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CXMT’s IPO sees millions of shares abandoned by online investors

Chinese memory-chip maker CXMT Corp. disclosed the results of its initial public offering on Shanghai’s STAR Market. The final strategic allotment was about 1.7 billion shares, with an online win rate of about 0.5%. Offline investors subscribed to about 2.2 billion shares and abandoned about 31,600 shares, an abandonment rate of less than 0.1%. The abandonment rate among online investors was slightly higher, as they subscribed to about 3.8 billion shares but walked away from about 6.6 million shares. The abandoned online shares were worth about 57 million yuan ($8.4 million), representing an abandonment rate of about 0.2%.