STAR Market gets its first red-chip firm
China Resources Microelectronics Ltd, the first red-chip firm to get listed on the SSE STAR Market, surged 228.2 percent on its debut on Thursday.
Red-chip firms are domestic firms incorporated outside Chinese mainland and listed on the Hong Kong Stock Exchange.
The semiconductor firm closed at 42.01 yuan (US$6), with an intraday high of 50 yuan, on its first trading day on the STAR Market. Until the market close, its market value reached 49.2 billion yuan, ranking No. 6.
Analysts said the first red-chip firm represents the innovation and openness of the STAR Market — the first choice for semiconductor firms, according to a recent report from PwC.