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☆ Shares of Chinese bubble tea firm Chabaidao plunge nearly 40% in Hong Kong debut
▼ + stars: | 2024-04-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Shares of Chinese bubble tea chain Chabaidao tumbled almost 40% on its trading debut on the Hong Kong stock exchange. The stock, officially listed as Sichuan Baicha Baidao Industrial, fell as low as 10.84 Hong Kong dollars in the late morning — about 38% below its IPO price of HK$17.50. The bubble tea firm's IPO was the largest listing in Hong Kong in 2024 so far, with the company garnering net proceeds of HK$2.59 billion from its IPO, before listing expenses, according to its prospectus filed to the Hong Kong exchange. The company said it ranked third in China's freshly made tea shop market in terms of retail sales value in 2023, with a market share of 6.8%

Organizations: Hong, HK Locations: Hong Kong, Sichuan

☆ Hong Kong’s biggest stock is ready for a turnaround, analysts say
▼ + stars: | 2024-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.

Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China

☆ India’s economy and elections: Is the hype around Narendra Modi’s vision justified?
▼ + stars: | 2024-04-16 | by ( Diksha Madhok | Rachel Wilson | ) edition.cnn.com time to read: +9 min

New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.

Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, ”, National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP

☆ This global EV stock could double in price in 3 to 5 years, analyst says
▼ + stars: | 2024-02-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

But Jason Hsu, chairman and chief investment officer of Rayliant Global Advisors, believes that one stock will come out ahead. Hsu believes that as the EV market consolidates, BYD is "for sure going to emerge a winner." One potential curveball for the Chinese EV market is a U.S. decision to raise tariffs, which is reportedly under discussion . But Hsu believes that the markets have already priced in the possibility that those tariff hikes will be imposed. For global investors who want to buy BYD, its shares are listed on the Hong Kong exchange.

Persons: Tesla, Jason Hsu, CNBC's, Hsu, BYD, CNBC's Tanvir Gill, Evelyn Cheng Organizations: Rayliant Global Advisors, Toyota, Hong, BYD, China Clean Technology, China Growth Locations: That's Hong Kong, BYD, China, U.S, Europe, Hong Kong

☆ China stock market: angry Chinese take to US Embassy’s social media account to vent about plunging shares
▼ + stars: | 2024-02-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

On Monday, mainland Chinese markets slumped again after their worst weeks in years. Under a Friday post by the US Embassy’s Weibo account about protecting wild giraffes, many Chinese people complained about the stock market rout and the challenging economy. “The US government, please help Chinese stock investors,” a user said in a repost of the animal protection article. Investors seemed to have shrugged off Chinese regulators’ latest pledge to bolster the stock market. On Sunday, the China Securities Regulatory Commission vowed to prevent “abnormal fluctuations” in the stock market and stabilize confidence.

Organizations: Hong Kong CNN, Embassy, US, Weibo, Investors, China Securities, CNN Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

☆ Vietnamese companies eye the U.S. IPO market amid a lull in Chinese listings
▼ + stars: | 2023-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.

Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong

☆ Portfolio manager explains why he has the ‘most conviction’ in this China tech stock
▼ + stars: | 2023-11-27 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

One tech giant, however, stands out to portfolio manager Brian Arcese: e-commerce player JD.com . JD.com "is on a 10% free cash flow yield [and is] continuing to grow earnings," Arcese, a portfolio manager at Foord Asset Management, told CNBC Pro Talks on Nov. 21. Around 10% of Foord Asset Management's multi-asset portfolio is currently invested in China. Additionally, some 25% of its global equity portfolio is invested in China for 2024, which Arcese notes is "massive relative to the benchmark" — which only has a 2.5% exposure to China. Meanwhile, 47 analysts have coverage of the JD.com Nasdaq-listed stock, according to FactSet.

Persons: Brian Arcese, Arcese Organizations: Baidu, JD.com, Foord Asset Management, CNBC, Nasdaq, JD, HK, Hong Kong Locations: Singapore, China, U.S, JD.com, Hong Kong

☆ Time to invest in China? The pros weigh in on what sectors and stocks to play right now
▼ + stars: | 2023-11-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

Chinese stocks too have done poorly. 'High confidence in the tradable value' While the Chinese economy "is not very strong," Wong has "high confidence in the tradable value," of Chinese stocks. Stocks to play Goldman is overweight on several sectors including online retail, media/entertainment, tech hardware, health care equipment and services and food & beverage. Other stocks the investment bank sees outperforming "as the China growth story evolves" include internet services provider NetEase , technology hardware manufacturer Xiaomi , and manufacturing conglomerate BYD . China-focused ETFs Elsewhere, Saxo's Wong has his eye on the new infrastructure (such as 5G technology), industrial technology and agricultural technology themes.

