Two mainland Chinese chip suppliers made sharply divergent trading debuts in Hong Kong on Tuesday after raising a combined HK$2.2 billion (US$280 million), underscoring investors’ selective appetite for semiconductor stocks despite a pickup in new listings.
Suzhou Denglin Technology, the week’s largest listing, fell by as much as 8.6 per cent in morning trade after raising HK$1.4 billion in its initial public offering (IPO).
The graphics processing unit maker priced its shares at HK$231 – the bottom of its marketed range. Its retail tranche drew 3,809 subscribers and was 1.11 times oversubscribed, while the international offering was 0.34 times oversubscribed.