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 Robot Startup Unitree Gears Up for Market Debut
LATEST
Chinese Robot Startup Unitree Gears Up for Market Debut
China Enforces AI Content Labeling Rules to Curb Misuse
Tech Brief (Sept. 2): China Rolls Out Mandatory AI Labeling
Meituan Enters Open-Source AI Race With LongCat Model
Tech Brief (Aug. 29): SenseTime Reports Strong AI Growth
All Hail the Driverless Taxis as China Eyes a $183 Billion Market
Tech Brief (Aug. 27): Cambricon Reports $128 Million Profit, Stock More Than Doubles Since July
Tech Brief (Aug. 26): Musk’s xAI Sues Apple and OpenAI Over Alleged AI Market Monopoly
Exclusive: NetEase’s Youdao CEO Explains How AI Agents Could Build a Future of Virtual Teachers
Ant Group Teams up With Top Beijing Hospital to Launch AI Healthcare Lab
Didi and Meituan Clash in Brazil as Food Delivery Battle Goes to Court
Google Denies Rumors It Is Resuming Full Services on Chinese Mainland
China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High
China’s Booster Robotics Lands New Funding as it Hits a Winning Streak
Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift
Cover Story: A New Gold Rush Begins in China’s Hard Tech Sector
Humanoid Robotics Startup Robot Era Secures $69 Million Series A Funding
China’s Zhipu AI Secures $140 Million Investment From Shanghai State Funds Amid IPO Push
In Depth: AI Agents Trigger the Next Tech Battlefield in China
Cover Story: Alibaba Fights Tencent for Dominance Over AI in China
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