May 18 – Tongkun Group (601233) issued 120 million shares in its initial public offering (IPO) on Shanghai Exchange at 27 yuan per share today, raising 3.24 billion yuan, reports cs.com.cn. As China’s largest polyester filament maker, the firm is able to produce 1.4 million tons of related goods per year.

Tongkun Group has not yet seen a single annual loss, the report said.

In 2010, the company earned net profits of 1.09 billion yuan on revenues of 14.7 billion yuan with gross profit margin of 11.82 percent.

Source:CapitalVue