Persons: Redmond Wong, Wong, Goldman Sachs, Stocks, Goldman, Saxo's Wong, — CNBC's Michael Bloom, Clement Tan Organizations: Shenzhen Component, Saxo, CNBC, National Bureau of Statistics, Tech, Baidu, Galaxy Entertainment, Mining, China Resources Beer, Miniso, Hong Kong Exchange, CSI Agriculture, CSI 5G Communications, CSI Technology, Enterprises Locations: Shenzhen, China, Taiwan, India, South Korea, Brazil, Mexico

☆ LME appoints new technology manager to strengthen expertise for flagship project
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Traders work on the floor of the London Metal Exchange, in London, Britain September 27, 2018. The LME is the world's largest and oldest forum for metals. Its three-year-long flagship project to overhaul its electronic trading system faces up to a year of further delays and mounting costs, four people with knowledge of the matter told Reuters in October. From Jan. 15, Baldwin will join the LME, succeeding Mario Quonils who has decided to relocate back to Germany, the LME, owned by Hong Kong Exchanges and Clearing (0388.HK), said in a statement. "Alistair's knowledge and expertise in running in-house technology platforms will prove invaluable in this regard," he added.

Persons: Simon Dawson, Alistair Baldwin, Baldwin, Mario Quonils, Alistair, Richard Leung, Polina Devitt, Tomasz Janowski Organizations: London Metal Exchange, REUTERS, Companies Hong Kong Exchanges, NatWest Markets, Reuters, Hong Kong Exchanges, HK, HKEX Group, Thomson Locations: London, Britain, Germany

☆ Bank of England central counterparty stress tests confirm resilience
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay Acquire Licensing RightsLONDON, Nov 8 (Reuters) - The Bank of England on Wednesday said results of stress tests on central counterparties (CCPs) showed continued resilience at the businesses, which help clear and settle trades in financial instruments and commodities essential for the global economy. "The results confirm the continued resilience of UK CCPs to market stress scenarios that are of equal and greater severity than the worst-ever historical market stresses," said Sarah Breeden, the BoE's Deputy Governor for Financial Stability. The stress tests covered three central counterparties which operate in Britain, ICE Clear Europe Limited (ICE.N), LCH Limited, a part of LSEG (LSEG.L), and LME Clear Limited, owned by Hong Kong Exchanges and Clearing Ltd (0388.HK). The BoE said it would use the findings "to support and inform its ongoing supervision and regulation of UK CCPs".

Persons: Hannah McKay, Sarah Breeden, BoE, William James, David Milliken, Sarah Young Organizations: of, City of, REUTERS, Bank of England, Financial Stability, ICE Clear Europe, LCH, LME Clear, Hong Kong Exchanges, Clearing, HK, LME, Thomson Locations: of England, City, City of London, Britain, LSEG, LME Base

The project to revamp the LME's electronic system was due to go live in June this year. Sources said the front-end trading platform developed by U.S.-based Trading Technologies does not work for the complicated structure of contracts on the LME. In response to a request for comment, Trading Technologies said: "We would defer to the LME on this." The problem comes from the LME's unique date structure which allows trading for any day between the cash contract and the benchmark three-month forward. One important aspect, the LME said, is aligning its platform with other exchanges.

Persons: Peter Nicholls, Pratima Desai, David Evans Organizations: London Metal Exchange, City of, REUTERS, Companies Hong Kong Exchanges, Trust, Hong Kong Exchanges, HK, U.S, Technologies, Trading Technologies, Thomson Locations: City, City of London, Britain

HONG KONG, Oct 25 (Reuters) - Hong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects. With a market value of around $4.3 trillion, Hong Kong is home to one of the top-ranked stock markets globally just behind those in the United States, Japan, China and Europe. New share offerings in Hong Kong have fizzled. Local media reported that a record 47 of the 638 trading participants on the Hong Kong exchange shut shop last year. Chinese firms listed in Hong Kong, such as tech giants Tencent (0700.HK) and Alibaba (9988.HK), comprise the bulk of the turnover on the Hong Kong exchange, leaving Hong Kong hostage to China's fortunes.

Persons: Hong, John Lee, Dickie Wong, Rob Brewis, Aubrey, Eddie Tam, Alvin Cheung, Cheung, ”, Alex Wong, Alex KY, Wong, who'd, Summer Zhen, Xie Yu, Vidya Ranganathan Organizations: Nasdaq, Kingston Securities, Seng China Enterprises, HK, Aubrey Capital Management, Hong, Asset Investments, Prudential, Asset Management Company, Global, Thomson Locations: HONG KONG, China, Hong Kong, United States, Japan, Europe, Shenzhen

☆ Hong Kong’s Financial-Sector Feast Turns to Famine
▼ + stars: | 2023-10-20 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

China’s slowing economy could soon become a major talking point for U.S. companies as they begin to report third-quarter earnings. WSJ’s Dion Rabouin explains. Illustration: Elizabeth SmelovHong Kong’s lackluster stock market epitomizes the challenges that the city is grappling with—China’s economic slowdown, which looks increasingly structural, and Beijing’s tightened grip on the semiautonomous city. Neither issue looks likely to disappear soon, although China’s economy could improve a bit cyclically next year. Weak third-quarter results released Friday by Hong Kong Exchanges and Clearing —the market’s owner and operator—are the latest sign of how entrenched the city’s problems have become.

