BRIEF: Novosense slips in Hong Kong trading debut
Shares of analog integrated circuit (IC) maker Suzhou Novosense Microelectronics Co. Ltd. (688052.SH; 2676.HK) opened flat in their Hong Kong trading debut on Monday, then slipped in the morning to close down 6.64% at HK$108.30 by the midday break.
The company said it issued 19 million Hong Kong-listed shares priced at HK$116 each, representing the top of their range, raising net proceeds of HK$2.1 billion ($296 million). The Hong Kong tranche of the listing for local investors was 24.33 times oversubscribed, while the international offering was 1.65 times covered.
Novosense develops and sells high-performance analog and mixed-signal ICs for sensors, signal-chain and power-management chip systems. The company uses a fabless business model, concentrating on design and marketing, while outsourcing chip-making and testing to foundries.
For the first half of the year, Novosense reported revenue of 1.52 billion yuan, up 79.4% year-on-year. Its net loss narrowed to 78.01 million yuan from a loss of 256 million yuan in the same period last year.
By Lee Shih Ta
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