Regulators Approve Xinxing Tools' IPO Application for ChiNext Board

Stock News17:22

The China Securities Regulatory Commission has issued its approval for Zhejiang Xinxing Tools Co., Ltd.'s initial public offering registration. The company plans to list on the Shenzhen Stock Exchange's ChiNext Board, with Huatai United Securities acting as the sponsor. Xinxing Tools aims to raise 560 million yuan through the share sale. According to its prospectus, the company is a leading domestic producer of hole-making cutting tools and has focused on the research, development, production, and sale of drilling tools since its establishment. Its product lines include annular drilling series, solid drilling series, and related supporting products. These tools are widely used in structural steel engineering, rail transit, shipbuilding, energy equipment, machinery manufacturing, petroleum engineering, and CNC machining. The company's end customers span domestic and international firms such as National Railway, China Nuclear Construction, Bosch, and Fein. Its products have been applied in notable projects including the Qinshan Nuclear Power Plant, the Shanghai Maglev Train project, the Donghai Bridge, the San Francisco–Oakland Bay Bridge in the United States, and the Busan Dong Bridge in South Korea.

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