Nantong Guosheng Intelligence Technology Group Co, based in Gangzha district, Nantong, was successfully listed on the Shanghai Stock Exchange's sci-tech innovation board, also known as the STAR market, on June 30.

The company raised 573 million yuan ($81.14 million) through its initial public offering (IPO). It is Nantong's second company to be listed on the sci-tech innovation board and is among the few companies whose IPO registration was unconditionally approved.

The company, which is among China's top 30 machine tool companies, is a national leader in the development of medium and high-level numerically controlled machine tools for metal cutting.

It has developed key technology involving five-axis CNC machine tools through independent research and is exporting the technology to Germany. In addition, the company has achieved many patents for independent invention, and its products have won provincial and municipal honors.

Wang Hui, mayor of Nantong, stressed that the capital market plays an essential role in the development of a city, and expressed hope that the company can take this opportunity to enhance its core competitiveness in the field of machine tools.

"The company is a pioneer in high-tech development and a leader in the intelligent equipment manufacturing industry in the district," said Huang Weifeng, Party secretary of Gangzha district. He added that local government will offer better services to enterprises in the district and bolster high-quality private economic development.

Nantong Guosheng Intelligence Technology Group Co, based in Gangzha district, Nantong, goes public on the Shanghai Stock Exchange's sci-tech innovation board, also known as the STAR market, on June 30. [Photo/WeChat account: ntgzsd]