Flowing Cloud Technology Ltd makes its initial public offering on the main board of the Hong Kong Stock Exchange on Oct 18. [Photo/WeChat account: huzhoufabu]

Flowing Cloud Technology Ltd made its initial public offering on the main board of the Hong Kong Stock Exchange on Oct 18, becoming the third listed company from Huzhou, East China's Zhejiang province this year.

There are now 47 listed companies in the city.

The company raised about HK$531.9 million after issuing 271.5 million shares each priced at HK$2.21.

Founded in 2008, Flowing Cloud is an AR/VR service provider that offers digital upgrading and business expansion solutions for multiple sectors. The company has teamed up with well-known internet companies such as Baidu, JD.com, Alibaba and Tencent in metaverse developments.

Wu Dengfen, deputy mayor of Huzhou, attended the listing ceremony held in Anji county.

The steady increase in the number of listed companies in Huzhou can be attributed to the city's efforts in implementing the "Phoenix Action" plan, an initiative launched by Zhejiang to provide support to enterprises seeking to go public.