1st LED company in Henan debuts on the New Third Board

SinoCloud Optoelectronic Technology Co. Ltd., a leading LED producer from Henan Province in central China, was publicly listed on the New Third Board on Wednesday in Beijing.

According to data released by National Equities Exchange and Quotations, the stock could be traded publicly starting on Jan. 13.

Established in October 2011, SinoCloud is a national-level high-tech enterprise that holds more than 50 patents. It now has more than 500 employees, 28 offices, more than 380 stores and 1,250 sales outlets nationwide. Its products are also exported to more than 10 countries and regions. Statistics from Guangzhou Securities Co. Ltd. show that the optoelectronics company's revenue from its primary business has increased 16 fold over past two years, reaching 3.37 million yuan (roughly US$542,700) by July 2014.

SinoCloud – which is the first LED company in Henan province to be listed on the New Third Board – has established the Henan Provincial LED Lighting Technical Test Center and the provincial LED Electronic Equipment Test Center. The company has also established a lab together with Huazhong University of Science and Technology in addition to setting up strategic partnerships with the Chinese Academy of Sciences and Shenzhen University.

It began the process of listing on the New Third Board in March 2014 and plans to list on the main board within two years.

The New Third Board is a national share transfer system for small- and medium-sized enterprises (known as SMEs) that was officially launched in January 2013 after seven years of trials in several cities.

It is seen as a step toward diversifying China's capital market through nurturing the over-the-counter market that offers millions of small businesses a financing alternative.

Shi Can, president of SinoCloud, told reporters that listing on the New Third Board has solved the company's capital problem, which has allowed it to focus more on management and research and development. In addition, the low capital threshold and small expense of listing are attractive to SMEs. At present, more than 1,700 SMEs trade on the New Third Board.

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