Roborock, Backed by Xiaomi, Enjoys Explosive Trading Debut in Shanghai
Despite the coronavirus concerns, China's tech-focused STAR Market continues to draw investor attention.
Xiaomi-backed unicorn Beijing Roborock Technology (SH: 68816) became publicly traded in Shanghai on Friday in a highly successful IPO even amid investor uncertainty in the ongoing COVID-19 epidemic.
The stock in Roborock ended nearly 85% higher on debut day on the STAR Market, at 500.10 yuan per share. The maker of smart home appliances raised 4.5 billion yuan ($641 million) for its 16.7 million shares and ended with a market cap of $4.7 billion, as Caixin Global reported.
Chinese smartphone company Xiaomi Corp. (HKEX: 1810) was one of the earliest investors in Roborock. It now holds a stake of 24.7% in the company through its affiliates, according to Caixin.
Roborock was the second-biggest gainer on the Sci-tech Innovation Board today, trailing another newby on the exchange – chip materials maker Thinkon Semiconductor Jinzhou (SH: 688233). Thinkon's stock skyrocketed nearly 260% in its 866.8 million yuan ($124 million) IPO today.
The SSE Composite closed at 3,039.67 on Friday, 0.31% higher on the day and 4.2% up on the week.