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
DeepSeek Plans Major Hiring Spree After $7.4 Billion Funding Round
Geely-Backed Polestar Forced Out of U.S. by Chinese Auto Tech Ban
LATEST
Geely-Backed Polestar Forced Out of U.S. by Chinese Auto Tech Ban
DeepSeek Plans Major Hiring Spree After $7.4 Billion Funding Round
Anyverse Dynamics Raises Over $200 Million as China’s Robotics Funding Boom Accelerates
Europe Has a Lot to Learn From China About Electric Trucks, Volvo CTO Says
Embodied AI Startup Kunlunxing Lands Multibillion Yuan Raise
ByteDance Targets July Launch of Upgraded AI Video Model
China’s Starlink Challenger Seeks Up to $2.2 Billion for Satellite Network Push
New Model Propels Zhipu AI’s Market Value to Record HK$1 Trillion
In AI Pitch, Alibaba Chairman Urges Europe to Look Beyond U.S. Tech
Cover Story: China’s AI Boom Is Rewiring Its Power Grid
In Depth: How AI Is Rewiring White-Collar Work in China
Chipmaker YMTC Cedes Control of Foundry Unit Ahead of Mega IPO
Chinese Startup Manifold AI Raises Fresh Funding as Investors Bet on ‘World Models’
Crealights Takes Step Closer to Hong Kong IPO as Data Center Boom Fuels Growth Prospects
Tencent Lets AI Agent Make Purchases Through WeChat Pay
Galaxea AI Chief Says China Could Lead Robotics Models Within Three Years
SiliconFlow Raises $294 Million as China’s AI Inference Demand Surges
Ant Revamps Alipay With AI Assistant in Biggest App Overhaul
New Model Sends Zhipu AI’s Stock Soaring
DJI, Insta360 File Competing U.S. Patent Lawsuits Over Camera Tech
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