Copper Manufacturer Jintian Lists At Premium On Shanghai Board

Sinowisdom-backed copper manufacturer Ningbo Jintian Copper (Group) Co., Ltd on Wednesday listed at a premium on the board of Shanghai Stock Exchange after raising 1.585 billion yuan ($223 million) in its IPO. 

Jintian, which sold 242 million shares at 6.55 yuan ($0.9) apiece, opened at 7.86 yuan($1.1) on first day of trading, according to a filing with the bourse.  

The company’s shares are listed under the symbol “601609”. State-owned Caitong Securities acted as the lead underwriter of the deal. 

Established in 1986, Jintian serves industries in the areas of green energy, automotive, building, equipment, power, home appliances and electronics. 

Headquartered in Ningbo, it has set up production units in Jiangsu, Chongqing, Guangdong and Vietnam, while its overseas divisions are across U.S, Germany, Japan, Hong Kong and Vietnam. 

It recorded annual revenues of 41 billion yuan ($5.8 billion) in 2019 against 40.6 billion yuan ($5.74 billion) in 2018. Besides, it booked 495 million yuan ($70 million) in net profit, up 77 million yuan ($10.9 million) compared to 2018. 

Following the IPO, Jintian Investments will remain its controlling shareholder with 28.59 per cent equity, down 5.69 per cent. 

Jintian will invest to strengthen the copper pipelines and build a smart manufacturing factory. In addition, it will aim to pay off the debt to the bank.

Previously in 2010, new economy-centered private equity firm Sinowisdom and Beijing Global Yinzheng Investment had made an unspecified strategic investment in Jintian.