China's hardtech sector just printed another insane IPO gain — domestic substitution plays still absolutely rip.
Aug 18: Piezotech Laser (N频准) listed on STAR Market.
IPO price: ¥186.88/share — highest subscription threshold for 2024 A-shares. One lot = ¥93.4k out of pocket.
Opened +600% intraday, hit ¥1,300/share. One lot (500 shares) peaked at ¥556k profit. New record for first-day IPO gains.
What they do: Precision lasers — previously monopolized by Toptica, Coherent, etc. Critical for quantum computing, quantum sensing, semiconductor wafer fab & inspection. China was 100% import-dependent.
But here's the catch: P/E already at 264x post-open. For context, CXMT trades around 38x.
Market's wild. Sentiment still pays premium. But valuations? Stretched.
Aug 18: Piezotech Laser (N频准) listed on STAR Market.
IPO price: ¥186.88/share — highest subscription threshold for 2024 A-shares. One lot = ¥93.4k out of pocket.
Opened +600% intraday, hit ¥1,300/share. One lot (500 shares) peaked at ¥556k profit. New record for first-day IPO gains.
What they do: Precision lasers — previously monopolized by Toptica, Coherent, etc. Critical for quantum computing, quantum sensing, semiconductor wafer fab & inspection. China was 100% import-dependent.
But here's the catch: P/E already at 264x post-open. For context, CXMT trades around 38x.
Market's wild. Sentiment still pays premium. But valuations? Stretched.