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To date, the number of listed companies and pre-listing tutoring companies in Jiaxing has totaled 69 and 41 respectively. [Photo/WeChat account: jxfabu]

Two Jiaxing-based companies went public on the Shanghai Stock Exchange (SSE) on May 13, local media reported.

Zhejiang Fulai New Material Co, a national hi-tech company dedicated to the development, production and sales of functional coating composite materials was listed on SSE's main board.

The initial offering price for Fulai New Material (stock code 605488) was 20.43 yuan ($3.17) per share. The company is expected to raise 613 million yuan on its first day of trading.

Meanwhile, Zhejiang Haiyan Power System Resources Environmental Technology Co went public on the SSE's sci-tech innovation board, commonly known as the STAR Market.

The company raised 251 million yuan on its first trading day. The funds will be used to develop its water treatment system integration center, polytetrafluoroethylene (PTFE) coating production, and research and development (R&D) center.

Zhejiang Haiyan Power System Resources Environmental Technology Co is engaged in the R&D, design and integration of water treatment systems for nuclear plants, thermal power plants, and metallurgy and chemical engineering.

This year, Jiaxing became home to another three listed companies and eight pre-listing tutoring companies.

To date, there are 69 listed companies and 41 pre-listing tutoring companies in the city, the fourth and third highest in the province respectively.

This year, Jiaxing published a new work plan to help promote stock reforms and encourage more local companies to go public.

By 2025, Jiaxing is expected to house more than 100 listed companies with a combined market value of 1 trillion yuan, according to the local municipal financial office.