Greenworks Announces Successful IPO on Shenzhen Stock Exchange

MOORESVILLE, N.C.--(BUSINESS WIRE)--Greenworks, a leading manufacturer of battery powered outdoor equipment, announces the successful completion of its initial public offering (IPO) on the Innovative Enterprise Board of Shenzhen Stock Exchange.

The company's shares began trading under the ticker symbol 301260 on February 8, 2023. The IPO was heavily oversubscribed, with strong demand from both institutional and retail investors. The company raised a total of $533 million (RMB 3.6 billion) through the offering, which will be used to fund the company's growth and expansion plans.

“We are thrilled with the success of our IPO and the overwhelming support we received from investors,” said Yin Chen, Greenworks’ Chairman and CEO. “This is an important milestone for our company, and we look forward to using the funds raised to accelerate our mission of providing innovative and sustainable battery power solutions.”

Greenworks has established itself as a leader in the battery powered outdoor equipment industry, offering a range of affordable, high-quality products designed for today's consumers. The company has a strong focus on research and development and is committed to advancing the technology that underpins its products.

With the funds raised through the IPO, Greenworks plans to expand its manufacturing capabilities in both North America and Asia, develop new products, and expand its reach in key markets around the world.

“We are excited to enter this new chapter in our company's history," said Chen. “We believe the future of gardening, landscaping and recreation is electric, and we are well positioned to be at the forefront of this revolution. With the support of our investors, we will continue to innovate and drive the adoption of electric vehicles around the world.”

About Greenworks

Greenworks is a leading battery powered outdoor equipment manufacturer with operations in North America, Europe and Asia. The company, headquartered in Changzhou, China, designs, manufactures, and sells a range of affordable, high-quality battery powered outdoor equipment that are designed for today's consumers. With a strong focus on research and development, Greenworks is committed to advancing the technology that underpins its products, and is dedicated to providing innovative, sustainable mobility solutions. For more information about Greenworks, please visit www.greenworkstools.com.