OVC-based biology firm's IPO application accepted
The initial public offering (IPO) application of Wuhan Sunhy Biology Co on the sci-tech innovation board has been accepted by the Shanghai Stock Exchange. [Photo/WeChat account of Optics Valley of China]
News released on the official website of the Shanghai Stock Exchange on Sept 28 suggests that the IPO application of Wuhan Sunhy Biology Co on the sci-tech innovation board has been accepted.
Founded in 2000, Sunhy Biology established its headquarters in the Wuhan East Lake High-tech Development Zone, which is also known as Optics Valley of China, or OVC. Focusing on biological technologies, the firm has become one of China's heavyweights in bio-enzymes and probiotics manufacturing and a leading professional biological service provider.
The firm has established close business partnerships with renowned giants such as Cargill Inc, Archer Daniels Midland Co, and ContiGroup Companies Inc, and its products have been sold in Europe, Mexico, Brazil, and India.
Sunhy Biology boasted sales revenue of 339 million yuan ($50.85 million), 326 million yuan, 395 million yuan, and 118 million yuan, respectively, in the first quarters of 2018-21, with net profits standing at 55.29 million yuan, 67.91 million yuan, 95.89 million yuan, and 33.56 million yuan.
Optics Valley is currently home to 52 listed corporations, accounting for one third of Hubei province's total, and has become the region with the densest distribution of listed companies in China.