Shenzhen SDMC Technology Shares Nearly Double in Hong Kong Debut

About this update from Shenzhen Sdmc Technology Co., Ltd. Class H

By Tracy QuShenzhen SDMC Technology shares nearly doubled in their Hong Kong trading debut, amid a wave of Chinese companies seeking public listings in the Asian financial hub.The company raised 630.00 million Hong Kong dollars, equivalent to US$80.40 million, from the sale of 19.21 million shares at HK$32.80 each in an initial public offering ahead of the listing, according to a filing to Hong Kong's stock exchange on Wednesday.The stock rose 95% to HK$64.00 Wednesday morning, outperforming the Hang Seng Tech Index's 0.7% gain.The IPO shares were more than 1,900 times oversubscribed by retail investors. Cornerstone investors include Guotai Junan Financial Products and LuxShare Precision.China Securities International is the sponsor for the IPO.Shenzhen SDMC makes smart-home devices including media streaming terminals, speakers and Wi-Fi routers powered by its artificial-intelligence agent and device management software. The company earlier said that the proceeds from the IPO will support its global expansion and further investments in AI technologies and AI-related companies across the supply chain.Hong Kong has become one of the most active IPO markets globally in recent quarters, with Chinese companies continuing to lead the majority of new listings.Write to Tracy Qu at [email protected]

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