Representatives of Zhejiang Hengda New Material Co Ltd ring the opening bell at a listing ceremony on Aug 22. [Photo/qz123.com]

Zhejiang Hengda New Material Co Ltd, based in Lounyou county, Quzhou, went public on the Shenzhen Stock Exchange's ChiNext on Aug 22 with the stock code 301469, becoming the city's 16th listed company.

Zhejiang Hengda New Materials Co Ltd is a leading enterprise in the special paper industry in Longyou county and is mainly engaged in the production, research and development of special new paper-based packaging materials.

The company is currently the third listed company in Longyou county and the first to be listed on the ChiNext.

In this public offering, Hengda New Materials issued 22.37 million shares of stock, raising a total of 818.29 million yuan ($112.69 million). The funds will be utilized for the construction of a production line for new packaging paper with an annual output of 30,000 metric tons, as well as for supplementing working capital and repaying bank loans.