Basic Semi shares rise 5% in day of muted trading debuts for five new Hong Kong listings

Shares of silicon carbide (SiC) power device maker Basic Semiconductor Co. Ltd. (9971.HK) rose 5.1% in their Hong Kong trading debut on Wednesday, as five companies that began trading that day all logged gains or losses of 10% or less. Those relatively modest opening-day moves contrast with much bigger gains and losses for other recent stock debuts, indicating investor fervor for new stocks in Hong Kong may be starting to cool.

Basic Semiconductor said it sold 27.4 million shares for HK$31.62 each, raising about HK$766 million ($97.7 million). The stock traded in a relatively narrow range throughout the day, rising as high as HK$37.38 and falling as low as HK$33 before closing at HK$33.22.

The Hong Kong portion of the listing for local investors was more than 4,800 times oversubscribed, while the international portion was nearly three times covered. The company’s revenue grew 4% last year to 311 million yuan ($45.8 million) from 299 million yuan in 2024, while its net loss widened to 335 million yuan from 237 million yuan over that time.

Among the five companies that made trading debuts on Wednesday in Hong Kong, autonomous driving commercial vehicle maker Eacon (7687.HK) recorded the biggest gain of about 10%, while visual AI firm Reconova (7656.HK) performed the worst with a 3% decline. Another seven companies are set to make trading debuts on Thursday.

By Doug Young

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