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Zhejiang Heda Technology Co Ltd is listed on the science and technology innovation board of the Shanghai Stock Exchange on July 27. [Photo/cnjxol.com]

Jiaxing-based Zhejiang Heda Technology Co Ltd went public on the science and technology innovation board of the Shanghai Stock Exchange on July 27, becoming the 70th listed company in Jiaxing, local media reported.

The initial offering price for Heda, which has the stock code 688296, was 12.46 yuan ($1.93) per share. On its first day of trading, the company raised 536 million yuan, which will be used to develop safe water supply products, construct platforms, upgrade of its R&D center, and replenish working capital.

Founded more than 20 years ago, Heda has expanded its business to hydraulic engineering, water supply, water drainage, and environmental protection.

The company, whose products have been used by over 400 companies from 13 cities in the country, has also cooperated with universities and internet giants such as Tencent in internet of things infrastructure and mobile internet.

Jiaxing is currently home to 70 listed companies, the fourth highest in Zhejiang province. In the first half of the year, these companies raised 16.11 billion yuan, the second largest in the province.

By the end of June, the total market value of domestic listed companies in the city reached a record 784.2 billion yuan and seven of them were shortlisted as the top 500 listed companies in China in the Jan-June period.

This year, Jiaxing has published a new work plan to help promote stock reforms and encourage more local companies to go public based on its experience from a previous plan.

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