3 IPOs rise by first-day trading limit of 44%
Print Edition
THREE companies that went public yesterday all jumped by the first-day trading limit as their low prices drew a huge demand from investors who were starved after a four-month drought of new shares.
The shares of Feitian Technologies, Wuxi Xuelang Environmental Technology and Shandong Longda Meat Foodstuff all surged by the first-day trading limit of 44 percent on their trading debut on the Shenzhen Stock Exchange yesterday.
“Below-average valuations contributed to the strong performances of the new listings,” said Yang Liu, analyst at Qilu Securities. Yang expected new shares to continue to rise because of the price gaps with their peers.
Feitian Technologies, a Beijing-based security hardware and solutions firm, rose to 47.71 yuan (US$7.66) from the offer price of 33.13 yuan after the company priced its shares 16.6 times earnings, far below the industry average of 52 times.
Wuxi Xuelang Environmental Technology closed at 21.21 yuan, and Shandong Longda Meat Foodstuff ended at 14.10 yuan. Both priced shares at valuations below the average level of peers.
Market watchers said the bargain IPOs might be due to regulatory intervention because investor confidence had been hurt previously from heftily-priced new shares which fell quickly after their debut.
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