As 1 mainland Chinese chip IPO soars, another stumbles in busy Hong Kong week

Two major mainland Chinese chip suppliers made markedly divergent market reactions on Tuesday after collectively raising HK$2.2 billion (US$280 million) in their initial public offerings, reflecting investors’ selective appetite for semiconductor stocks despite a wave of new listings.

Suzhou Denglin Technology, the largest listing of the week, slipped as much as 8.6 percent during morning trading following its HK$1.4 billion IPO.

The graphics processing unit manufacturer priced its shares at HK$231, the low end of its offering range. Its retail tranche attracted 3,809 subscribers and was 1.11 times oversubscribed, whereas the international offering remained just 0.34 times oversubscribed.

Source link