HK-listed IC developer Shanghai Fudan hits 3-mth high on upbeat H1 profit forecast

Shanghai Fudan Microelectronics Co

24/05/2021 03:13

** Shares of integrated circuit (IC) designer and developer
Shanghai Fudan Microelectronics Group Co Ltd  1385.HK  jump as
much as 12.3% to HK$13.12
    ** Stock at highest level since Feb. 22, on course for a
fifth consecutive session of gains
    ** Shanghai-based co estimates H1 profit attributable to
owners of parent to soar 147.9%-180.9% to 150 mln-170 mln yuan 
($23.3 mln-$26.41 mln) (https://bit.ly/2Spwp8g)
    ** Says operating income expected to rise 45.2%-65.9% y/y
during H1 to 1.05 bln-1.2 bln yuan 
    ** Says co has submitted prospectus of its A share offering
in the mainland on the website of the Shanghai Stock Exchange 
    ** Stock last up 9.8%, on track for the best day since March
30; the ninth biggest percentage gainer on the Hong Kong bourse
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
slides 0.9%
    ** The Hang Seng China enterprises index  .HSCE  slips 0.7%,
and the benchmark index  .HSI  eases 0.4%
    ** As of last close, the stock fell 16.6% this year

($1 = 6.4375 Chinese yuan)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)