Suzhou, China - On November 11th, Bafang Electric (Suzhou) Co., Ltd. debuted on the main board in Shanghai Stock Exchange. 30 million Bafang shares were issued with an opening price of 43.44 yuan/share. By closing on November 11, the share price had gone up by 43.99% to hit the daily trading limit of 62.55 yuan. Total funds raised in the IPO were 1.303 billion yuan (US$ 186 million), and the net funds raised after deducting issuing expenses were 1.238 billion yuan.
With the funds raised Bafang intends to invest a variety of areas including the production and construction of electric motors and control systems for electrically power-assisted cycles (EPACs) and the projected production of Li-ion batteries. Further investment will also be made in international marketing projects, replenishing the working capital and in the company's technical center (R&D department) located at its headquarters.
“Bafang's goal is to produce innovative and high-quality products for our customers that make a tangible contribution to their riding comfort,” said Chairman and Managing Director Qinghua Wang in a press release. “After the completion of this equity investment project, Bafang's production capacity of mid and hub motor systems for all kinds of pedelecs will be significantly increased. The global marketing network will be further developed, which is conducive to improving the company's market share and brand influence. At the same time, our technical center will carry out targeted research & development and constantly improve the technical level of EPAC-related electric system products.”
Bafang, which employs about 500 staff worldwide in five locations, recently opened a factory in Poland to focus on production of mid motor systems for the European markets. The comapnay's head office, development and manufacturing center are based in Suzhou, near Shanghai while it also has Sales and Service Centers in the Netherlands, in the USA and in Germany.