The LANHE office building. [Photo/WeChat account of Optics Valley of China]

The initial public offering (IPO) of Wuhan Land Electronics Co (LANHE), which is based in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), was officially approved by the Beijing Stock Exchange on March 13.

The company is a high-tech enterprise that specializes in the development, production and sales of software and hardware for battery testing equipment. It has become the 61st listed company in the OVC, and is the first corporation this year to go public in Central China's Hubei province.

This time, LANHE plans to collect 327 million yuan ($47.42 million) for the construction of its production base and research center. This amount will also be used to supplement its working fund.

Founded in OVC in 2007, LANHE is a provincial specialized and new little giant company, and its products are able to test performances of rechargeable batteries. The company currently serves universities, such as Tsinghua University, Fudan University and Huazhong University of Science and Technology, as well as China's leading cell and cell-related material manufacturers, including CATL and BYD.

This year, the valley has issued its master plan for financial industry development (2023-35), its three-year financial work plan (2023-25), and 10 new sci-tech financial policies. It also established an in-depth dialogue mechanism with the stock exchanges in Beijing, Shenzhen, Shanghai and Hong Kong.