FINANCE

Klarity IPO Marks Another Step in Beijing Bourse’s Book-Building Revival

Published: Jun. 12, 2026 4:55 a.m. GMT+8

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Klarity generates 80% of its revenue from radiation therapy positioning devices. Photo: Klarity

Klarity Medical & Equipment Co. Ltd. priced its initial public offering on the Beijing Stock Exchange at 15.6 yuan ($2.3) a share after a two-day book-building process, becoming only the second company in more than three years to use the exchange’s offline-inquiry mechanism.

The return of book-building on the Beijing bourse, where the practice had been largely suspended since April 2023 amid valuation and liquidity concerns, underscores regulators’ efforts to make IPO pricing more market-driven and attract higher-quality technology companies.

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Klarity Medical & Equipment priced its Beijing Stock Exchange IPO at 15.6 yuan/share, the second company in over three years to use the offline-inquiry mechanism.
The offering drew strong demand with 2,133 participants and a 716 times subscription ratio; P/E ratio is 19.62 based on 2025 core earnings.
Analysts expect a tiered pricing system: direct pricing for mature firms, book-building for select high-quality tech companies seeking market-driven capital.

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What Happened When

April 2023：: Book-building practice on the Beijing Stock Exchange was largely suspended due to valuation and liquidity concerns.

April 2026：: Kyky Technology Co. Ltd. listed, restarting the exchange's book-building practice.

As of early June 2026：: The median trailing P/E ratio on the Beijing Stock Exchange surpassed 35, closely trailing the ChiNext board.

June 12, 2026：: Klarity Medical & Equipment Co. Ltd. priced its initial public offering on the Beijing Stock Exchange at 15.6 yuan per share after a two-day book-building process.