Denglin and Xinde raise HK$2.36 billion in Hong Kong IPOs
Two Chinese chip companies, Denglin and Xinde, just went public in Hong Kong, raising a combined HK$2.36 billion.
Denglin's shares dipped slightly on day one, but Xinde's stock jumped over 20%.
The overall market was pretty steady, with small gains for both the Hang Seng Index and the Tech Index.
Denglin and Xinde see strong demand
Denglin focuses on AI chips (think GPUs for smarter tech) and plans to use its HK$1.41 billion IPO funds to upgrade products and develop new ones.
Its IPO was popular, with its retail tranche subscribed 2.11 times and its international offering 1.34 times.
Meanwhile, Xinde makes semiconductor packaging and saw even higher demand for its shares, with its retail tranche subscribed 9.84 times, and had a strong debut as investors showed big interest in China's semiconductor and AI industries.