SHANGHAI, China (BRAIN) — Bafang Electric has debuted on the Shanghai Stock Exchange, selling 30 million shares on the capital market and raising 1.3 billion Yuan ($186 million). The shares account for 25% of the company's total share capital.

The stock opened at 43.44 Yuan per share and closed up 44%, at 62.55 Yuan, after its first day trading.

The company said it would use the funds raised to invest in production and construction of electric motors and control systems for EPACs (electrically power assisted cycles) and the projected production of Li-ion batteries. Further investment will be made in international marketing projects, replenishing working capital and in research and development.

"Bafang's goal is to produce innovative and high-quality products for our customers that make a tangible contribution to their riding comfort," said chairman and managing director Qinghua Wang. "After the completion of this equity investment project, Bafang's production capacity of mid and hub motor systems for all kinds of pedelecs will be significantly increased. The global marketing network will be further developed, which is conducive to improving the company's market share and brand influence. At the same time, our technical center will carry out targeted research & development and constantly improve the technical level of EPAC-related electric system products."

Bafang has been developing and producing components and complete systems for electric vehicles since 2003. It is the largest manufacturer of EPAC motors and components in China, with the highest export market share in China.

The company recently opened its first production facility outside China, in Wroclaw, Poland. It has two assembly lines, a dedicated service team, training center and parts warehouse to serve European customers. It also has sales and service centers in the Netherlands, the U.S. and Germany.

Bafang's stock code on the Shanghai Stock Exchange (SSE) is 603489. Stock quote on Bloomberg.