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
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