The IPO price implies a post-listing valuation of about 579.189 billion yuan, while the source says A-share pricing, overseas institutional views and on-chain contract prices point to wide valuation gaps.
Changxin Technology began trading on Shanghai's STAR Market with an IPO price of 8.66 yuan per share, implying a post-issuance market capitalization of about 579.189 billion yuan. The source said the valuation gap is substantial when comparing the A-share offering price with overseas institutional views and on-chain contract prices. Using this year's average first-day gain for new listings of 278.01%, a single subscription allotment of 500 shares would generate an unrealized profit of about 12,000 yuan. Based on the STAR Market's average gain for new listings of 466.67%, the paper profit for one lot would be about 20,200 yuan.