- Refrigeration equipment firm jumps more than 140% after IPO
- Company plans Thailand expansion as global cooling demand rises
Hicon (惠康科技), a Ningbo-based refrigeration equipment manufacturer, surged in its Shenzhen trading debut on May 22, bringing the total number of listed companies from the eastern Chinese port city to 126.
The stock opened at 99.99 yuan ($14.7) per share, up 87.74% from its IPO price of 53.26 yuan.
Shares later climbed as much as 144% to 129.99 yuan, giving the company a market capitalization of roughly 19.3 billion yuan.
Six additional Ningbo companies are currently advancing through IPO review processes, according to local market data.
Founded in 2001, Hicon develops and manufactures refrigeration equipment including ice makers, refrigerators, freezers and wine coolers for both consumer and commercial markets.
Before its IPO, the company completed eight financing rounds, raising more than 804 million yuan from investors including Vision Knight Capital and Caitong Capital.
The IPO raised 1.98 billion yuan, exceeding the original fundraising target by 178 million yuan.
Proceeds will be used for intelligent manufacturing upgrades, new refrigeration production facilities, a Thailand manufacturing base and research-and-development projects, according to the prospectus.
From 2023 through 2025, the company reported annual revenue of 2.49 billion yuan, 3.2 billion yuan and 2.88 billion yuan, respectively.
Net profit attributable to shareholders reached 338 million yuan, 451 million yuan and 391 million yuan over the same period.
Export sales accounted for 75.37%, 69.9% and 43.19% of total revenue during those three years.
Part of the company’s IPO proceeds will fund construction of its Thailand production base, highlighting broader ambitions to expand overseas manufacturing operations.
According to data from the China Light Industry Machinery Association, Hicon’s ice-machine products held global market shares of 8%, 10% and 12% between 2022 and 2024.
In the residential ice-maker segment specifically, the company ranked first globally with market shares rising from roughly 19% to 31% over the same period.
According to data from Euromonitor International, the global refrigeration equipment market reached $107.7 billion in 2024 and is projected to grow to $137.3 billion by 2027, averaging a compound annual growth rate of 8.4%.
