Googoltech (固高科技, 301510.SZ), a high-tech firm specializing in robotic-related motion control equipment, began trading today on the Growth Enterprise Market of Shenzhen Stock Exchange.
The company’s stock jumped 525% on its debut, trading at 75 yuan (US$10.3) per share.
As of press time, its shares dipped to around 72 yuan apiece, up some 504% from the issue price, with a market cap of 28.88 billion yuan.
cnrobopedia reported yesterday that the Shenzhen-headquartered firm planned to raise 450 million yuan by issuing 40.01 million shares at 12 yuan apiece, with a price-to-earnings ratio of 110.8, according to its prospectus.
The share sale will add billions of yuan to the personal wealth of its three founders, namely, Li Zexiang, Ping K. KO and Wu Hong, who are professors at the Hong Kong University of Science and Technology (HKUST).
Among the trio, Li is also a larger-than-life figure in China’s tech and entrepreneurial ecosystem, having earned the moniker “Godfather of DJI” for his role in helping and coaching the world’s drone leader in its early days.