Hua Hong Semiconductor, the leading company of Chinese wafers, was listed on the market, setting the largest first public offering of China's A shares this year.However, when the stock price of the first day of listing almost broke, it showed that when Chinese local chip companies actively expanded financing channels, they were facing the problem of sluggish stock markets and insufficient confidence in economic development.
Hua Hong Semiconductor was listed on the Shanghai Science and Technology Board on Monday (August 7), issued 40,775 million shares per share for 52 yuan per share, and the raised amount was 2.203 billion yuan (RMB, the same below, S $ 3.952 billion)It has become the largest first public offering (IPO) in Chinese A shares this year.After the opening on Monday, Hua Hong's stock price increased by more than 13%, but quickly decreased, and then the increase narrowed to less than 1%, which almost fell below the issue price, and the closing of the market increased by 2%.
Analysis believes that investors lack confidence in Chinese chip companies in the Sino -US Science and Technology Battle Vortex, and it is difficult for shareholders to enter the venue even if they are listed on the listing of state -owned leading companies.
Hua Hong Semiconductor Headquarters is located in Shanghai. It is second only to SMIC in China. It is mainly based on products such as power devices and simulation chips. It is also an important sensor chip supplier in China.Earlier, the demand for domestic chips was increased due to the US chip ban, and Hua Hong semiconductor capacity was tight.
According to the company's prospectus, the fundraising funds are mainly used to improve production capacity. The company plans to use 12.5 billion yuan in Huihong's project in Wuxi, and build a 12 -inch special craft production line with a monthly production capacity of 83,000 pieces.It will be used for 8 -inch factories to optimize and upgrade, characteristic technology research and development, and supplement mobile funds.
Reuters quoted the chip analyst Stewart Randall, a chip analyst in Shanghai in Shanghai, said that in a capital -intensive industry such as semiconductor, Hua Hong's funds raised this time are not much, but this indicates that China's chip's chipIn addition to government support, manufacturers are also expanding financing channels.
Hua Hong Semiconductor was listed on the Hong Kong Stock Exchange as early as 2014. Last year, the company decided to return to the A -share listing. It is the latest one of many local chip companies that choose to listed on the science and technology board.According to the Finance News Agency, the science and technology board raised a total of 87.7 billion yuan in science and technology boards in the first half of this year, of which 48%were raised by the semiconductor company.
Investors lack confidence
Analysis believes that Hua Hong chose to return to the A -share science and technology board to go public. The important reason is that the science and technology board has given the valuation premium to science and technology companies. The price -earnings ratio of the listed listing is more than doubled than Hong Kong stocks, which is more conducive to raising funds.However, since this year, the secondary market has not performed well as a whole.Despite the active financing financing of chip companies, investors lack confidence.
A Shenzhen brokerage researcher said in an interview with Lianhe Morning Post that the semiconductor industry is currently at the end of a large cycle, that is, chip inventory is about to empty, but there is no idea of replenishing inventory.The reason is that China's overall economic growth has slowed down, consumer electronics is sluggish, and the demand for chips in the next step is not clear; investors are also watching and seeing, showing that most of the newly listed stocks on the stock market are near the issue price near the issue priceWandering.
Reuters pointed out that Hua Hong's stock price performance was reflected in the increasingly fierce competition between Sino -US chips. The market was weak and investors were cautious.
This time Hua Hong IPO, many investors who have successfully purchased new shares have also abandoned the purchase of stocks.Hua Hong's issuance results show that 1.3446 million shares were abandoned and purchased for 69.92 million yuan, which is the seventh high purchase amount among the new shares of science and technology board issued this year.Nutchin new shares have given up, which also reflects the lack of confidence in investors.
In addition, although Hua Hong ranks among the top in the Chinese market, it is still far from giants.According to Jibang Consultation data, in the first quarter of this year, Huahong Group's share in the global wafer foundry market was 3%, the sixth in the world, the fifth place in the world is 5.3%, and TSMC is 60%.Essence