Shares of Chinese chipmaker Hua Hong jumped 13% at the open during its debut on Shanghai Stock Exchange's Nasdaq-style Star Market on Monday.
one in Mainland China so far this year, according to EY's global IPO report.
Shares of the chipmaker opened on the Nasdaq-style Star Market at 58.88 Chinese yuan, according to Refinitiv data. That's a 13.2% jump from its offer price of 52 Chinese yuan . The Shanghai-listed shares have since pared gains and were trading lower at 53.99 Chinese yuan on Monday afternoon. The company, which produces semiconductors using advanced wafer process technologies, previously said that it will sell 407.75 million shares at a price of 52 Chinese yuan per share,Chips produced by the Shanghai-based company are used in industries spanning consumer electronics, communications, computing, industrial and automotive.plummeted as much as 7.4% on Monday.
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