HK's Shanghai Fudan Mirco tanks on $116 mln Shanghai listing plans

Reuters2021-07-22

** Shares of integrated circuit products developer Shanghai Fudan Microelectronics Group Co Ltd drop 23.2% to HK$22.50, set for the worst day since listing in August 2000

** Stock sinks to the lowest since July 12, among the 10 biggest percentage decliners on the Hong Kong bourse

** Shanghai-based company says it will issue 120 mln A shares at 6.23 yuan apiece, raising 747.6 mln yuan ($115.60 mln) in its Shanghai Star Market IPO

** The Hong Kong Hang Seng Commerce & Industry Index rises 1.6%, and Hang Seng sub-index tracking information technology firms surges 1.7%

** The Hang Seng China Enterprises Index gains 1.4%, and the benchmark index climbs 1.6%

** Stock has soared 109.3% this year as of last close

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
11