Amicro Jumps 38% in Hong Kong Debut While Chip Stocks Defy Selloff

Amicro Technology closed its first trading day in Hong Kong at HK$13.68, up 38.2% from its HK$9.90 offer price. The Zhuhai-based designer of navigation chips for robot vacuums touched HK$18.11 intraday before settling, on turnover of HK$242.3 million.

The debut was strong. The book behind it was lopsided. Amicro raised HK$709.7 million by selling 71.69 million shares, pricing below the HK$10.43 midpoint of its HK$9.27 to HK$11.58 range. The Hong Kong retail tranche drew 13.95 times cover. The international tranche managed only 1.05 times.

That gap tells the story. Local investors chased the stock; global institutions barely showed up. The company said no stabilizing manager would support the price and warned that the shares could move substantially on thin volume. Thursday's session was the polite version of that warning.

What does Amicro actually make?

The company builds system-on-chip products for SLAM — simultaneous localization and mapping — the function that lets a robot vacuum work out where it is in a room. Its customer list includes Xiaomi, iRobot, Ecovacs, UBTech, Haier and Midea.

The financials are a mixed picture. Revenue climbed from RMB206.0 million in 2023 to RMB406.7 million in 2025, roughly doubling in two years. The company still lost RMB155.1 million in 2025 and expects another net loss in 2026. A fund whose general partner is controlled by Xiaomi holds 2.98% of the shares, locked up until November 2027. Most of the proceeds will fund software, hardware and AI chips for robots.

How did the second listing fare?

Hosin Global Electronics, which makes embedded storage, solid-state drives and DRAM modules, also debuted on Thursday. It raised HK$1.07 billion selling 14.72 million shares and traded at HK$72.90, a few cents above its HK$72.83 offer price. Together the two listings brought in HK$1.78 billion.

The order books differed. Hosin drew 2.37 times retail cover and 1.45 times internationally — thinner local enthusiasm than Amicro, but broader global interest.

Debut	Amicro (2065)	Hosin (2681)
Offer price	HK$9.90	HK$72.83
Shares sold	71.69M	14.72M
Proceeds	HK$709.7M	HK$1.07B
Retail cover	13.95x	2.37x
International cover	1.05x	1.45x

Why did chips rise while the market fell?

Both listings arrived on a weak day. The Hang Seng Index fell about 1.1% and the Hang Seng Tech Index about 1.2%. Alibaba opened as the weakest blue chip, down 2.2%, and Tencent slipped 1.4%. Hua Hong Semiconductor rose 2.5% and SMIC added 0.7%. Big tech retreated; chipmakers rallied.

The split is not random. Chinese chip shares have traded as a bet on self-sufficiency while Washington prepares a rule on Chinese access to remote AI computing — a push that has already sent Chinese AI firms scrambling to lock in Nvidia capacity.

Hong Kong's chip IPO pipeline, however, remains a lottery. Earlier this week, GPU designer Denglin fell 7% in its debut while chip packager Xinde rose 22%. Amicro's 38% pop is the best of the three, but a first-day close backed almost entirely by retail money says more about sentiment than about durable institutional conviction. Whether the SLAM chip designer converts its revenue growth into profit before the 2026 loss lands will decide if Thursday's price sticks.