After beginning its initial public offering (IPO) for CNY 409 million ($60M) earlier in August, Wenzhou Yuanfei Pet Toy Products raised its value by 44% after the first trading day at Shenzhen-listed.
Pursuant to local media, on August 18 the enterprise started on the Shenzhen Stock Exchange’s Main Board at CNY 13.71 ($2) per share, an increase of 20% compared to the IPO.
At the end of the session, the company’s stocks increased by 44%.
At the closure of the session, company shares jumped by 44%. Wenzhou Yuanfei Pet Toys Productsproduces and purchases pet supplies like toys, snacks, collars, leashes, According to the company’s own statement, it will use the funds to extend its production capacity of 3,000 tons of gum and 25 million of pet traction equipment.
Furthermore, the enterprise aims to use the funds for its intellectual storage technology reform project and recruiting more staff.