Representatives from Maxscend Microelectronics Company ring the opening bell as their company is listed on Shenzhen Stock Exchange. [Photo from Wechat account wxbhfb]

IC enterprise Maxscend Microelectronics Company in Wuxi's Binhu district was listed on Shenzhen Stock Exchange's ChiNext board, the NASDAQ-style board of growth enterprises, on June 18.

The stock price of the company rose by 44.01 percent after opening from the issue price of 35.29 yuan ($5.13) per share to 50.82 yuan per share at 10:20 am.

Being the first listed IC enterprise and the 20th listed enterprise in Binhu, Maxscend Microelectronics Company is a RF front-end chip provider incorporated by a group of Silicon Valley returnees in 2012.

To date, the company has 56 patents and an annual net profit of over 100 million yuan. Its products are widely used by mobile phone manufacturers including Huawei, vivo and OPPO.

Wuxi is the southern micro-electronics base in China while Binhu is the national IC design base and home to many strong IC enterprises.

Xu Feng, director of Binhu district, said in his speech that as enterprises like Maxscend Microelectronics Company grow quickly, the IC design industry in Binhu will gain a greater ability to advance itself.

Maxscend Microelectronics Company is headquartered in Binhu district, Wuxi city. [Photo from Wechat account wxbhfb]

Xu Feng, director of Binhu district, lauds the development of Maxscend Microelectronics Company in his speech at a ceremony to celebrate the company's listing. [Photo from Wechat account wxbhfb]