On October 27, 2021, Jing-Jin Electric (688280.SH) is listed on the Shanghai Stock Exchange Science and Technology Innovation Board.  FAW Group and Allison Transmission participated in the strategic placement of the initial public offering as strategic investors.

Jing-Jin Electric(JJE) issued a total of 148 million shares in this IPO, with an issue price of CNY 13.78 per share.  The closing price of the first trading day on October 27 was CNY 17.70 per share, an increase of 28.45%.

Founded in 2008 and based in China, JJE is one of the leading suppliers of electric drive systems for new energy vehicles.  It focuses on the research and development, production, sales and service of electric drive systems.  It has independently developed core technologies, system integration and controls of three major assemblies of electric drives, including motors, controllers and transmissions.

JJE has a leading position in the domestic high-and-mid-end electric drive market. It has also been playing in the high-and-mid-end markets in Europe and the United States for a long time, and directly competing with the top-tier international suppliers.  JJE has accumulated extensive experiences with many success stories. JJE's "third-generation semiconductor" high-power silicon carbide controllers have been nominated for production programs by Scania in Sweden and MAN in Germany, both of which are under Traton, the Truck and Bus Group of Volkswagen.  JJE’s "3-in-1" electric drive system has won the mass production program of one of the largest passenger car OEMs in North America. At the same time, JJE is actively expanding domestic premium customers with a full spectrum of passenger car and commercial vehicle products. These products are supporting mass production programs for FAW Group, BYD, SAIC Group, and BAIC Group, etc.  With the fund raised at the initial public offering, JJE will strengthen its core competencies and strive for higher returns to both shareholders and society.

According to the "New Energy Automobile Industry Development Plan (2021-2035)" issued in 2020 by the General Office of the State Council, the development of new energy vehicles is the only way for China to transform from a country with a large automotive industry to one with a strong automotive industry, and a strategic measure to address climate changes and promote sustainability.  In July this year, the Politburo meeting of the CCP Central Committee advocated to unleash the potential of the domestic market, to support the accelerated development of new energy vehicles, and implement overall plans toward carbon peaking and carbon neutrality.  On October 26, the State Council issued the "Carbon Peaking Action Plan by 2030", proposing to vigorously promote new energy vehicles and gradually reduce the share of conventional fuel vehicles in the production, new vehicle sales, and overall vehicle population.  The plan sets the target for the sales share of new and clean energy transportation products among total new sales to reach 40% By 2030.