STOCKS | Changxin Technology Sets STAR Market IPO Price at 8.66 Yuan per Share

Changxin Technology (688825.SH) said it will price its initial public offering at 8.66 yuan per share for its listing on Shanghai’s STAR Market, with subscriptions scheduled for July 16, 2026. According to Odaily, investors can place online and offline subscription orders at the offering price on the subscription date without prepaying subscription funds. Offline subscriptions will be accepted from 9:30 to 15:00, while online subscriptions will run from 9:30 to 11:30 and 13:00 to 15:00. The company said the initial offering will include 6.69 billion shares, representing about 10.00% of total share capital after the issuance. It also granted China International Capital Corp. an over-allotment option of up to 15.00% of the initial offering shares. Changxin Technology said the offering price implies a 2025 diluted price-to-earnings ratio, based on the lower of pre- and post-non-recurring items, of 308.92 times without exercising the over-allotment option. The company said this is higher than the industry average P/E ratio of 76.32 times and the comparable companies’ average of 134.62 times. The company estimated total proceeds of about 57.92 billion yuan before any exercise of the over-allotment option, and net proceeds of about 57.64 billion yuan after deducting issuance expenses.