First foreign-funded firm to be listed on Beijing Stock Exchange
Photo taken on Nov. 15, 2021 shows a scene at the opening ceremony of the Beijing Stock Exchange, in Beijing, capital of China. (Xinhua/Li Xin)
Suzhou Ovodan Food Co., Ltd. (Ovodan Food) has gained approval for launching an initial public offering (IPO) on the Beijing Stock Exchange (BSE), reported Shanghai Securities News last Friday.
Ovodan Food represents the first foreign-funded firm to submit application and gain approval of IPO on the BSE, according to the report.
The company's controlling shareholder is China Egg Products ApS (Denmark) with a total stake of 87.96 percent.
According to the firm's prospectus, it aims to get about 153.70 million yuan (about 22.09 million U.S. dollars) to upgrade assembly line, expand production and add more liquidity.
The company will allocate 63 million yuan of those funds to upgrade assembly line for egg products, 60 million yuan to the project of production expansion of 15,000 tonnes of egg products, while the rest will be used for working capital.