New Energy Vehicle industry boosts the demand for the company's anode materials that the Hebei-based company makes for lithium-ion batteries.
Shijiazhuang Shangtai said in a filing to the Shenzhen bourse Monday that it plans to raise 2.2 billion yuan (US$316 million) in the IPO, selling 64.9 million shares at CNY33.88 each. The company's trading in shares to debut on Wednesday.
The company's operating income more than doubled in the first nine months of the year, to CNY3.54 billion compared with the same period last year, while net profit increased more than tripled.
Guosen Securities is advising Shijiazhuang Shangtai Technology on the proposed offering.
Write to Bingyan Wang at bingyan.wang@wsj.com
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