Automotive thermal-management components maker TEMB Intelligent Technology has raised around RMB1.88 billion (USD280 million) from its listing on the SSE’s main board on 7 September. GF Law Firm and DeHeng Law Offices provided legal support for the transaction.
TEMB issued 30 million shares at RMB62.65 each. On its first day of trading, the shares opened at RMB94.69, around 51.14% higher than the issue price, taking the company’s market capitalisation above RMB10 billion.
The offering attracted well-known industrial investors including SAIC Motor Financial Holdings, Chery Technology and Sungrow Power Supply, as well as institutional investors including the National Social Security Fund and the Basic Pension Insurance Fund. China Securities acted as listing sponsor.
GF advised TEMB, with a team including partners Xu Pingwen, Yao Sijing and Shen Yinbing. DeHeng was special legal counsel for the strategic placement, with partner Sun Yanli acting as the signing lawyer.
Shandong-headquartered TEMB was established in 2001 and specialises in manufacturing components for automotive thermal-management systems. Its products include temperature-control, sensor, electro-acoustic and switch components, with core products spanning thermostats, intelligent water valves and temperature and pressure sensors. They are widely used in internal-combustion, hybrid and battery-electric vehicles.
Market researcher Frost & Sullivan said TEMB ranked first in China and third globally by revenue from automotive thermostats in 2024.
The company’s prospectus stated that offering proceeds would mainly be used to manufacture intelligent thermal-management components and systems, expand and upgrade a production base for automotive thermal-management systems and core components, build an R&D centre and upgrade its information systems centre.
