CoinW Research Institute

On September 11, Suiryu Technology officially landed on the Sci-Tech Innovation Board. The issue price of 142.18 yuan jumped directly to 410 yuan at the opening, an increase of 188.37%; the intraday high surged to 475 yuan, once up 234.08%, but then retreated from the high, eventually closing at 397 yuan, with a first-day increase of 179.22%. The total trading volume for the day was about 136,100 hand, and the turnover rate reached 76.02%, closing with a total market value of about 170.85 billion yuan. This result basically confirms our pre-listing judgment. The over 6000 times subscription enthusiasm prior to listing, combined with only 4.16% initial circulation ratio, has determined that it is difficult for Suiryu to slowly find its price near the issuance market value of 61.187 billion yuan. The opening at 410 yuan is equivalent to 2.88 times the issue price, with the market almost instantly pushing the company into a valuation range above 170 billion yuan. The issue price is just the starting point of the primary market, while the secondary market is truly trading on how much premium can be gained from the "scarce domestic AI chip asset."

Interestingly, Suiryu did not complete this round of increase riding on the overall rise of tech stocks. On the same day, the A-share market was under pressure, with the Shanghai Composite Index closing down about 1.18%, and the tech directions like sci-tech, semiconductor chips, and computing power hardware were also not performing well. Against this backdrop, Suiryu still rose 179.22%, indeed displaying a certain degree of independent market performance. However, this "independence" primarily comes from the new stock itself, rather than the company completely breaking away from the sector's valuation system. The over 6000 times subscription demand, limited circulating chips, combined with the two layers of labels from domestic GPUs and Tencent, all amplify the price elasticity on the first day. Suiryu can temporarily rise against the tech sector, but it will be difficult to long-term independent pricing away from the risk appetite of the entire domestic computing power sector.

The peak intraday price of 475 yuan also became a significant watershed of the first-day market. After the stock price surged, it gradually retreated, eventually closing at 397 yuan, down about 16.42% from the highest point, and also lower than the opening price of 410 yuan. The initial capital was indeed willing to give Suiryu a high valuation premium, but as the stock price continued to climb and the market value broke through 200 billion yuan, the market divergence also rapidly increased. From the turnover rate on that day, it reached 76.02%, indicating that most circulating chips experienced sufficient turnover, with some capital continuing to chase high and some early investors opting to take profits. The mere 4.16% initial circulating shares have indeed expanded the upside space on the first day, but it also means that once the high-level support weakens, the stock price will fall back more quickly. Therefore, compared to simply focusing on the 179% first-day increase, whether the 475 yuan peak can be broken again and whether a new price support can be formed around 397 to 410 yuan might be more worthy of further observation.

As the closing price ultimately stands at 397 yuan, another more practical question also arises. How much valuation has the market already given Suiryu, and how much growth expectation has it factored in? Based on an estimated income of about 990 million yuan in 2025, Suiryu's static price-to-sales ratio at the time of issuance was 61.80 times; based on the closing price of 397 yuan, it has risen to approximately 172.6 times, significantly higher than the peer average level of 93.51 times stated in the issuance document. In other words, the current stock price is trading on not only the existing performance but has also factored in expectations such as Tencent's AI investment growth, Suiryu's order volume increase, high growth in 2026 revenue, and mass production of L600. However, Tencent's increase in AI capital expenditure does not necessarily mean that these investments will convert into Suiryu's orders, and revenue growth does not equate to improved profits. Whether the market value of 170 billion yuan can hold steady ultimately depends on whether these expectations can truly transform into orders and profits.

Therefore, the next trading day truly worth observing is whether the price center formed on the first day can be accepted by the market. If the tech sector continues to be weak, and Suiryu can maintain strong support around 397 to 410 yuan, it indicates that the scarcity of the new stock is still supporting the independent market performance; if it begins to adjust in sync with domestic computing power targets like Cambrian, Moore Threads, and Muxi, it means that the market is shifting from "snapping up scarce chips" to repricing based on industry sentiment and fundamentals. During the A-share market's break, AI chip policies, Tencent's industrial dynamics, and overseas supply chain news may also change short-term expectations. If CoinW related perpetual contracts continue to trade, their prices, trading volume, and funding rates can serve as supplementary observation indicators for the changes in market sentiment during the break, but derivatives do not equal Suiryu's stock and cannot be directly seen as the opening result of A-shares on the next trading day.

This article is for market research and information analysis only and does not constitute any investment or trading advice.

References

1.Sina Finance Suiryu Technology Market

2.Suiryu Technology Listing Announcement

3.September 11 A-share Opening Data

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