September 8, 2011 / 1:35 AM / in 6 years

Beijing Jingyuntong opens up 17 pct after pricey IPO

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SHANGHAI, Sept 8 (Reuters) - 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 earnings.

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 Takada)

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