COFCO Engineering and Technology Co is listed on the ChiNext board of the Shenzhen Stock Exchange on Sept 9. [Photo/wxrb.com]
COFCO Engineering and Technology Co, which is headquartered in Wuxi, made its debut on the ChiNext board, China's Nasdaq-style board for growth enterprises on the Shenzhen Stock Exchange, on Sept 9.
It is the first listed company among Wuxi-based agricultural enterprises with strong support from the local government, according to officials.
COFCO Engineering and Technology Co is publicly offering 101.96 million shares, including 101.96 million IPO shares offered at 3.55 yuan (55 cents) per share, raising 362 million yuan in funds. The post-IPO share capital of the company is 512.27 million yuan in total.
COFCO Engineering and Technology Co is a first-level subsidiary of COFCO Group, China's leading foodstuff producer and grain trader. The company primarily engages in comprehensive engineering services and equipment manufacturing in the fields of grain, oil, as well as cold chain logistics.
In 2020, its operating income reached 2.04 billion yuan, with a net profit of 129.06 million yuan.
Lyu Jun, chairman of COFCO Group, said that the group will continue to support the development of COFCO Engineering and Technology Co in becoming a first-class comprehensive technical service provider and high-end equipment supplier for the agricultural and food products, as well as cold chain logistics industries. Lyu also said that the company expects to further cooperation with Wuxi.
Currently, Wuxi is home to 171 listed companies, with nine newly listed ones this year. The total market value of listed companies in Wuxi exceeded 1.6 trillion yuan.
