The Phoenix Mecano Group is planning a partial listing on the STAR Market Stock Exchange in Shanghai. On 1 January 2021, a separate business area will be created and spun off under the name DewertOkin Technology Group. In 2022 , it will subsequently be launched on the world’s newest tech market.
According to its press release, the company plans to invest around €100 million in Jiaxing in the greater Shanghai area to expand its development and production capacity over the next five years. This will enable it to gain market shares in the “fast-growing market for electrically adjustable furniture”.
“We deliberately chose Shanghai because the highly dynamic Chinese economy offers great potential for expanding our activities,” said Benedikt A. Goldkamp, Executive Chairman of Phoenix Mecano’s Board of Directors. “A listing on the STAR Market will offer a lot of flexibility in the heavily regulated Chinese capital market and bolster our status as a technology company.”
Phoenix Mecano has been present in China since 1996 and has several well-established production sites in the country. The DewertOkin Technology Group business area develops and produces high-performance system solutions for ergonomic furniture for the home comfort sector, hospitals, nursing homes and offices. These include smart control systems, software, sensors, drive technology and kinematic fittings.