China's Dongshan Precision Makes Soft Hong Kong Debut After $1.3 Bln Listing

Dow Jones11:57

Circuit-board maker Suzhou Dongshan Precision Manufacturing fell on its Hong Kong trading debut, after raising about US$1.3 billion in a secondary listing in the Asian financial hub.

Shares of the manufacturer of printed circuit boards for AI devices dropped as much as 6.1% on Wednesday before paring the decline to about 1.6% in midmorning trading. Hong Kong's Hang Seng Index was 0.3% higher, while the city's tech gauge rose 1.6%.

The tepid performance came despite the company pricing 113.8 million shares at 86.80 Hong Kong dollars each, 7.5% below the maximum indicative price, and cornerstone investors including JPMorgan Asset Management, Alibaba Investment and Aurora SF, a Singapore-based fund, covering about half the offering.

It raised gross proceeds of HK$9.88 billion, equivalent to US$1.26 billion, from the offering, a late Tuesday filing showed.

Deal activity in Hong Kong has been strong. The city is the world's second-largest IPO market behind Nasdaq, with more than HK$388 billion raised across 116 listings in the first nine months, a record for the period, according to an October report by KPMG.

Yet investor sentiment toward tech stocks has been volatile in recent months. Alibaba, for example, is trading nearly 50% below its recent peak a year ago. The Hang Seng Tech Index has slumped 30% year to date.

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