Wuxi's Xishan district saw its first company go public on the board for small and medium-sized enterprises at the Shenzhen Stock Exchange on June 29.

Huihong New Materials Technology Co, whose products are used in the automotive and construction industries, will issue 27 million shares in its initial public offering to raise 257 million yuan ($38.58 million) for new projects and a R&D center.

The company exports its products to more than 40 countries and regions across America and Europe.

Besides Honghui, Xishan district now has seven companies listed on the Shenzhen stock exchange and 25 on the New Third Board (NEEQ), the pilot national share transfer system for small and medium-sized enterprises.

In the first half of this year, three companies were listed on the main board and 12 on the New Third Board.