Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. announced on January 7 that it will issue no more than 76 million new shares on China's A-share market, with a set price of 10.5 yuan ($1.72).

The company's share subscription announcement was the first to come after the nation's securities regulator approved initial public offerings (IPO) by Guangdong Xinbao and four other companies on December 30, 2013. The share subscription also signaled the recommencement of IPOs in the Chinese stock market after a freeze for more than a year.

The company expects to raise up to 798 million yuan ($131 million) through the IPO. Its shares will be listed on the Shenzhen Stock Exchange.