China Shenghai Food Holdings Company Limited (1676.HK), one of the fast-expanding market players in the dried seafood market in China, began trading on the Main Board of HKEx today.

China Shenghai Food's share price saw a high of HK$1.37, approximately 107% rise from the IPO price of HK$0.66. The stock closed at HK$1.32, and a total of approximately 110 million shares were changed hands, with an aggregate turnover of approximately HK$121 million.

Mr. Liu Rongru, Chairman and Executive Director of China Shenghai Food, said, "The successful listing on HKEx signifies the beginning of a new stage in the international capital market, and it marks an important milestone for the Company as well. We are honored to receive wide support from our investors. Starting a new page, we will continue to strengthen our position and expand our presence in the seafood and algae industries in China. We plan to launch new and enhanced products to fully utilize our sales channel. In order to expand the sales of our products from Fujian and Guangdong Provinces to other regions of China, we are working to enhance the customer relationships in existing and new markets, and at the same time putting more efforts in sales and marketing to grow our customer base."

China Shenghai Food is principally engaged in the sale of dried seafood, seafood snacks and frozen seafood in PRC, as well as algae and fungi products. The Company is one of the fast-expanding market players in the dried seafood market in terms of the retail sales value in China. The Company primarily sells its products to supermarkets, trading companies, and convenience stores, and sells frozen seafood products through a seafood wholesale market. The Company also has other sales channels such as food companies, gift shops and electronic retailers. The Company sources high-quality raw materials, and sub-contracts processing of raw materials to third parties, package products at its own packaging facilities or through sub-contractors, and sells packaged products under its own brand "Wofan". The Company also sells unpackaged dried seafood, algae and fungi products and frozen seafood. The Company has a large and diverse product portfolio, supplemented by an attractive and growing product pipeline.