AI data centre supplier Zhongji InnoLight falls on Hong Kong debut / Photo: Peter PARKS - AFP
-
'Vande Mataram': Why is India's freedom song in spotlight?
-
Ukrainian fashion designer debuts art between air raids
-
Counterculture pop artist Peter Max dies at 88: US media
-
Gambian businesses struggle under prolonged blackouts
-
Asian Games chief defends 'functional' rooms after backlash
-
Fiji declares national HIV crisis
-
Leader's sister says only 'idiots' think N. Korea to give up nukes
-
Australia to cut migration to fix housing crisis: minister
-
World's water cycle becoming more unpredictable, UN warns
-
NASA scan discovers new, 'once in a century' Moon crater
-
Where the US-China tariff row stands ahead of White House summit
-
Most stocks rise as Fed hikes and indicates drive to curb inflation
-
Croc-habitat gets green light for 2032 Olympic rowing
-
US again denies Palestinian leader Abbas visa to attend UN assembly
-
Indonesia cash-for-photos scheme turns animal hunters into protectors
-
Lula says he will go to UN to tell Trump to 'stay out' of Brazil's elections
-
'Left-field' life: Briton becomes Thailand's top foreign monk
-
Messi heads Inter Miami to Campeones Cup triumph
-
India's transgender amendment leaves many in limbo
-
AI looms large ahead of Xi, Trump summit
-
Trump to host Xi amid pomp, low expectations
-
Smith still haunted by 'Sandpapergate' as he prepares for South Africa Tests
-
Harry set for UK public outings with security, royal status hazy
-
UK-Sudanese author pens book to give children 'African history of Africa'
-
NFL Chiefs' Kelce among investors bilked in Ponzi scheme
-
Boehly and Walter sell Chelsea stake to Clearlake Capital
-
Trump threatens EU over 'hostile' Canada association plan
-
US House backs data center power cost bill amid midterm backlash
-
Argentine judge orders suspension of Falklands oil project
-
US Congress passes sweeping Russia sanctions bill
-
Carrick takes the blame as troubled Man Utd suffer League Cup misery
-
Barca hit Racing for seven as Atletico crush Osasuna
-
Barcelona hit seven in Racing Santander rout
-
US Fed raises rates to tackle 'too high' inflation, irking Trump
-
Amorim's Milan beaten by Benfica, Sunderland make dream European return
-
Man Utd misery mounts after League Cup collapse against Brighton
-
US stocks fall, dollar gains after Fed lifts interest rates
-
Turkey releases 106 protesters, jails more LGBTQ activists
-
Seahawks rule out Darnold for Sunday game at Arizona
-
US Fed raises rates to tackle 'too high' inflation in move sure to rile Trump
-
Mbappe explains Ceuta shirt stance after criticism
-
England were 'waiting for death' in World Cup semi-final defeat: Tuchel
-
Improving Atletico cruise to comfortable win over Osasuna
-
NFL star fined for displaying name of slain Palestinian girl
-
Candidate for UN chief calls for AI regulation akin to nuclear weapons
-
Witsel retires from internationals after 18-year Belgium career
-
O'Neill expects Celtic recovery after Old Firm misery
-
US Fed raises rates to battle inflation in move likely to rile Trump
-
Man City midfield trio backed to emulate Rodri and Silva
-
Fitzpatrick 'not comfortable' over Dubai golf finale
AI data centre supplier Zhongji InnoLight falls on Hong Kong debut
Shares in China's Zhongji InnoLight fell in the first few minutes of its Hong Kong debut Thursday, after raising at least US$6.8 billion in the city's biggest IPO since 2019.
The firm, which makes high-end optical components for AI data centres, dropped more than 8.5 percent to HK$895 at around 10:17 am (0217 GMT).
The Shenzhen-listed firm priced shares at HK$980, raising about HK$53.4 billion (US$6.8 billion) in Hong Kong's biggest public offering since Chinese tech behemoth Alibaba listed in 2019.
Zhongji InnoLight is one of several Chinese firms blacklisted by the US Department of Defense in June over alleged military ties.
The company rejected the US claims in its filing to the Hong Kong stock exchange, saying "we have not engaged in any military-related businesses or activities".
It warned investors that the blacklist "may subject us to increased scrutiny and potential further government actions".
China and the United States are locked in a race for dominance in the fast-moving AI field, fuelling huge global expansion of data centres -- warehouse-like facilities crammed with computer servers.
Thursday's listing is the latest in a recent run of blockbuster debuts from Chinese AI-related companies in Hong Kong, indicating optimism for China's ambitions in the sector.
S.Abdullah--SF-PST