Shandong Chunguang Technology Group (SHE:301531) launched its initial public offering on the Shenzhen bourse, seeking to offer up to 54.9 million shares, according to a prospectus filed Thursday.

The magnetic materials and electronic information technology company's IPO shares will constitute 25% of the company's entire shareholding following the offer.

Upon completion of the IPO, Chunguang's share capital will rise to 219.7 million shares.

China International Capital Corp. (HKG:3908, SHA:601995) is the sponsor and lead underwriter of the offering.