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Representatives from Chengda Pharmaceuticals Co Ltd pose for a picture after the company went public at the Shenzhen Stock Exchange on Jan 20. [Photo/cnjxol.com]

Chengda Pharmaceuticals Co Ltd based in Jiaxing, East China's Zhejiang province, went public on the ChiNext Market of the Shenzhen Stock Exchange on Jan 20, making it the first company in the province to be listed this year and the 50th A-share listed company in the city.

The initial offering price for Chengda (stock code 301201), stood at 72.69 yuan ($11.46) per share, and the company raised 1.76 billion yuan on its first day of trading.

Chengda, founded in 1999, mainly produces food additives, feed additives, antibiotics, anticancer drugs, and antiviral drugs of pharmaceutical intermediates for multinational pharmaceutical companies and medical research and development institutes.

Chengda has valued the R&D of new products as well as technological innovation since its establishment, and its products have been sold in more than 30 countries and regions.

In 2021, five companies in Jiaxing went public, while 17 pre-listed tutoring companies were established. As of 2021, Jiaxing was home to 70 listed companies with a combined market value of 902.72 billion yuan.

Jiaxing recently published a new work plan to help promote stock reforms and encourage more local companies to go public. By 2025, Jiaxing is expected to be home to more than 100 listed companies with a total market value of 1 trillion yuan, according to the local municipal financial office.

In addition, Jiaxing is also encouraging listed companies to refinance, leading to Jiaxing companies receiving record-high direct financing of 35.87 billion yuan in 2021.