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Altenergy Power System Inc in Jiaxing, East China's Zhejiang province, was listed on the Shanghai Stock Exchange on June 8, becoming the city's 76th listed company.

Its initial public offering raised 3.26 billion yuan ($478.06 million), which will be used mainly for the construction of a research and development center and a global marketing network and to replenish working capital.

Established in 2010, AP System focuses on component-level power electronics in distributed photovoltaic power generation systems.

In 2019, the company became the second manufacturer in the world to produce an intelligent control shutoff device that meets the industrial standards of Sunspec for the US market, and is the only manufacturer in the world that can mass-produce micro-inverters and component-level intelligent control shutoff devices simultaneously.

In 2020, AP System's market share for micro-inverters ranked first in China and second in the world.

The company's micro inverters, intelligent control shutoff devices and energy communicators have been sold in more than 100 countries and regions, including the United States, Europe, and Australia, and have obtained more than 100 domestic and foreign certifications, said Ling Zhimin, chairperson of AP System.

In 2019, 2020, and 2021, the company's operating income was 385 million yuan, 489 million yuan and 665 million yuan, respectively. The company is expected to achieve sales revenue of 490 million yuan to 530 million yuan in the first half of 2022.