Jiaxing-based Jiayuan Group goes public on the main board of the Stock Exchange of Hong Kong on Dec 9. [Photo/WeChat account: jxfabu]

Jiaxing-based Jiayuan Group went public on the main board of the Stock Exchange of Hong Kong on Dec 9, making it the 10th company in the city to be listed this year, Jiaxing Daily reported.

The initial offering price for Jiayuan, stock code 1153.HK, stood at HK$3.86 ($0.50) per share, and the company raised HK$518 million on its first day of trading, which will be used for strategic investment, service products, intelligent operation, and internal management systems.

Jiayuan's opening price grew 1.6 percent to HK$3.92 per share that day over its offering price, while its stock price had fallen below its offering price when markets closed, at which time its total market value was HK$2.3 billion.

Founded in 1995, Jiayuan is now involved in real estate, property services, tourism, healthcare, commercial management, and chemical engineering and it operates in more than 180 cities in China and countries and regions involved in the Belt and Road Initiative.

In 2019, Jiayuan generated 454 million yuan in revenue, with a compound annual growth rate of 47.2 percent over the past three years. In the first half of this year, the company's revenue increased 33 percent year-on-year to 280 million yuan.

In recent years, Jiaxing has been adhering to the "Phoenix Action and Eagle Plan" to promote stock reform and encourage more local companies to go public. The city is currently home to 65 listed companies.

This year, 10 companies in the city went public, and 20 pre-listing tutoring companies were established.