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Hangzhou company sets new record for A-share IPO pricing

ezhejiang.gov.cn| Updated: December 13, 2021 L M S

Hoymiles, a Hangzhou-based high-tech company, made its initial public offering (IPO) at the STAR Market in Shanghai Stock Exchange on Dec 7.

The company's stock was priced at 557.8 yuan ($87.68) per share, a record high IPO price in the history of A-share markets. The previous record was 292.92 yuan per share for the IPO of biological agent developer Sino Biological Inc in August.

Hoymiles' major products include microinverters and hybrid inverters that are used in solar power generation.

Hoymiles was co-founded by its current Chief Executive Officer Yang Bo and Chief Technology Officer Zhao Yi.

In 2020, the company earned 307 million yuan in operating revenue and 104 million yuan in net profits. Its operating revenue and net profits in the first half of this year were 318 million yuan and 79 million yuan respectively.

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A pedestrian walks past the Shanghai Stock Exchange. [Photo by Fan Jianlei/For China Daily]