(Yicai Global) July 11 -- The first 25 firms planning to list on Shanghai's new science and technology innovation board, or Star Market, intend to raise some CNY6 billion (USD873 million) more than their preliminary offering prices suggested.

The companies hope to rake in CNY37 billion, the Securities Times reported today, after the last seven of them unveiled their latest offering price. The majority of the firms have increased their target, with infrared imaging sensor maker Yantai Raytron Technology nearly tripling its planned fundraising to CNY1.2 billion.

A few of the companies were less optimistic. Ningbo Technology Lithium Battery Material lowered its expectations to CNY1.2 billion from CNY1.6 billion, and Western Superconducting Technologies reduced its goal to CNY663 million (USD96 million) from CNY800 million.

The 25 companies average a price-to-earnings ratio of 49.2, the report added, citing an anonymous industry expert as saying that this is not a great way to assess the value of the Star Market firms because they are going through a rapid growth spurt. China Railway Signal & Communication has the lowest at 18.2 and Shanghai's Advanced Micro-Fabrication Equipment has the highest, 170.8.

There was large deviance in PE ratios across sectors, with the software and information service industry averaging over 40 but those in financial and real estate less than 10, according to the report. But this does not mean the information technology stocks are overpriced, the expert said.

Computing, communications and electronic manufacturing companies make up the largest category of the firms, with nine, while Shanghai and Beijing tied as the leading hometowns with five a piece.

Editor: James Boynton