Shares of Luxshare Precision Industry fell sharply during their Hong Kong stock market debut on Thursday, capping what turned out to be a lukewarm day for new listings as investors grew increasingly cautious about where to put their money.
Luxshare, one of Apple’s largest parts suppliers, raised HK$24.27 billion — roughly $3.10 billion — making it the biggest initial public offering in Hong Kong so far this year. Despite that milestone, its stock tumbled as much as 9.6%, hitting a low of HK$57.20 against its offer price of HK$63.28. By the time markets closed, shares had recovered slightly to HK$60.
The rocky start is part of a broader pattern. A flood of Chinese technology and advanced manufacturing companies have been rushing to list in Hong Kong, hoping to raise funds for expansion into overseas markets, semiconductor research, electronics development, and artificial intelligence. But that wave of offerings has collided with a tech-stock pullback, renewed geopolitical tensions, and a record number of lock-up expirations — the point when early investors are first allowed to sell their shares.
Knowledge Atlas Technology, also known as Zhipu AI, launched a roughly $4 billion Hong Kong share placement on Wednesday, with its stock climbing an additional 11.3% on Thursday. Chipmaker Nexchip Semiconductor also priced its Hong Kong listing this week, aiming to raise approximately HK$6.98 billion.
Of the six other companies that made their Hong Kong trading debuts Thursday, most received a cool reception. Electronic test equipment maker Rigol and circuit-board tool maker DTech both slipped below their offering prices. E-paper display maker DKE and ceramic electronic parts maker CCTC posted modest gains. Food company Qiyunshan Food was a standout, surging nearly three times its offering price to reach a high of HK$26 per share, while Rokae Robotics climbed 15.2%.
Chokwai Lee, a director at Morningstar, pointed to broader market conditions as a key factor.
