Chinese semiconductor companies Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology made contrasting debuts on the Hong Kong Stock Exchange on November 10, after raising a combined HK$2.36 bn ($301 mn) through initial public offerings.
Shares of AI graphics processing unit (GPU) developer Denglin fell nearly 8% below their offer price, while semiconductor packaging and testing specialist Xinde gained more than 28%.
- Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology raised a combined HK$2.36 bn ($301 mn) through Hong Kong initial public offerings.
- Xinde shares surged 28.4% on their first trading day, while AI chip designer Denglin declined 7.8% despite a broader technology market recovery.
- Hong Kong IPO fundraising has reached approximately $51.9 bn in 2026, approaching the $57.8 bn record set in 2010.
The mixed results came despite a broader recovery in Hong Kong equities. The Hang Seng Index advanced 0.44%, while the Hang Seng Tech Index rose 1.08%.
The divergent performance highlights selective investor demand for Chinese semiconductor companies amid volatility in global technology stocks and uncertainty surrounding AI infrastructure investment.
Denglin shares fall 7.8% after $180 mn Hong Kong IPO
Suzhou Denglin Technology (HKEX: 9917) raised approximately HK$1.41 bn ($180 mn) after pricing its shares at HK$231, the bottom of the marketed range.
The stock opened at HK$229, approximately 0.9% below the IPO price, before declining to HK$213 at the close. That represented a first-day loss of 7.8%.
Investor subscriptions were relatively modest:
- Retail offering: 2.11 times subscribed.
- International offering: 1.34 times covered.
Denglin develops GPUs used in artificial intelligence computing, positioning itself within China’s expanding domestic semiconductor industry.
The company plans to allocate most of its IPO proceeds to upgrading existing GPU products, developing next-generation processors and expanding its software ecosystem.
Wang Chenhui, Denglin’s chairman, CEO and executive director, said the company intends to increase research and development spending, accelerate commercialization of high-performance products and expand into additional markets.
Xinde Semiconductor shares surge 28% in market debut
Jiangsu Xinde Semiconductor Technology (HKEX: 7672) delivered a substantially stronger first-day performance.
The company raised HK$946.3 mn ($121 mn) by selling 106.56 mn shares at HK$8.88 each, near the bottom of its proposed HK$8.60-HK$9.60 price range.
Shares opened at HK$10.70, up 20.5% from the IPO price, and finished at HK$11.40, representing a gain of approximately 28.4%.
Xinde attracted stronger demand from retail investors than Denglin. Its retail tranche was subscribed 9.84 times, while international demand covered the available shares 1.13 times.
The company specializes in semiconductor packaging and testing, providing services required to prepare manufactured chips for commercial applications.
Xinde intends to use most of the proceeds to expand production capacity and develop advanced semiconductor packaging technologies.
Chinese semiconductor IPO performance
| Indicator | Denglin Technology | Xinde Semiconductor |
|---|---|---|
| Hong Kong ticker | 9917.HK | 7672.HK |
| IPO proceeds | HK$1.41 bn | HK$946.3 mn |
| Offer price | HK$231.00 | HK$8.88 |
| Opening price | HK$229.00 | HK$10.70 |
| Closing price | HK$213.00 | HK$11.40 |
| First-day performance | −7.8% | +28.4% |
| Retail subscription | 2.11× | 9.84× |
| International subscription | 1.34× | 1.13× |
Hong Kong IPO market approaches record fundraising levels
The listings come as Hong Kong’s equity capital market approaches one of its strongest years on record.
Companies have raised approximately $51.9 bn through Hong Kong IPOs in 2026, compared with the historical record of $57.8 bn established in 2010.
Chinese technology and semiconductor companies have accounted for a significant share of the fundraising activity. However, the pace of new listings has slowed amid heightened market volatility.
Only three IPOs were completed in October, compared with an average of approximately 13 monthly listings between January and September. Concerns about the sustainability of AI investment, geopolitical developments and increased regulatory scrutiny have contributed to more cautious investor sentiment.
The contrasting debuts of Denglin and Xinde suggest that demand for semiconductor listings remains strong in selected market segments, but investors are becoming more selective about valuations and business models.
Another Chinese issuer, energy storage technology provider RelyEZ, demonstrated continued appetite for new listings after its shares surged as much as 129% during their debut. Its HK$562.7 mn offering attracted retail subscriptions exceeding the available allocation by approximately 1,389 times.
For Hong Kong’s IPO market, the coming months will test whether strong fundraising momentum can continue despite increased volatility in technology stocks.
