HK's Shanghai Fudan Mirco tanks on $116 mln Shanghai listing plans

Shanghai Fudan Microelectronics Co

22/07/2021 04:28

** Shares of integrated circuit products developer Shanghai
Fudan Microelectronics Group Co Ltd  1385.HK  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  688385.SS  at 6.23 yuan apiece, raising 747.6 mln yuan 
($115.60 mln) in its Shanghai Star Market IPO  urn:newsml:reuters.com:*:nP8N2OS00O
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
rises 1.6%, and Hang Seng sub-index tracking information
technology firms  .HSCIIT  surges 1.7% 
    ** The Hang Seng China Enterprises Index  .HSCE  gains 1.4%,
and the benchmark index  .HSI  climbs 1.6%
    ** Stock has soared 109.3% this year as of last close 
   ($1 = 6.4669 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))