Media365
Mainland chip designer GigaDevice Semiconductor jumped more than 45 per cent on its first trading day in Hong Kong on Tuesday, as the Beijing-based firm’s debut catered to investor appetite for tech companies amid China’s push for self-reliance.
The firm’s shares started trading at HK$235, versus the offer price of HK$162. Its shares closed between HK$224.20 and HK$226.80 on the grey market on Monday evening, helping some investors cash in gains of about 40 per cent before the official debut, data from major brokerages showed. Its Shanghai-listed shares rose 1.6 per cent to 266 yuan on Tuesday.
Hongxing Coldchain (Hunan) also started trading on the main board on Tuesday, opening at HK$19.58, up 59.7 per cent from the offer price of HK$12.26. On Hong Kong’s GEM board, shares in Malaysian civil engineering contractor BBSB International opened at HK$3, five times the offer price of HK$0.60. Hongxing and BBSB aimed to raise HK$285 million and HK$78.8 million, respectively.
GigaDevice’s Hong Kong listing raised HK$4.68 billion (US$600 million) as the company issued 28.9 million shares. Retail investors subscribed for 542 times the number of shares allocated to them, worth HK$468 million in the offering, after borrowing HK$193.7 billion in margin financing from brokers.
