China's leading wind power reducer manufacturer Weili Transmission goes public

(ECNS) -- Yinchuan Weili Transmission Technology Co. Ltd. made its market debut on the ChiNext board of the Shenzhen Stock Exchange Wednesday. This landmark event marked the company as the pioneer in China’s capital market within the wind power reducer sector.

Media reports have revealed that Weili Transmission conducted a public offering of 18.096 million shares, raising 640 million yuan (approximately $88.8 million). These funds were earmarked for the research and production of precision gear reducers.

Emerging as a leading technological innovative company in Yinchuan City, capital of Ningxia Hui Autonomous Region in northwest China, Weili Transmission has independently developed 60-plus wind power reducer models and achieved 138 patents.

In order to accelerate the development of a modern industrial system that is high-end, green, intelligent, and integrated, Yinchuan City has hastened the development of three emerging industries, that is, new materials, new energy, and novel food. It has also supported other high-tech industries, including biomedicine, electronic information, and equipment manufacturing.

According to the local government, in 2022, these three emerging industries in Yinchuan City registered an output value of 69.306 billion yuan (approximately $9.63 billion), a year-on-year increase of 53 percent.