Chinese chipmakers Hosin and Amicro rise in Hong Kong market debut
Chinese chipmakers Hosin Electronics and Amicro Technology saw mixed results on their Hong Kong Stock Exchange debut on 12 November, after raising a combined HK$1.78 billion in IPOs. Hosin opened slightly below its offer price while Amicro surged, as the broader Hang Seng Index slipped.
Chinese chipmakers Hosin Electronics and Amicro Technology rose in their Hong Kong Stock Exchange debut on Thursday 12 November after raising a combined HK$1.78 billion in initial public offerings, even as the broader market fell.
Hosin opened at HK$72.80, down 0.04 per cent from its offer price of HK$72.83, and last traded at HK$72.90. Amicro opened at HK$13.62, up 37.6 per cent from its HK$9.90 offer price, and last traded at HK$16.81. Hong Kong's Hang Seng Index slipped 1.1 per cent, while the Hang Seng Tech Index was down 1.2 per cent.
Hosin raised HK$1.07 billion by selling 14.72 million shares at HK$72.83 each. The Hong Kong retail tranche was 2.37 times subscribed and the international offering 1.45 times covered. Hosin, a developer of memory products including embedded storage, solid-state drives, DRAM and portable storage devices, plans to use most of the proceeds to develop memory products and controller chips and expand testing capabilities, with the remainder earmarked for working capital and general corporate purposes.
Amicro raised HK$709.7 million by selling 71.69 million shares at HK$9.90 apiece. Its Hong Kong retail offering was 13.95 times subscribed, while the international tranche was 1.05 times covered. Amicro, which develops intelligent mobile robotics solutions, will use most proceeds to manufacture software, hardware and AI chips for robots, with the rest allotted to help expand sales, investments and its working capital.