New stock news | Bao Gai New Materials' Hong Kong stock IPO has been approved by the China Securities Regulatory Commission.

On March 23rd, the International Cooperation Department of the China Securities Regulatory Commission issued the "Notice of Overseas Issuance and Listing Record of Shandong Baogai New Material Technology Co., Ltd." Baogai New Material plans to issue no more than 16.6405 million ordinary shares for overseas listing and listing on the Hong Kong Stock Exchange. According to the prospectus, Baogai New Material was established in 2009 and has become a market and technology leader in the composite material manhole cover industry in China, specializing in the production of GFRP manhole cover products mainly used to meet engineering and infrastructure needs. The company's comprehensive product portfolio mainly includes cable trench covers, drainage trench covers, and manhole covers, providing services to important sectors in China such as electricity, transportation, urban public facilities, water conservancy projects, and petrochemical engineering. Baogai New Material's revenue comes from the sales of cable trench covers, manhole covers, drainage trench covers, and others.