Record-high valuation for 2 new floats 
2019-07-03
Two new shares opened for subscription on Shanghai’s STAR Market yesterday with a record-high IPO valuation, reflecting high expectations from investors on the new board. 
Raytron Technology set its IPO, or initial public offering,  priced at 20 yuan (US$2.94) per share, valuing the company at 71 times of its earnings.
Another firm Zhejiang Hangke Technology Inc set the IPO PE ratio by 56 times. The PE ratio was much higher than the previous IPO PE ratio.
Currently, three firms including Raytron, Hangke and Suzhou HYC Technology, which opened subscriptions last week, have launched IPOs on the new STAR Market — a Nasdaq-style sci-tech board.
The IPO opened to individual investors online and institutional investors offline.
The shares will be listed on the STAR board.
China opened its new sci-tech board last month. 
