China's High-speed Train Drives Tianyishangjia on STAR Market
COVID-19 and China
High-speed train in China. Image credit: Tianyishangjia website

Tianyishangjia (天宜上佳), a leading powder metallurgy brake supplier for China's high-speed railway EMUs, will list on STAR market on July 22. The new material company set its initial public offering (IPO) price at CNY 20.37 (USD 2.96) per share, valuing the company at 35.32 times its earnings in 2018.

Founded in November 2009, the Beijing-based company focused on the R&D, production and sales of braking system for the high-speed train. The sintered brake pad, sintered brake shoe, organic brake pad and organic brake shoe are core products Tianyishangjia provides in the braking system -- one of the nine key technologies of high-speed train EMUs.

Before 2012, the dominated position for EMUs braking system supplier belongs to Knorr-Bremse, a German manufacturer operating in the field for over 110 years. After years of research, several Chinese companies have broken into this game and realized the import substitute gradually. Tianyishangjia is one of them who also took on the high-speed train in its business.

The brake-making company generated revenue of CNY 558 million (USD 81.12 million) in 2018 with a CAGR of 27% since 2016. Gross profit amounts to CNY 263 million (USD 38.26 million) with a CAGR of 44% in recent three years.

To be continued.

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