Shares of Luxshare Precision Industry led losses among IPO debutants in Hong Kong on Thursday after raising HK$24.27 billion ($3.10 billion) in the city’s biggest listing this year, as investors became more selective amid a fundraising rush and rising volatility. <\/p>\n
The stock dropped as much as 9.6% to a low of HK$57.2 compared with \u200cits offer price \u2060of HK$63.28. \u2060At market close, it last traded at HK$60 a share. <\/p>\n
Luxshare’s debut is the latest in a line of share offerings by Chinese technology and advanced manufacturing firms in Hong Kong, as they seek to fund expansion and research in electronics, chips and artificial intelligence. <\/p>\n
Knowledge Atlas Technology, also known as Zhipu AI, launched a roughly $4 billion Hong Kong share placement on Wednesday with shares climbing another 11.3% on Thursday, while chipmaker Nexchip Semiconductor priced its Hong Kong listing this week to raise about HK$6.98 billion.<\/p>\n
However, these offerings have run into a volatile market driven by a tech-stock pullback and renewed geopolitical tensions. A record wave of lock-up expirations \u2060after a \u200cstrong first half for new listings is also casting a shadow. <\/p>\n
Most of the six other Hong Kong debutants also received lukewarm welcomes on Thursday. Electronic test equipment maker Rigol and circuit-board tool maker DTech slid below their offering \u2060prices, while e-paper display maker DKE and ceramic electronic parts maker CCTC notched small gains. <\/p>\n
Food company Qiyunshan Food surged nearly threefold to a high of HK$26 per share, while Rokae Robotics was up 15.2%.<\/p>\n
“The underperformance of some new listings likely reflects a more cautious market backdrop and broader uncertainties surrounding global trade and geopolitics,” said Chokwai Lee, a director at Morningstar. <\/p>\n
The weak debuts show investors are growing more selective about richly valued companies, as well as a more cautious stance on the pace of AI adoption following a recent pullback in the chip rally, he added. <\/p>\n
Chinese tech firms which listed in droves months ago are faced with investor profit-taking starting this month. MiniMax Group plunged as \u200cmuch as 18% on Thursday as the company’s first large post-listing lock-up period expired, freeing up roughly 45% of its issued share capital for public trading.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of Luxshare Precision Industry led losses among IPO debutants in Hong Kong on Thursday after raising HK$24.27 billion ($3.10 billion) in the city’s biggest listing this year, as investors became more selective amid a fundraising rush and rising volatility. The stock dropped as much as 9.6% to a low of HK$57.2 compared with \u200cits offer price \u2060of HK$63.28. \u2060At market close, it last traded at HK$60 a share. Luxshare’s debut is the latest in a line of share offerings by Chinese technology and advanced manufacturing firms in Hong Kong, as they seek to fund expansion and research in electronics, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1020005","post","type-post","status-publish","format-standard","hentry","category-telecom"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1020005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=1020005"}],"version-history":[{"count":1,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1020005\/revisions"}],"predecessor-version":[{"id":1020017,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1020005\/revisions\/1020017"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=1020005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=1020005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=1020005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}