Huaxing Amusement rides Chuangye shares up 103.46% after stock debut on ChiNext

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Huaxing Chuangye shares up 103.46% after stock debut on ChiNextPublished: 29 Oct 2009 20:24:50 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market<P]Oct. 30, 2009 (China Knowledge) - Hangzhou Huaxing Chuangye Communication Technology Co Ltd<300025>, a communication technology service provider in China, debuted on the ChiNext Board on the Shenzhen Stock Exchange today, becoming one of the first companies to trade on the Nasdaq-style board.</P]<P]Shares of the company opened at RMB 40, a price 103.46% higher than the IPO price. The Shenzhen Component Index opened 1.92% or 233.94 points higher at 12,427.10 points.</P]<P]The company issued 10 million shares, equivalent to 25% of its enlarged share capital, at RMB 19.66 apiece via the initial public offering. Shenyin &amp; Wanguo Securities Co was the sponsor of the IPO. </P]<P]Hangzhou Huaxing Chuangye Communication Technology Co was initially established in June 2003 with a registered capital of RMB 30 million. The company is mainly engaged in providing communication technology services, and does business in 29 provincial-level areas in China. It currently has more than 500 employees, over 90% of whom are professional technicians. </P]<P]In the first three quarters of this year, the company earned RMB 15.7 million in net profit and generated RMB 97.75 million in operating income.</P]
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