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Representatives from Zhejiang Hengwei Battery Co Ltd announce the company's listing on March 9. [Photo/cnjxol.com]

Zhejiang Hengwei Battery Co Ltd based in Jiaxing, East China's Zhejiang province went public on the ChiNext Market of the Shenzhen Stock Exchange on March 9, making it the sixth listed company in Xiuzhou district.

The initial offering price for the company (stock code 301222), was 33.98 yuan ($5.38) per share, and it issued more than 25.33 million shares on its first day of trading.

Founded in 1999, Zhejiang Hengwei is a national high-tech company dedicated to manufacturing high-performance eco-friendly zinc-manganese batteries, which are used in home appliances, digital products, and wireless security equipment.

To date, the company holds 21 patents, including four invention patents and 15 utility model patents.

In recent years, Jiaxing has taken various measures to encourage local companies to go public. In 2021, five companies in the city went public, while 17 pre-listed tutoring companies were established. Jiaxing is currently home to 72 listed companies with a combined market value of 902.7 billion yuan.

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

In addition, Jiaxing is also encouraging listed companies to refinance, leading to Jiaxing companies receiving record-high direct financing of 35.89 billion yuan in 2021.