Hong Kong Chip IPOs Diverge: Xinde Jumps 28%, Denglin Falls 7.8%
Hong Kong chip IPOs split on debut as Xinde Semiconductor closes 28.4% higher and GPU designer Denglin ends 7.8% below its HK$231 offer price.
Two mainland Chinese chipmakers had sharply different first days on the Hong Kong stock exchange on Tuesday, November 10. Packaging specialist Jiangsu Xinde Semiconductor Technology closed 28.4% above its offer price, while GPU designer Suzhou Denglin Technology ended 7.8% lower.
The two Hong Kong chip IPOs raised a combined HK$2.36 billion (about US$301 million). The split result points to an increasingly selective market for semiconductor listings after a strong run for new issues in the city.
Xinde Semiconductor surges on debut
Xinde (7672) priced its shares at HK$8.88, near the bottom of its HK$8.60 to HK$9.60 range. The stock opened at HK$10.70, up 20.5%, touched a high of HK$12.65 and closed at HK$11.40.
The company sold 106.56 million new shares to raise HK$946.3 million (about US$121 million). Its retail tranche was 9.84 times subscribed, while the international offering was 1.13 times covered. About 22.74 million shares changed hands on the first day, with turnover of HK$244.91 million.
Based in Nanjing and set up in September 2020, Xinde provides outsourced chip assembly and testing. Its services range from traditional packaging to wafer-level and 2.5D/3D advanced packaging, mainly for fabless chip designers.
The company remains loss-making. Its earlier listing application showed revenue rising from 269 million yuan in 2022 to 827 million yuan in 2024, with annual net losses of between 359 million and 377 million yuan over that period, according to a Deep News report. Backers include Jiangsu state-owned capital and the Xiaomi Yangtze River Industry Fund.
Xinde plans to spend most of the proceeds on expanding production capacity and developing advanced packaging technology. Huatai Financial Holdings (Hong Kong) acted as sponsor.
Denglin slips below offer price
Denglin (9917), which develops general-purpose graphics processing units for artificial intelligence workloads, had a tougher start. It sold 6.125 million shares at HK$231 each, the bottom of its marketed range, raising HK$1.41 billion (about US$180 million).
The shares opened at HK$229, 0.9% below the offer price, fell as much as 8.6% in morning trade and closed at HK$213. The retail tranche was 2.11 times subscribed and the international tranche 1.34 times covered.
Founded in 2017, Denglin listed under Chapter 18C of the exchange’s rules for specialist technology companies. Frost & Sullivan ranks it third in China’s enterprise AI GPGPU market by 2025 revenue. The company is led by chairman and chief executive Wang Chenhui.
What the Hong Kong chip IPOs say about investor appetite
The debuts came on a positive day for the wider market. The Hang Seng Index rose 0.44% and the Hang Seng Tech Index gained 1.08%.
Hong Kong has had a strong year for listings. IPO fundraising in 2026 has reached about US$51.9 billion, close to the record US$57.8 billion set in 2010. The pace slowed sharply in October, however, with only three IPOs completed against an average of about 13 a month from January to September.
Recent tech debuts have been uneven. Printed circuit board maker Suzhou Dongshan Precision Manufacturing ended 0.75% lower on its October 28 debut after raising HK$9.88 billion, and its retail tranche was undersubscribed. At the time, uSMART Securities executive director of research Dickie Wong said, “The new listing environment has been quite mediocre lately.”
The gap between Xinde and Denglin reflects selective demand for Chinese semiconductor companies rather than appetite for the sector as a whole. Investors can read our earlier report on Korean AI chip designer FuriosaAI’s US$620 million funding round for a regional comparison.
What happens next
More semiconductor listings are lining up. Alibaba said on November 10 that the Hong Kong exchange has cleared it to proceed with a proposed spin-off and Hong Kong listing of its chip unit T-Head, which filed confidentially in September. The listing still needs final approval, and the size of the offering has not been set.
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For Denglin, the immediate task is to rebuild confidence after a weak debut. For Xinde, the strong start puts the focus on whether it can narrow losses as new capacity comes online. Both stocks will serve as early markers for the next wave of Hong Kong chip IPOs. Readers can find more coverage of the city’s financial sector in our list of top fintech companies in Hong Kong.
Full trading details were reported by Reuters via The Standard.
