Hua Hong Semiconductors listing gets warm response
Hua Hong Semiconductors, whose shares will start trading in Hong Kong on Wednesday, said the initial public offering is oversubscribed as it has received orders 12.9 times over its publicly issued shares.
The company, controlled by Shanghai’s municipal government, is offering 228.7 million new shares at HK$11.25 each, close to the low end of the marketing range of HK$11.15 to HK$12.20 suggested earlier.
Hua Hong, China’s first custom chipmaker, aims to raise net proceeds of HK$2.43 billion from the flotation.
Undaunted by the ongoing Occupy Central movement, a number of companies still plan to raise funds in Hong Kong, including Sam Woo Construction and Hin Sang Group, which is known for its Hin Sang-branded milk and dietary supplement for children.