Leading analog integrated circuit manufacturer SG Micro Corp (03661.HK, 300661.SZ) commenced trading on the main board of the Hong Kong Stock Exchange on the morning of June 26th, successfully achieving a dual listing structure with shares on both the A and H share markets. The joint sponsors for the listing were China International Capital Corporation (CICC) and Huatai International.

On its first day of trading, the company's H shares opened higher, reaching an intraday high of HK$109, representing a gain of approximately 27.93%. By the midday break, the stock was trading at HK$106.5, up 25.00%, giving the company a total market capitalization of HK$71.889 billion.

The global offering consisted of 54.0012 million H shares. The Hong Kong public offering portion comprised 5.4002 million shares, representing about 10% of the total, while the international offering made up the remaining 48.601 million shares, or approximately 90%.

The final bookbuilding results showed the public offering segment was oversubscribed by 251.73 times. The lottery success rate for one board lot of 100 shares was 10%, and the international placement was oversubscribed by 23.5 times.

The final offer price was set at HK$85.20, which was the top end of the indicative price range. Based on this price, the total gross proceeds raised from the Hong Kong IPO amount to approximately HK$4.601 billion. After deducting estimated listing expenses, the net proceeds are about HK$4.5 billion.

For this listing, the company secured a group of cornerstone investors, including Singapore's GIC, Morgan Stanley Investment Management, CPE Ginkgo, Dacheng International, Dajia Life Insurance, Dinastia Capital, First Sentier Investors, GF Fund Management, JZ Capital Management, Harvest Global Investments, HHLR Advisors (under Hillhouse), Walden Technology, Huaqin Technology (03296.HK, 603296.SH), Sungrow Power Supply (300274.SZ), ICBC Wealth Management, iSoftStone (301236.SZ), LMR Partners, Millennium Capital, Ninety One Asia, Tongfu Microelectronics (002156.SZ), China Post Wealth Management, Taikang Life Insurance, and Value Partners. Together, they subscribed for 26.9413 million shares, involving approximately HK$2.295 billion.

As of the latest practicable date, a group of controlling shareholders, including Hongshun Xiangtai, Baoli Hongya, Hongwei International, the company's Chairman Zhang Shilong, Vice Chairman Zhang Qin, SG Microelectronics Hong Kong Director Lin Lin, and Chairman Zhang's spouse Wen Li, directly or indirectly controlled an aggregate of 35.67% of the company's shares.

Assuming no exercise of the over-allotment option and no recent changes to the issued share capital, following the H share listing, the controlling shareholder group will collectively be entitled to exercise approximately 32.82% of the company's voting rights.