A-Share Record! One Lot Nets Up to 550K Yuan as "Most Expensive New Stock" Soars 595% on Debut

The year's priciest new stock, Pinzhun Laser (N Pinzhun), debuted on the STAR Market on August 18, with an issue price of 186.88 yuan setting an A-share record. The stock surged over 595% on its first day, with one lot yielding a maximum paper gain of 556,600 yuan, marking the highest first-day return in new stock history. The company specializes in precision laser technology, serving top-tier clients including Harvard, MIT, and QuantumCTek. In 2025, it posted revenue of 418 million yuan with a gross margin holding steady at a high 67%. However, its price-to-earnings ratio soared to 264 times after the market open, with analysts warning that valuations may have already priced in earnings expectations for the next two to three years.