Persons: WSJ’s Dion Rabouin, Elizabeth Smelov Hong Organizations: Hong Kong Exchanges Locations: semiautonomous

☆ China's troubled property sector to face more debt defaults
▼ + stars: | 2023-10-20 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 20 (Reuters) - More debt defaults are likely to emerge in China's property sector as troubled developers struggle with a weak home sales outlook, while fund raising remains challenging, according to credit analysts. Counting October, there is a total of $60.5 billion worth of Chinese property bonds due in the next 6 months, with offshore bonds taking up at least one third of it, according to Dealogic data. The company said it was also prepared to formulate a reasonable debt repayment plan if it fails to repay bonds as they are due. Ricky Tsang, an analyst with S&P Global Ratings, said apart from the weak cash flow from home sales, fund raising for developers, particularly the private ones, remains tight. Reporting by Xie Yu in Hong Kong, Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ting Meng, Ricky Tsang, Tsang, Xie Yu, Raju Gopalakrishnan Organizations: HK, Ocean Group, Hong Kong Exchange, Dalian Wanda Group, Bloomberg, ANZ Bank China, Developers, Thomson Locations: HONG KONG, China, State, HK, Hong Kong

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.

Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S

☆ Evergrande stocks have tanked 27% this week, suggesting the worst is far from over for China's property sector
▼ + stars: | 2023-09-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese property giant Evergrande's shares have tanked 27% so far this week. AdvertisementAdvertisementRecent developments at Chinese property giant Evergrande aren't quite inspiring confidence in China's real estate market. Evergrande is worth about 5.3 billion Hong Kong dollars, or $678 million, now – a massive fall from grace from the company's heydays in 2017 when it was worth nearly 420 billion Hong Kong dollars. AdvertisementAdvertisementThe massive slump in Evergrande shares also suggests that the worst is far from over for China's property sector, wrote Junrong Yep, a market strategist at online trading platform IG, in a Tuesday note seen by Insider. China Evergrande shares on the Hong Kong Exchange were 7% lower 40 Hong Kong cents at midday on Tuesday.

Persons: —, Evergrande's, Pan Darong, Xia Haijun, Li Daokui, Li, Evergrande —, Evergrande Organizations: Bloomberg, Service, Hong, Authorities, Group, . Investment, People's Bank of, China, China Evergrande, Hong Kong Exchange, People's Bank of China Locations: Hong Kong, Evergrande, China, People's Bank of China

☆ China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock
▼ + stars: | 2023-09-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. Shares of other major Chinese property stocks in Hong Kong also fell as the sector saw a sell-off. The Hang Seng Mainland Properties index slid just over 4% on Monday, while other real estates stocks took a beating. Shares of Evergrande traded as low as 41 Hong Kong cents on Monday. To be clear, Evergrande shares have plunged as much as 87% after resuming trade on Aug. 28, turning it into a penny stock.

Persons: Evergrande Organizations: Group, Logan Group, Hong Locations: Shenzhen, Guangdong Province of China . Hong Kong, Hong Kong

☆ China may finally nick some metals clout from LME
▼ + stars: | 2023-09-20 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The debacle has undermined the venue’s benchmark status in the pricing of nickel, which is essential for making electric vehicles. LME’s trading volumes of the element were down 40% in July from a year earlier. That’s probably why the Shanghai Futures Exchange (ShFE) is now planning its own nickel futures contract for international use, Reuters reported on Sept. 13. For the Shanghai exchange, venturing in the opposite route could also prove difficult. CONTEXT NEWSThe Shanghai Futures Exchange is planning to launch a nickel futures contract for international use, Reuters reported on Sept. 13.

Persons: Tsingshan, ShFE, HKEx, Lisa Jucca, Katrina Hamlin Organizations: Reuters, Hong Kong Exchanges, HK, London Metal Exchange, Asian bourse, Shanghai Futures Exchange, Reuters Graphics, Thomson Locations: HONG KONG, British, China, Beijing, Indonesia, Shanghai

☆ Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business
▼ + stars: | 2023-09-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Stock Chart Icon Stock chart iconIn a surprise leadership reshuffle in June, Alibaba announced that Zhang was bowing out as both CEO and chairman on Sept. 10 to focus on the cloud intelligence business. Zhang was Alibaba Group CEO since 2015 and the group chairman since 2019. He has also been chairman and CEO of the Alibaba Cloud Intelligence Group since 2022. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in the Sunday statement.

