(Yicai Global) July 6 -- Shares of Chinese chemicals firm Juhua rallied after the firm's semiconductor production materials unit started receiving advisor services to prepare to go public on the Shanghai Stock Exchange.
Juhua's stock price [SHA: 600160] soared by the daily limit of 10 percent to CNY10.04 (USD1.60) intraday. The shares are up by a fifth this year.
GrandIT's initial public offering tutoring should finish by September, and the electronic chemicals maker should submit its prospectus by October, according to a document posted on the website of China Securities Regulatory Commission's Zhejiang branch yesterday.
The IPO-hopeful already has renowned investors. Besides Zhejiang province-based Juhua, the central government's investment vehicle National Integrated Circuit Industry Investment Fund owns a 35.2 percent stake in GrandIT. Three other shareholders have the rest of its equity.
Founded in 2017, GrandIT makes liquids and gases that are mainly used by clients in the integrated circuit, flat panel display, and solar power sectors.
GrandIT is a leading Chinese producer of etching gases and electronic-grade hydrofluoric acid used in high-end chip manufacturing, an executive at Juhua said on the SSE's investor relations platform in mid-June.
Editor: Emmi Laine, Xiao Yi