Wuxi company's IPO registration on sci-tech innovation board approved

The China Securities Regulatory Commission recently approved the initial public offerings (IPO) registration of Wuxi ETEK Microelectronics Co Ltd, making it the city's first company to be listed on the science and technology innovation board of the Shanghai Stock Exchange this year. It will be the sixth to be listed in Xinwu district and the eighth in Wuxi.

The IPO registration got the greenlight despite the increasingly severe regulatory review for initial listing of companies, the continuous improvement of listing standards, a large increase in the number of enterprises who have terminated examinations, and the continuous decline of the success rate of public listing hopefuls. It boosted the confidence in the construction of Taihu Bay Sci-tech Innovation Belt.

ETEK Microelectronics intends to publicly issue no more than 16 million A-share ordinary shares, accounting for no less than 25 percent of the total share capital after the issuance. It plans to raise 610 million yuan ($94.55 million) to be mainly used for high-performance power conversion, R&D and industrialization of driver chip and high-performance power protection chips. The funds will also be spent on R&D center construction and reserve projects.