On the first day of listing, Feida Holdings is optimistic about market conditions

The main business of automotive interior manufacturers at this price is OEM, which accounts for 93% of revenue in fiscal year 2023.

Among them, it also mainly covers car seats and other car parts, accounting for 61.6% of total revenue; revenue from car seat manufacturing accounts for 38.4% of the total revenue.

Asked about changes in the fuel subsidy system, Wu Yongzhang, executive director of Feida Holdings, pointed out at today's gong ceremony that this will somewhat affect vehicle sales; however, the market is also accompanied by positive signals that local civil servants have received the highest salary increase in history.

“China's civil servants will face salary increases at the end of the year, so I believe there will be consumers who will be able to mobilize more disposable income to buy cars, and the impact of policy changes will be offset.”

Also, due to the employment quota restrictions for foreign workers, Wu Yongzhang said that Feida Holdings currently has no shortage of foreign workers, and there are no plans to hire more workers.

Currently, the company currently employs 500 people, of which 300 or 64% are foreign workers.

Next, the company looked at the two new factories built in Roujulin, and the proportion of migrant workers must be maintained at less than 30%.

The company opened with RM1.10 this morning, at a premium of 37.5% over the initial public offering (IPO) price of 80 cents. The initial transaction volume reached 24.537,900 shares.

In the intraday period, the stock reached a maximum of RM1.17, which was 46.25% higher than the initial share price; however, the stock price showed up at the end of the day.

The initial public offering of Feida Holdings issued a total of 143,324,800 shares, raising a total of approximately RM114.7 million.

The funds raised will be used to build multi-purpose office and factory buildings; a second factory will also be opened in Kulim, Kedah.