Share prices rose after the official launch of Chinese domestic ASU manufacturer, Hangzhou Hangyang.
The company was launched on the Shenzhen Stock Exchange on 10th June. Share price at the start of the trading day was RMB24.65 (USD$3.61), 36.94% higher than the launch price of RMB18.00.
Hangyang became the second major Chinese gas company to be listed in the stock market. Yingde Gases, a major gas supplier based in China was launched on the Hong Kong Stock Exchange last year.
Hangyang is now one of the top five ASU manufacturers in the world and has the largest market share in China. Company revenue in 2009 was RMB2.686bn; equating to annual growth of 2.3%. Meanwhile net profit was RMB 251m; an increase of 16.9% from 2008.