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
Chinese Robotics Startup Spirit AI Raises $145 Million
Satellite Maker Spacety Raises $190 Million to Advance IPO Plans
Alibaba Revamps AI Structure With New Tech Committee
LATEST
Satellite Maker Spacety Raises $190 Million to Advance IPO Plans
Alibaba Revamps AI Structure With New Tech Committee
Chinese Robotics Startup Spirit AI Raises $145 Million
Huawei Names Wang Tao Vice Chairman in Leadership Reshuffle
Space Pioneer’s Falcon 9 Rival Fails on Maiden Flight
Chinese Panel-Makers Report Solid Earnings in 2025 as Market Recovers
Alibaba Releases Qwen 3.6-Plus AI Model With Enhanced Coding Capabilities
ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership
Robot Startup Galaxea AI Raises $291 Million
TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion
CAS Space Seeks IPO as China’s Reusable Rocket Race Heats Up
U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters
Optical Interconnect Maker Lightelligence Files for Hong Kong IPO
CAS Space Launches Reusable Rocket in China’s Satellite Push
DeepSeek Goes Out for 10 Hours Amid China’s AI Demand Surge
OpenClaw Craze Is Driving Next Phase of AI Development, Insiders Say
China, South Korea Robotics Firms Explore Embodied AI Cooperation
Analysis: Meta’s Manus Deal Faces Scrutiny in China Over Tech Exports, Antitrust Concerns
Chinese GPU Maker MetaX Doubles Revenue Amid Push for Domestic Chips
Kuaishou Ramps Up AI Commercialization as Kling Revenue Hits $150 Million
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