Yushu Technology's IPO: Early-stage investors are impressive, and the number of chips in circulation on the first day of listing will be less than 10%

Comparing news, the “first A-share humanoid robot share” Yushu Technology (688836.SH) IPO subscription received great attention from the market. The company's price-earnings ratio reached 219.23 times, significantly higher than the industry average of about 38.56 times, and the effective subscription ratio in the offline inquiry process exceeded 2,618 times.

Furthermore, primary market investors have reaped impressive returns. Variable capital invested only 2.09 million yuan in 2018, but now the return multiplier has soared more than 174 times; Sequoia China has invested about 102 million yuan over the years. If estimated at the issue price, the market value of its shareholding is close to 3 billion yuan. Meituan holds a total of 9.65% of the shares through multiple investors, with a net profit of over 3.6 billion yuan.

However, in contrast to the high returns in the primary market, investors in the secondary market will face a game of high valuations and limited circulation chips. This time, Yushu Technology publicly issued about 40.44 million shares, of which the initial online issuance ratio was only about 16%. The remaining shares were mainly distributed to institutional investors through strategic placement and offline inquiry. Based on the total share capital of approximately 404 million shares after issuance, about 29.77 million shares were tradable on the first day of listing, accounting for about 7.36% of the total share capital, and over 90% of the shares were locked in.

Currently, Yushu Technology has not announced a specific launch date. According to the new stock issuance process on the Science and Technology Innovation Board, the company is expected to be officially listed and traded in mid-August as soon as possible. (Tencent Technology)