On July 10, BASiC Semiconductor (09971.HK) declined 5.29% in regular trading, trading at HK$33.3/share, with turnover of HK$42.10 million. The stock listed on the Hong Kong Stock Exchange on July 8 at an offer price of HK$31.62 per share and closed up 5.06% on its debut.
The selloff is attributed to short-term profit-taking following an extremely oversubscribed IPO. The Hong Kong public offering attracted 4,812.72 times oversubscription, and after intensive capital inflows from new share subscribers, selling pressure from early gains has become pronounced on the third trading day. Additionally, the global semiconductor sector has been under sustained pressure, with the Philadelphia Semiconductor Index pulling back consecutively and major names including NVIDIA and AMD posting significant declines, transmitting weak sentiment to newly listed Hong Kong semiconductor stocks.
BASiC Semiconductor is a Chinese third-generation semiconductor enterprise specializing in the R&D, manufacturing, and sale of silicon carbide (SiC) power devices. The company is the only enterprise in China integrating SiC chip design, wafer fabrication, module packaging, and gate driver design and testing capabilities, serving customers across electric vehicles, renewable energy, and industrial control sectors.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments