GigaDevice Semiconductor Prices Hong Kong IPO at Top End, Raises $600 Million

China’s GigaDevice Semiconductor said on Friday it has set the offer price for its Hong Kong listing at HK$162 per H share, the top end of its marketed range, raising HK$4.68 billion ($600.4 million), according to an exchange filing.

The Shanghai-listed chipmaker had earlier marketed the shares within a price range of HK$132 to HK$162 per H share and disclosed last week that it would offer about 28.9 million H shares in the deal. The final pricing reflects strong investor demand for Chinese semiconductor and artificial intelligence-related stocks.

GigaDevice’s Hong Kong debut comes amid a surge in fundraising by Chinese tech companies in the city, as Beijing encourages domestic champions in AI and semiconductors to tap capital markets. Hong Kong has re-emerged as the world’s leading IPO venue, driven by regulatory adjustments and pent-up demand from issuers after years of tighter oversight on the mainland.

According to LSEG data, companies raised around $37.2 billion from 115 new listings in Hong Kong last year, the highest level since 2021. Investor appetite has been underlined by the strong performance of recent debuts, including MiniMax Group, whose shares doubled in value on their first day of trading on Friday.

Another semiconductor firm, OmniVision Integrated Circuits, is also set to begin trading in Hong Kong next week following a secondary offering.

GigaDevice said it expects its H shares to start trading on the Hong Kong Stock Exchange on January 13.