Shares of OmniVision Integrated Circuits surged 16.2% in their Hong Kong market debut on Monday after the Chinese chip design company raised HK$4.8 billion ($616 million) through a secondary listing.
The Shanghai-listed firm opened trading at HK$108 per share, about 3.1% above its offer price of HK$104.80, before climbing steadily to close at HK$121.80, its session high. The performance valued the company at roughly HK$152.9 billion ($19.6 billion) in Hong Kong.
On the mainland, OmniVision’s shares ended the day 1.5% higher on the Shanghai Stock Exchange at 133.55 yuan ($19.15), giving the company a market capitalisation of around 161.6 billion yuan ($23.17 billion).
According to its Hong Kong prospectus, OmniVision is the third-largest digital image sensor provider globally, holding a 13.7% market share by revenue in 2024. The figures were based on data from consultancy firm Frost & Sullivan.
The company plans to allocate about 70% of the IPO proceeds to research and development, with the remaining funds earmarked for global expansion, investments and potential acquisitions. Cornerstone investors in the offering include Boyu Capital’s Wildlife Willow, UBS Asset Management Singapore, and China Post’s PSBC Wealth Management.
OmniVision’s strong debut comes amid a broader revival in Hong Kong’s IPO market. The city raised around $37.2 billion from 115 new listings last year, its strongest performance since 2021, according to LSEG.
Investor enthusiasm for Chinese technology listings remains high. Shares of MiniMax Group, one of China’s so-called “AI tigers,” doubled in value at their Hong Kong debut on Friday and added another 15.4% on Monday. Meanwhile, GigaDevice Semiconductor is set to begin trading in Hong Kong on Tuesday after raising HK$4.68 billion in its own secondary offering.
