(Yicai Global) April 13 -- Nearly 11 percent of online subscribers to the initial public offering of Jingwei Hirain Technologies have withdrawn their interest, according to information disclosed by the Chinese maker of auto electronics, marking a record high for a bourse-bound firm since China introduced a new share subscription system six years ago.

The lackluster performance of newly listed stocks in China so far this year could be the reason why so many online subscribers failed to complete their purchase of shares in Beijing-based Jingwei Hirain, which plans to list on Shanghai’s Nasdaq-like Star Market.

Based on the system introduced in 2016, investors express interest in new shares and pay for them only after securing subscription qualifications.

A total of 95 companies had listed in the Chinese mainland this year as of yesterday, of which 88 landed on the Shanghai or Shenzhen stock exchanges. Among those, the shares of 46 fell on their first day of trading, with 18 sliding by more than 30 percent. Shanghai-listed ASR Microelectronics, which began trading on Jan. 14, fell the most, slumping by more than 60 percent.

Jingwei Hirain offered 30 million shares for sale on April 7, accounting for 25 percent of the company’s total share capital. They were priced at CNY121 (USD19) each, resulting in a price-to-earnings ratio of 244.87 times.

Some 9.7 million of the shares were offered online, or 39 percent of the total when excluding strategic placements. Online investors abandoned nearly 3.3 million shares, or a third of the total, worth CNY395 million (USD62 million). Jingwei Hirain also issued 15 million shares offline.

The company’s earnings have been on the rise. Last year, net profit was CNY146 million, almost double the year before. Revenue rose 32 percent to CNY3.3 billion (USD513 million).

Editor: Emmi Laine, Xiao Yi