Huajing Diamond IPO was approved yesterday to add another enterprise to the GEM

The China Securities Regulatory Commission's GEM Board of Auditors held the 6th working meeting in 2010 yesterday, deliberating and passing the application for the GEM of Zhengzhou Huajing Diamond Co., Ltd., which is the second GEM to land on the GEM after Hanwei Electronics. The enterprise is also the third one this year...

The China Securities Regulatory Commission's GEM Board of Auditors held the 6th working meeting in 2010 yesterday, deliberating and passing the application for the GEM of Zhengzhou Huajing Diamond Co., Ltd., which is the second Henan enterprise to land on the GEM after Hanwei Electronics. It is also the third Henan company to be approved for listing A shares this year.

Huajing Diamond is located in Zhengzhou High-tech Industrial Development Zone. Its main business is the research and development, production and sales of synthetic diamond and its raw and auxiliary materials, as well as the research and development of synthetic diamond synthesis equipment. At present, the company's leading product is synthetic diamond, which has become one of the major manufacturers of synthetic diamonds in the country, and the production and sales volume of synthetic diamond ranks third in the country.

Huajing Diamond intends to issue 38 million RMB ordinary shares (A shares) with a par value of 1.00 yuan per share. The issued shares account for about 25% of the total issued share capital. The total issued share capital is 150 million shares. The Shenzhen Stock Exchange is listed on the GEM.

The predecessor of Huajing Diamond Co., Ltd. was Zhengzhou Huajing Diamond Co., Ltd., which was established on December 24, 2004. In 2008, the company was changed into a company limited by shares. In 2009, Huajing Diamond's operating income reached 174 million yuan, and net profit exceeded 52.46 million yuan.

Huajing Diamond's IPO fundraising will be invested in the “300 million carats of high-grade synthetic diamond project”, “Zhengzhou Synthetic Diamond and Products Engineering Technology Research Center Expansion Project” and “other working capital projects related to the main business”.

The approval of Huajing Diamond marks that there are two listed companies in Henan on the GEM. In October last year, Henan Enterprise Hanwei Electronics entered the GEM as the first batch of companies. Huajing Diamond is also the third Henan company to be approved for A-share listing this year. In January this year, Polyfluoride Chemical and Far East Transmission IPO were approved by the China Securities Regulatory Commission.

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