Anthropic advances IPO plans as investors seek lower valuation
Some institutional investors want a valuation below the previously discussed $1.5 trillion target, according to a media report.
Denglin falls, Xinde rises in Hong Kong trading debuts
The Chinese chip companies raised a combined HK$2.36 billion through their initial public offerings.
Chinese chip companies Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology began trading in Hong Kong on November 10 with contrasting opening moves. Denglin started 0.9% below its IPO price, while Xinde opened at a 20.5% premium.
Denglin's first trade was at HK$229, against an offer price of HK$231, and its latest price was HK$222.40. Xinde started at HK$10.70, compared with its HK$8.88 offer price, and later traded at HK$12.02. The broader Hang Seng Index gained 0.4%, while the Hang Seng Tech Index advanced 0.8%.
Denglin secured HK$1.41 billion from an IPO priced at the lowest point of its marketed range. Subscriptions for the retail portion reached 2.11 times the shares available; international demand covered that tranche 1.34 times. The company designs graphics processing units used for artificial intelligence computing and plans to direct most of the funds toward upgrading those chips and developing new products and software tools.
Xinde sold 106.56 million shares, raising HK$946.3 million. Its HK$8.88 offer price was near the lower end of a range spanning HK$8.60 to HK$9.60. Retail subscriptions reached 9.84 times the allocation, and international subscriptions covered that portion 1.13 times.
A provider of semiconductor packaging and testing services, Xinde plans to devote most of its IPO funds to increasing production capacity and developing advanced packaging technology.