A workshop of Zhoushan Chenguang Electric Appliance Co Ltd. [Photo/WeChat account: zjzsrbs]

The Zhoushan Chenguang Electric Appliance Co Ltd is preparing to go public, local media reported on April 10.

The company has established a six-person research team in Shenzhen, Guangdong province to be responsible for the development of another vacuum cleaner accessory, said the head of the company, who added that the company invests 10 million yuan ($1.57 million) in research and development every year.

He noted that the company plans to find another development engine before listing, and the annual output value of accessories under development is expected to exceed 100 million yuan after being in production for one to two years.

In addition, the company also has a research team of more than 20 researchers in Zhoushan focusing on the development of new vacuum cleaner motors.

Chenguang was founded in 2001. Its vacuum cleaner motors are popular not only in China but exported around the world.

Twenty years after its debut, the Chenguang-made brushless vacuum cleaner motor received recognition from the Economy and Information Technology Department of Zhejiang.

Last year, Chenguang manufactured 21 million vacuum cleaner motors and its total output value amounted to 590 million yuan, a year-on-year increase of 29 percent.

This year, the company's output value is expected to reach 800 million yuan, according to the head of the company.