Persons: Daniel Zhang Yong, Daniel Zhang, Alibaba, Zhang, Eddie Wu, Wu, Joseph Tsai Organizations: Alibaba, Fund, Visual China, Getty, Alibaba Group, Cloud Intelligence Group, Company Locations: Lanzhou, Gansu Province, China, Hong Kong

☆ Asia markets poised for mixed open ahead of Japan's trade balance; Hong Kong may pause trade
▼ + stars: | 2023-09-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets are set for a mixed open as Japan releases its trade balance for July, as well as its revised second quarter gross domestic product figures. Hong Kong markets may see limited trading today after the city's observatory issued a "black rainstorm" warning. Under Hong Kong Exchange guidelines, the pre-opening session will be cancelled if a black rainstorm warning is in force after 7 a.m Hong Kong time. Should it be lifted before 9 a.m., the morning session will begin on the first half hour at least two hours after the discontinuation of the signal. Should the signal still be in force after 9 a.m., the morning session will be cancelled, and if it extends beyond 12 p.m., there will no trading for the day.

Organizations: Hong, Hong Kong Exchange Locations: Asia, Pacific, Japan, Hong Kong

☆ HKEX first-half net profit rises 31%, CEO is 'quite optimistic' about medium term outlook
▼ + stars: | 2023-08-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Hong Kong Exchanges and Clearing reported a 31% jump in net profit for the first six months of the year, compared to a year ago — and its CEO has expressed optimism about the medium-term outlook. HKEX's half-year net profit jumped to 6.31 billion Hong Kong dollars ($806.6 million) from HK$4.84 billion a year ago, boosted by the "robust growth" in its derivatives market, the exchange said in its press release. Revenue from its core businesses rose to HK$9.73 billion in the January to June period, up 5% year-on-year. Aguzin acknowledged that investors are in an "environment of caution" right now, with geopolitics being one of the factors. Still, he expressed optimism for the exchange's near term outlook, on hopes of lower inflation numbers and additional stimulus from China.

Persons: Nicolas Aguzin, Emily Tan, Aguzin, we've Organizations: Hong Kong Exchanges, Hong Kong, HK, Revenue Locations: China

☆ HKEX CEO is optimistic on medium-term outlook after first-half profit jumps 31%
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHKEX CEO is optimistic on medium-term outlook after first-half profit jumps 31%Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing, discusses the exchange's earnings result for the first half of 2023 and expressed optimism in the medium-term following signs that inflation may be coming down.

Persons: Nicolas Aguzin Organizations: Hong Kong Exchanges

HONG KONG, Aug 15 (Reuters Breakingviews) - Hong Kong has lost some permanent appeal. The introduction of two sets of approvals was mandated three decades ago when foreign investors wanted additional protections to invest in the first wave of Chinese firms listing in Hong Kong. China's domestic securities laws have since developed and global investors can now directly buy shares onshore through various channels. That could lead to more onshore shares being issued relative to offshore shares, further diluting minority owners in Hong Kong. In 2020, Hong Kong shareholders vetoed the Bank of Zhengzhou's proposal to avoid such an outcome.

Persons: Hong Kong, HKEX, Una Galani, Thomas Shum Organizations: Reuters, Hong Kong Exchanges, HK, China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, Corporate Governance Association, China Life Insurance, Wall, Hong, Bank of, Companies, Global, Hang Seng China Enterprise Index, Graphics Global, Thomson Locations: HONG KONG, Hong Kong, China, Shanghai, Shenzhen, Hong

☆ Shares of China's second largest chip foundry Hua Hong jump 13% in Shanghai debut
▼ + stars: | 2023-08-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Shares of the chipmaker opened on the Nasdaq-style Star Market at 58.88 Chinese yuan, according to Refinitiv data. That's a 13.2% jump from its offer price of 52 Chinese yuan ($7.23). The Shanghai-listed shares have since pared gains and were trading lower at 53.99 Chinese yuan on Monday afternoon. Hua Hong's Shanghai debut raised 21.2 billion yuan ($2.95 billion) — in what was the largest IPO in mainland China so far this year, according to EY's global IPO report. SMIC raised 46.28 billion yuan ($6.62 billion) during its IPO in 2020.

Persons: Hua Hong, Hua Hong's, Chips, Hong, Phelix Lee, Lee, SMIC Organizations: Huahong Group, Huahong, Getty, Shanghai Stock Exchange's, Semiconductor Manufacturing International Corp, Nasdaq, Morningstar Asia, Hua Locations: Shanghai, China, Hua Hong's Shanghai, Hong Kong, Beijing

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