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BEIJING, August 12 (TMTPOST) – Chinese CPU maker Hygon Information Technology Co., Ltd. (688041. SH) was listed on Shanghai Stock Exchange on Friday.
Hygon Informationan"s opening price on its debut was 70 yuan ($10.35)/share, up 94.44% from the issue price of 36 yuan ($5.34) per share. The stock price lowered to 66.75 yuan ($9.87bilion)/share at press time, up 85.42%, implying a market capitalization of 155.2 billion yuan ($22.95bilion).
The company issued 300 million new shares, raising 10.8 billion yuan ($1.6 billion) in total, which was 1.652 billion yuan ($244.33million) more than planned. The corresponding market value is 83.656 billion yuan ($123.72bilion), and the corresponding price-earnings ratio（P/E ratio）is 315.1, which is higher than listed Loongson Technology (688047. SH) with the issue P/E ratio of 141.68.
Proceedings from the IPO is mainly for the R&D of a new generation of central processing units and general-purpose graphics processing units (GPGPU）, the construction of advanced processor technology R&D centres, and reserve funds for sci-tech development.
Founded in 2014, Hygon Information produces CPUs with x86 architecture in China through cooperation with AMD, a U.S. chip maker. 32.10% and 19.53% of shares are held by domestic server maker Sugon (603019. SH) and Chengdu Assets Supervision and Administration Commission, this company"s first and second largest shareholders.
According to the prospectus, in the first half of this year, Hygon "s revenue increased by 342.75% year-on-year to 2.530 billion yuan($374.18million). Net profit attributable to the parent increased to 476 million yuan ($70.4million) from -41.17668 million yuan (-$6.09million) in the same period last year. Hygon Information did not announce the volume of shipments.
Hygon Information is expected to have revenue of 3.670-4.080 billion yuan ($542.79million-603.43million) in the first three quarters of this year, up 170%-200% year on year. Its net profit attributable to the parent is forecast to be 610-700 million yuan ($90.21million-103.53million), up 392-465% year-on-year.
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