Dongda Haidao Listed on GEM of Shenzhen Securites Exchange and Deheng Lawyers Attend Listing Ceremony
The company is located in Changyi City of Shandong province, From its establishment in March 2002. Tongda Island New Materials Co. Ltd (hereinafter referred to as “Dongda Haidao”) has been committed to the research, production and sale of microfiber leather. Their products are widely used in the manufacture of shoes, case, sofas, costumes, sporting goods and automobile interior trim etc.
The IPO of Dongda Haidao was launched in April, 2008. Deheng Lawyers participated in the overall process, helping to solve the problems existing in business, assets and finance etc, restructuring the Corporation according to shareholding system, and helping to establish a normative governance system so as to make the Corporation compliant with the conditions for IPO and listing.
In July 2009 Dongda Haidao applied with the China Securites Regulatory Committee for IPO for the first time but failed to pass the hearing due to the results decline caused by financial crisis. Afterwards, the corporation kept carrying out technological innovation and once again achieved the improvement of results. In March 2011, Dongda Haidao submitted the application for IPO for the second time, and passed the hearing on November 28, 2011.
On May 14, 2012 Dongda Haidao successfully issued shares at a price RMB 23 yuan per share and raised fund RMB 253 million yuan.
On May 23, 2012 the listing ceremony was held at the Shenzhen Securities Exchange. Leaders from the governments of Weifang and Changyi, representatives from intermediaries and other distinguished guests attended the ceremony. The Chairman of the Board, Mr Sun Juncheng, expressed his appreciation of the quality legal services provided by Deheng Lawyers.
Dongda Haidao is, to date, the only listed company in Changyi.