SHANGHAI, Sept 8 Shares of Chinese photovoltaic
equipment maker Beijing Jingyuntong Technology rose
17 percent on its Shanghai debut after its 2.52 billion yuan
($394 million) IPO that was priced at over 50 times its historic
Shares of Jingyuntong opened at 49.10 yuan a share on
Thursday, compared with its IPO price of 42.00 yuan. The
benchmark Shanghai Composite Index was up 0.3 percent.
Beijing-based Jingyuntong sold 60 million shares in the IPO,
which was priced at 53.47 times 2010 earnings and 26.8 times
estimated 2011 earnings, boosting the final amount raised to
nearly three times its initial target of about 900 million yuan.
Private equity firm Prax Capital and U.S.-listed Chinese
solar wafer maker LDK Solar are among the shareholders
of Jingyuntong, which makes monosilicon and polysilicon furnaces
for the solar industry.
($1 = 6.391 yuan)
(Reporting by Soo Ai Peng and Jason Subler; Editing by Kazunori