PVTIME – Suzhou West Deane New Power Electric Co.,Ltd.(WDI), an engineering and manufacturing company providing Laminated Bus Bar (LBB) products and turnkey engineering solutions to customers worldwide, was listed on the Shanghai Stock Exchange under the code 603312 on 11 January 2024.
At the close of the first day, WDI’s shares closed at a price of 41.70 yuan per share, up 43.69%, with a turnover of 996 million yuan at a rate of 68.37%, reaching a total market value of 6.739 billion yuan (US$940,764,400.00).
A total of 1,172,480,000 yuan (US$163,678,208) was raised by WDI with net proceeds of 1,073,025,300 yuan (US$149,794,331.88), 203,360,100 yuan (US$28,389,069.96) more than originally planned. And 869,665,200 yuan (US$121,405,261.92) of the funds raised will be used for the expansion of WDI’s power battery connector system with an annual output of 8 million pieces, the construction of a battery connector system project in Chengdu City, China, an R&D centre and the supplement of working capital, according to WDI’s announcement released on 8 January 2024.
In addition, from 2020 to H1 2023, WDI achieved operating income of 249,895,500 yuan (US$34,885,411.80), 821,571,500 yuan (US$114,691,381.40), 159,267,600 yuan (US$22,233,756.96) and 854,561,900 yuan (US$119,296,841.24) respectively. And its net profit attributable to the parent company after deducting non-recurring gains and losses were 22,032,900 yuan (US$3,075,792.84), 80,481,100 yuan (US$11,235,161.56), 153,527,300 yuan (US$21,432,411.08) and 86,749,400 yuan (US$12,110,216.24) respectively in the reporting period.
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