Shares of the Chinese JJ Auto AG (ISIN: DE000A1TNS70) have been tradable in the General Standard of the Frankfurt Stock Exchange since 16 June. The placement volume was 100,240. The issue price was 7.17 and the initial listing price 7.30.
ACON Aktienbank AG is the consortium bank and designated sponsor. Scheich & Partner is the specialist.
We are delighted that JJ Auto AG has chosen Frankfurt for its IPO. As the automotive industry is one of Germany's most important sectors, an automotive parts manufacturer will find the ideal environment here of well informed investors and analysts. The General Standard is suited to companies that target national investors and opt for a cost-effective listing, said Dr Martin Reck, Cash Market Managing Director at Deutsche Boerse.
With the IPO on the Frankfurt and Warsaw Stock Exchange we achieved an important strategic target. The status as a listed company gives us prestige and enhances our credibility in the Chinese market. We ll do our best to meet the expectations of our investors. And should all conditions be fulfilled, we envisage a dividend payment in the range of 15 per cent , said Clement Hoo, CFO of JJ Auto AG.
According to company sources, JJ Auto is one of the leading Chinese manufacturers and suppliers of commercial vehicle fasteners, automotive tools and heavy-duty machine parts, including nuts and bolts, wrenches and sleeves, track pins, track bushings and chain parts. The group also engages in trading automotive tools and parts.