Aima Technology, a Chinese e-bike manufacturer, announced its Initial Public Offering (IPO) on the Shanghai Stock Exchange (SSE). The value of the firm’s share rose to the exchange’s maximum allowed daily limit on the first day of trading, according to a statement.
The statement added, “Aima’s listing on China’s A-share market further cements the company’s role as an industry leader and provides it with strong financial support to accelerate its transformation. The company is also expected to have an immeasurable impact on the electric two-wheeler industry worldwide, further enhancing the firm’s global market leadership.”
Aima aims to accelerate its end-to-end transformation with the funds raised.
The 1.681 billion yuan (approx. $US 259.7 million) in funds raised will mainly be used in capacity expansion, technology R&D, intelligent manufacturing and to build out its sales network.
The statement said, “Aima has set its sales target for 2021 at an unprecedented 16 million units, with the next three months budgeted at an even more ambitious 6 million vehicles. With the support from the capital market, Aima plans to further expand capacity, and beef up its manufacturing and channel advantages while increasing market share.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.