Representatives from Zhang Xiaoquan Inc strike the bell to announce the company's listing on the Shenzhen Stock Exchange on Sept 6.[Photo/zj.zjol.com.cn]

Hangzhou-based Zhang Xiaoquan Inc went public on the Shenzhen Stock Exchange on Sept 6, becoming the sixth company in Fuyang district to be listed, local media reported.

The initial offering price for Zhang Xiaoquan, stock code 301055, stood at 6.9 yuan ($1.07) per share. The company is expected to raise 269.1 million yuan on its first day of trading, and the funds will be used as working capital and for projects involving intelligent manufacturing and informationization transformation.

The brand of Zhang Xiaoquan was founded during the Ming Dynasty (1368-1644) and has a history of nearly 400 years.

One of the first time-honored brands approved by the Ministry of Commerce, Zhang Xiaoquan is a modern hardware products manufacturer that offers design, research, production and marketing services.

Zhang Xiaoquan Industrial Park in Fuyang district, Hangzhou. [Photo/zj.zjol.com.cn]

The main products of Zhang Xiaoquan are knives and scissors. In 2020, the sales of these products totaled 29.32 million and 6.21 million respectively while its operating revenue reached 570 million yuan.

The company plans to establish an intelligent manufacturing center in Yangjiang city, renowned as the Capital of Cutting Tools in China, to develop new materials and products and upgrading manufacturing techniques.