Shanghai (ZXZC)- Huizhou Desay SV Automotive Electronics Co., Ltd. (Desay SV), a leading Chinese company in automotive electronics, went public on Shenzhen Exchange Stock on December 26.

On December 5, Desay SV issued its initial public offering (IPO) prospectus to officially start the prospectus procedures. With the approval of China Securities Regulatory Commission (CSRC), the company plans to offer no more than 100 million RMB common shares (A-share).

According to the announcement, Desay SV achieved steady growth in company size and profitability during the past several years. The respective revenue of the year 2014, 2015, 2016 was RMB 2.637 billion, 3.668 billion, 5,678 billion. The compound growth rate of the past three years reached 46.75 percent. And the profit attributable to the parent company’s shareholders was respectively RMB 166 million, 359 million, 590 million in 2014, 2015, 2016.

By the end of September, the company’s revenue of the past three quarters reached RMB 4.45 billion, up 10.66 percent year on year. During the same period, the profit attributable to the shareholders increased by 1.08 percent from a year earlier to RMB 469 million.

The company says that the capital would be used to establish an automotive electronics connectivity research center, the intelligent factory for automotive electronics and fund its working capital. The capital is expected to help make breakthrough in the company’s development and improve the company’s business scale and the profitability.

Established in 1986, Desay SV has fully committed itself to the research, development and manufacturing of in-vehicle infotainment system, climate control, driver information display system, automotive display module/system, body control module and advanced driver assistance system.

With 30 years of efforts, Desay SV has formed cooperative relationships with many global automakers as well as local ones, such as VW Group, Mazda, Great Wall Motor, SAIC-GM, BAIC, Geely and Chery.