Shares of Shanghai Biren Technology Co. surged nearly 119% in their trading debut, on track for the best first-day performance since 2021 among Hong Kong listings that raised at least $700 million.
The artificial intelligence chip designer’s stock climbed to as high as HK$42.88 after the initial public offering was priced at HK$19.60, the top of an indicative range, raising $717 million in one of hottest sectors in global equity markets. Investor demand was strong, with the retail portion of the deal subscribed more than 2,300 times.
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