SINGAPORE — Shares of OmniVision Integrated Circuits rose as much as 6.7 percent in their Hong Kong debut on Monday after the Chinese semiconductor design company raised HK$4.8 billion ($615.91 million) from a second listing.
The Shanghai-listed firm 603501.SS opened at HK$108 each, 3.1 percent higher than its offer price of HK$104.80, before rising further to HK$111.80. Its offer price gave it a market capitalization of around HK$131.7 billion ($16.9 billion).
On the Shanghai bourse, shares of OmniVision were up 0.6 percent at 132.26 yuan ($18.96) per share, giving it a market capitalization of about 159 billion yuan ($22.8 billion).
OmniVision is the third-largest digital image sensor provider globally, with a market share of 13.7 percent based on revenue from digital imaging solutions in 2024, it said in its Hong Kong listing prospectus, citing research and consultancy firm Frost & Sullivan.
It planned to use about 70 percent of the listing proceeds for research and development, with the balance for global market expansion, investments and acquisitions, its prospectus showed.
Its cornerstone investors include Boyu Capital’s Wildlife Willow, UBS Asset Management Singapore and China Post’s PSBC Wealth Management, according to its prospectus.
Hong Kong saw a resurgence in initial public offerings (IPOs) last year, becoming the world’s top destination for listings, propelled by regulatory changes and pent-up demand from firms seeking access to capital after years of tough oversight from mainland Chinese authorities.
Around $37.2 billion was raised from 115 new listings, the most since 2021, according to LSEG data.
Shares of MiniMax Group, the second of China’s so-called “AI tigers” to go public, doubled in value at their Hong Kong debut on Friday, and rose another 9 percent on Monday.
Shanghai-listed GigaDevice Semiconductor is scheduled to commence trading in Hong Kong on Tuesday, after having raised HK$4.68 billion from its second meeting.
