Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
In Depth: What’s in the China-U.S. Tariff Truce, and What’s Left Unsettled
LATEST
CXMT Shares Suffer Biggest Drop Since July IPO
Xiaohongshu Pushes Further Into Gaming, Anime With Bigger Festival
In Depth: What’s in the China-U.S. Tariff Truce, and What’s Left Unsettled
AI to Drive Expansion in Cyberattacks, Industry Execs Warn
AI Boom Faces Growing Threat From Climate Change, Researcher Says
AI Boom Redraws Global Tech Map, Industry Executives Say
Chinese Phone-Makers Raise Prices of Flagship Models as Memory Costs Surge
Qualcomm China Chief Sees Country Well Placed for AI Device Race
Tencent to Shut Down QClaw Assistant in Enterprise AI Push
DJI and Insta360’s Battle for Gimbal Camera Market Comes at a Cost
From Chips to Laptops: Alibaba Accelerates Full-Stack AI Ambitions
China’s Open-Source AI Could Narrow Global Income Gap, Economist Says
Embodied AI Startup Paxini Kicks Off Mainland IPO Bid Amid Sector Volatility
Alibaba Unveils New AI Chip as Cloud Infrastructure Push Deepens
Xiaomi Steps Up AI Investment With New Models
AI Firm SiliconFlow Raises New Funds
China Seeks to Protect Minors With Proposed AI Rules
Chinese Smartphone Makers Bet on AI Agents to Revive Demand
CXMT Begins Mass Production of Fifth-Generation Memory Chips
China’s AI Hiring Surges as Industry Pivots to Practical Applications
Retail Investors Join Frenzy Around New Tech Board Listings

By Zhang Yu and Han Wei / Jun 28, 2019 04:01 AM / Finance

Photo: VCG

Photo: VCG

The first offering on China’s new Nasdaq-style high-tech board attracted subscriptions to the stock from almost all of the individual investors who are registered to trade on the new board, pushing the allocation rate to less than 0.06%.

As of Thursday night, more than 2.7 million retail investors submitted subscriptions online for the shares of Suzhou HYC Technology Co. Ltd., a manufacturer of display and touch-testing equipment launching the first initial public offering on Shanghai’s new STAR Market.

Amid the retail investors’ frenzy, the company reallocated part of its offerings designated for institutional investors to retail investors. After the adjustment, Suzhou HYC offered 26.99 million shares in the allotment for institutional investors, or 70.1% of the total offering, and 11.46 million shares for retail investors. Shares offered offline to institutional investors were oversubscribed by 335 times.

The company is set to raise 973 million yuan ($141 million) through the offering, valuing the company at 9.7 billion yuan.

Suzhou HYC set its IPO price at 24.26 yuan ($3.50) a share, 41 times 2018 earnings after deduction of nonrecurring gains and losses — much higher than the prevailing price-to-earnings ratio of 23 on China’s mainland stock exchanges.

Related: New Tech Board’s First Listing Has Unusually High Price-to-Earnings Ratio


Share this article
Open WeChat and scan the QR code