Zhejiang Titan Co, a Shaoxing-based textile machinery manufacturer, made its debut on the Shenzhou Stock Exchange on Jan 28. One day later, another Shaoxing-based textile company, Zhejiang Yingfeng Technology Co, completed its initial public offering (IPO) on the Shanghai Stock Exchange.
Zhejiang Titan Co is dedicated to delivering high-end textile equipment that could substitute imported goods in this regard. In 2019, it generated 583 million yuan ($90.13 million) in operating revenue and 59.4 million yuan in net profit.
Zhejiang Yingfeng Technology Co is focused on printing and dyeing for textile fabrics. In 2019, its operating revenue was 903.82 million yuan, while its net profit was 113.98 million yuan.
The textile industry is the economic pillar for the Zhejiang province city of Shaoxing. Shaoxing's textile industry makes up 28 percent of the city's industrial economy and accounts for roughly one third of the province's overall capacity in this sector. In 2019, Shaoxing was home to nearly 70,000 textile-related enterprises and individual businesses, of which 1,862 were above designated size (with annual operating revenue of roughly $3.1 million or more).
China's textile sector boasts the world's largest and most complete industrial chains, delivering around half of the global supply of textile fiber products. The country's textile companies have been accelerating their pace in embracing capital markets, with 18 textile-related companies going public on domestic bourses in 2020, of which seven were Zhejiang-based companies.
Zhejiang is currently home to more than 40 listed companies in the textile sector, according to statistics. Most of these listed companies are located in Shaoxing, Jiaxing, Hangzhou, Wenzhou, and Ningbo.
Textile enterprises in Ningbo and Wenzhou are mostly downstream consumption brands, such as Ningbo's Youngor and Wenzhou's Semir.
Jiaxing's textile enterprises are mostly manufacturers of various kinds of textile fibers. Star companies among them are Jiaxin Silk Co and Tongkun Group.
Shaoxing's textile enterprises are distributed along every link of the industrial chain.