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The office building of Zhejiang Wufangzhai Co Ltd in Jiaxing, Zhejiang province. [Photo/WeChat account: jxfabu]

Zhejiang Wufangzhai Co Ltd in Jiaxing, Zhejiang province went public on the Shanghai Stock Exchange on Aug 31, becoming the 9th listed company in the city this year.

Wufangzhai is the first listed food company in Jiaxing. Its initial public offering raised 864 million yuan ($123.91 million), which will be used mainly for the construction of an intelligent food workshop, a digital industry smart park and an R&D center.

Products made by Zhejiang Wufangzhai Co Ltd. [Photo/WeChat account: jxfabu]

Wufangzhai is mainly engaged in the research and development, production and sale of glutinous rice-based food products, including zongzi (sticky rice dumplings), moon cakes, glutinous rice balls, cakes and pastries and egg products.

As of Dec 31, 2021, Wufangzhai had established a total of 478 stores, which boosted the company's product sales growth. In 2021, it produced 452 million zongzi and sold 55,100 metric tons of zongzi. From sales of zongzi alone, Wufangzhai's revenue exceeded 2 billion yuan.

According to public information, traditional food represented by zongzi and moon cakes has a considerable market. The market size of zongzi is expected to exceed 10.29 billion yuan by 2024, and the market size of moon cakes is expected to grow to 26.32 billion yuan, indicating a bright future for Wufangzhai.