Zhejiang East Asia Pharmaceutical Co Ltd makes an initial public offering on the main board of the Shanghai Stock Exchange on Nov 25. [Photo/taizhou.com.cn]

Zhejiang East Asia Pharmaceutical Co Ltd made its initial public offering on the main board of the Shanghai Stock Exchange on Nov 25.

It is the fifth company from Taizhou to make an IPO on a domestic stock exchange, bringing the total number of listed companies on the exchange to 60, among which 56 are A-share listed.

Headquartered in Taizhou's Sanmen county, East Asia Pharmaceutical is  mainly engaged in the R&D, production and sales of active pharmaceutical ingredients (APIs) and intermediates, among other drugs. 

It issued 28.4 million shares at a price of 31.13 yuan ($4.51) per share. The stock closed at 44.01 yuan, up 44.01 percent from its offering price.

East Asia Pharmaceutical has seen steady growth in its revenue and net profits in recent years.

Its revenue rose from 857 million yuan in 2018 to 988 million yuan in 2019, while net profits grew from 109 million yuan to 168 million yuan. 

In the first three quarters of this year, its business income stood at 677 million yuan, while net profits amounted to 108 million yuan.

Official data shows that by the end of October, the total market value of A-share listed companies in Taizhou was 595.11 billion yuan, up 42.53 percent from the beginning of this year.

In the first 10 months of this year, the city's listed companies raised a total of 27.556 billion yuan from capital markets, 10 times the amount in the same period last year.