Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. announced on January 7 that it will issue no more than 76 million new shares on Chinas A-share market， with a set price of 10.5 yuan （$1.72）.

The companys share subscription announcement was the first to come after the nations securities regulator approved initial public offerings （IPO） by Guangdong Xinbao and four other companies on December 30， 2013. The share subscription also signaled the recommencement of IPOs in the Chinese stock market after a freeze for more than a year.

The company expects to raise up to 798 million yuan （$131 million） through the IPO. Its shares will be listed on the Shenzhen Stock Exchange.

Soaring Profits

Shanghai Pudong Development Banks net profits reached nearly 41 billion yuan （$6.7 billion） in 2013， up 19.8 percent year on year.

Earnings per share stood at 2.195 yuan（$0.165）， up 19.8 percent from a year ago. Operating revenue stood at just over 100 billion yuan （$16.5 billion）， up 20.6 percent year on year.

The lenders total assets reached 3.68 trillion yuan （$607 billion）， up 17 percent from a year earlier. Its total liabilities stood at 3.47 trillion yuan （$572 billion）， up 17.1 percent from a year ago. The nonperforming loans ratio reached 0.74 percent， 0.16 percentage points higher than that at the end of 2012.

Its outstanding deposits had totaled 2.42 trillion yuan （$399 billion） by the end of 2013， up 13.41 percent from a year earlier. Outstanding loans reached 1.77 trillion yuan （$292 billion）， up 14.37 percent from the end of 2012.endprint