Shares of China’s GigaDevice Semiconductor surged 54% in their Hong Kong trading debut on Tuesday, after having raised HK$4.68 billion ($600 million) in a second listing.
Its shares climbed to as much as HK$248.8 compared to its offer price of HK$162.
Founded in 2005, GigaDevice – also listed in Shanghai – is a fabless IC design house. Its products include flash memory such as NOR, microcontrollers and other chips used in areas including consumer electronics, automotive and industrial automation and energy storage.
GigaDevice said proceeds from the Hong Kong share sale will be used for research and development as well as strategic and industry investments, including potential acquisitions.
($1 = 7.7988 Hong Kong dollars)
Reuters
