Chinese optoelectronic computing firm Shanghai Xizhi Technology jumps nearly fourfold in debut

Chinese optoelectronic computing firm Shanghai Xizhi Technology (1879) jumped nearly fourfold in its Hong Kong debut on Tuesday, giving investors a paper return of over HK$10,000 per board lot. 

The company’s shares soared by 383 percent to HK$886 apiece at the close, from the offer price of HK$183.2. That translates to a gain of HK$10,542 per board lot of 15 shares.

It raised more than HK$2.53 billion from the share sale.

Xizhi’s retail tranche was nearly 5,800 times oversubscribed. Alibaba Investment, Singapore’s GIC, and BlackRock are among its cornerstone investors that had pledged to buy US$209.9 million (HK$1.64 billion) of its shares before listing. 

Mabwell (Shanghai) Bioscience (2493), in contrast, only inched up in the debut. The biopharmaceutical firm’s retail portion had an oversubscription rate of less than 500 times.

The company raised HK$1.3 billion from the initial public offering after pricing the shares at the lower end of the indicative price range. 

Shanghai Sunmi Technology, a business internet of things solutions provider backed by Ant Group, Xiaomi (1810), and Meituan (3690), surged by 270 percent in the gray market on Tuesday, ahead of its Wednesday debut.

That results in a paper gain of over HK$6,700 per board lot of 100 shares.

It plans to raise HK$1.06 billion from the IPO. 

 

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