Nantong, Jiangsu – Nantong Chaoda Equipment, which makes moulds for automotive seat foam, has filed for an IPO in Shanghai.
The company also makes moulds and equipment for other auto interior and exterior products. These include roof liners and dashboards, as well as automated machinery used in interiors.
It claims to be China’s largest foaming mould-maker, and its major clients include a number of international brands, including Autoneum, HP Pelzer, Faurecia and Lear.
In 2017, Chaoda recorded CNY 427m ($61 m) revenue, up 23% from 2016. Net profit rose by 25% to CNY 82m.
The company aims to issue 25% of its total outstanding shares. It will use the proceeds to expand mould, gauge equipment and research facilities at its existing site in Nantong, Jiangsu.
Meanwhile, the company has allocated CNY 429m to invest in these projects, which includes capacity for an additional 1,600 unit/year seat moulds. Chaoda expects to sell 40% of these overseas.
Currency Conversion: Xe.com
