Two Chinese Chipmakers Rise on Hong Kong Debut, Raising Combined HK$1.78 Billion

Two Chinese chipmakers rose on their Hong Kong debut on Thursday, raising a combined HK$1.78 billion (about $227 million) in initial public offerings. Reuters reported that Hosin Electronics and Amicro Technology both climbed on their first day of trading, reflecting continued demand for mainland semiconductor stocks.

Amicro surges nearly 70 percent

Amicro Technology sold 71.69 million shares at HK$9.90 apiece, raising HK$709.7 million. The stock opened at HK$13.62, up 37.6 percent from its offer price, and last traded at HK$16.81, nearly 70 percent above the offer price. Its Hong Kong retail offering was 13.95 times subscribed, while the international tranche was 1.05 times covered.

Hosin edges higher after flat open

Hosin Electronics sold 14.72 million shares at HK$72.83 each, raising HK$1.07 billion. The stock opened at HK$72.80, down 0.04 percent from its offer price, and last traded at HK$72.90. The Hong Kong retail tranche was 2.37 times subscribed and the international offering 1.45 times covered.

Broader market lower

The two debuts came as the broader market fell: Hong Kong's Hang Seng Index slipped 1.1 percent, while the Hang Seng Tech Index was down 1.2 percent. ($1 = 7.8459 Hong Kong dollars.)

Source: Reuters.