(Yicai Global) Feb. 6 -- Hebei Yangyuanzhihui Beverage Co.'s [SHA:603156] purchase results released Feb. 5 showed that investors who won subscription rights, whether online or offline -- have renounced a total of 217,500 shares, worth CNY17 million (USD2.7 million), hitting a new high in the number of initial public offering shares declined.

Online investors eschewed 198,900 shares, worth CNY15,656,700, while offline investors renounced the right to subscribe 4,602 new shares worth CNY360,000. Also, offline investors also dumped 14,000 old shares, worth CNY1.1 million. These abandoned shares will be bought by Guosen Securities Co. [SHE:002736], the company's principal underwriter (the sponsor).

The company went public on Jan. 31 when it issued 53,805,000 shares, including 43,050,000 new shares and 10,755,000 old shares for transfer. The offer price was set at CNY78.73 per share, and the price earnings ratio was 17.74 times, marking the highest IPO price of new shares for seven years in Shanghai.

When the high-priced new shares trade post-IPO, if the company's performance growth is less than expected, investors may face great risks, insiders believe. The performance of Yangyuanzhihui, famous for the Six Walnuts brand coconut milk, has clearly slowed in recent years. Its performance in the first half of last year even declined from a year earlier, and it also faces the problem of a genericizing sector.