On January 20, 2015, AllBright client Ningbo Gaofa Automotive Control System Co., Ltd. (stock code: 603788) began its trading on Shanghai Stock Exchange. This is the 46th company from Ningbo City which has been listed on the A-share market.  

Ningbo Gaofa is a new technology enterprise specializing in research and development, production, and sales of automotive control systems. Its main products include gearshift controls and transmission shift cables, electronic accelerator pedals, automotive cables, and electromagnetic fan clutches. With the growth of China’s automotive industry, Ningbo Gaofa’s revenue and market penetration also increased. Its revenue in 2013 reached 448 million RMB from 274 million RMB in 2011. The growth rate of its revenue in 2013 was 40.87%, as compared to 15.93% in 2012. 

Ningbo Gaofa issued 34.2 million shares at 10.28 RMB per share in this IPO with a price to earnings ratio of 19.4. It raised 352 million RMB in its IPO, which will be used in five areas, such as the expansions of gearshift system production and accelerator system production as well as replenishing its working capital. The stock opened at 14.8 RMB on its first day with a static price to earnings ratio of 27.97.  

AllBright partners Shawn Zhang, Lao Zhengzhong and Liang Jin advised Ningbo Gaofa throughout the listing procedure.