Taizhou Water Group Co Ltd makes initial public offerings on the Hong Kong Stock Exchange on Dec 31. [Photo/taizhou.com.cn]

Taizhou Water Group Co Ltd made initial public offerings on the Hong Kong Stock Exchange on Dec 31, according to local media reports.

The company is the third company from Taizhou to be listed in Hong Kong and the first municipal State-owned enterprise to be listed on the main board of the exchange.

To date, there are 55 listed companies in Taizhou, including 52 A-share companies.

Yan Chuanhua, president of water supply service provider Taizhou Water Group Co Ltd, said that the Hong Kong listing will enable the company to access international capital markets and fuel its long-term development.

He also said that the company will continue to improve and expand business.

As of June 30, 2019, the company had total assets of 2.341 billion yuan ($349.4 million), with nearly 200 employees, two wholly-owned subsidiaries, three holding subsidiaries and one joint-stock subsidiary.

It mainly supplies raw water, municipal water and tap water.

The company leads Taizhou in terms of overall water supply capacity and ranks fifth in Zhejiang in terms of raw water.