A tale of two chip makers:  Xinde Semi jumps but Denglin falls in trading debuts

Shares of two chip companies forged different paths in their trading debuts on Tuesday, as Jiangsu Xinde Semiconductor Technology Co. Ltd. (7672.HK) rose but Suzhou Denglin Technology Co. Ltd. (9917.HK) fell on their first trading days in Hong Kong.

Xinde, a chip packaging and testing services provider, opened higher and closed at HK$10.88 by the midday break, up 22.5% from its IPO price of HK$8.88. But shares of Denglin, a maker of GPU chips, opened lower and closed at HK$215 by the midday break, down 6.9% from their IPO price of HK$231.

Xinde sold about 107 million shares in its listing, raising HK$882 million ($112 million). The Hong Kong offering for local investors was nearly nine times oversubscribed, while the international placement was just 1.13 times covered. The company’s revenue rose 18% year-on-year in the first four months of 2026 to 360 million yuan ($54 million), while its net loss narrowed to 138 million yuan from 156 million yuan a year earlier.

Denglin sold about 6.13 million shares in its listing, raising HK$1.3 billion. The Hong Kong offering for local investors was just 2.1 times subscribed, while the international placement was 1.3 times covered. The company’s revenue roughly doubled to 171 million yuan last year from 82.6 million in 2024. Its net loss over that period narrowed slightly to 281 million yuan from a 297 million loss in 2024.

By Doug Young

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