苏州东山精密制造股份有限公司在香港交易首日股价大幅下挫，此前其首次公开募股（IPO）募资99亿港元（约12.6亿美元）表现平平，投资者情绪受到中国人工智能（AI）及科技硬件板块加剧抛售的困扰。
Suzhou Dongshan Precision Manufacturing Co. slumped in its Hong Kong trading debut after an underwhelming HK$9.9 billion (US$1.26 billion) initial public offering (IPO), as investor sentiment was haunted by the deepening sell-off across China’s artificial intelligence (AI) and tech hardware sectors.
这家电路板制造商——AI服务器的关键零部件供应商——周三在香港上市后股价一度跌逾6%，截至上午9时45分跌幅收窄至4.6%。
Shares of the circuit-board manufacturer, a key supplier of components for AI servers, dropped as much as 6 per cent after its debut in Hong Kong market on Wednesday. It bounced back slightly with a fall of 4.6 per cent at 9.45am.
尽管该公司将1.138亿股的发行价定为每股86.80港元，较指示性最高价低7.5%，较其深圳上市股份周二收盘价折价27%，但首秀依然疲软。
The weak debut came despite the company pricing 113.8 million shares at HK$86.80 apiece, a 7.5 per cent below its indicative maximum price and a 27 per cent discount to the Tuesday close of its Shenzhen-listed stock.
其深圳上市股份已从7月高点暴跌逾63%，目前市值为1850亿元人民币（约277亿美元）。
Its Shenzhen-listed shares have plunged more than 63 per cent from a peak in July, now having a market capitalisation of 185 billion yuan (US$27.7 billion).
富布莱特金融副总监谭伟业表示：“毫无疑问，自7月以来，市场对中国AI相关个股的热情已明显消退。”
“There is no question that market enthusiasm on Chinese AI-related stocks has visibly ebbed away since July,” said Stevan Tam, associate director at Fulbright Financial.
“估值一经回调，除非海外市场再次强劲反弹，否则很难重获早先的投机溢价。”以芯片制造商和AI股票为主的科创50指数已从7月高点暴跌逾40%，而追踪沪深两市300只规模最大股票的沪深300指数较6月水平下跌约20%。
“Once valuations undergo a correction, it is difficult to regain that earlier speculative premium unless overseas markets stage another strong rebound.”The Star Market 50 index, predominantly made up of chipmakers and AI trading on the Shanghai exchange, has plunged over 40 per cent from its July peak, while the CSI 300 Index, which tracks 300 of the largest stocks listed in Shanghai and Shenzhen, has dropped roughly 20 per cent from June levels.
今年在香港上市的其他内地印制电路板（PCB）制造商——胜宏科技和广州广合科技股份有限公司——股价也较高点暴跌约70%，目前均低于发行价交易。
Other mainland printed circuit board (PCB) makers listed in Hong Kong this year – Victory Giant Technology and Guangzhou Guanghe Technology Co. – have also slumped roughly 70 per cent from their peaks and now trade below their offer prices.
中际旭创作为今年上海最大IPO项目，三个月内股价下跌26%。
Zhongji Innolight, the city’s largest listing this year, has fallen 26 per cent in three months.
东山精密的上市是香港近两个月来规模最大的IPO，但遭遇了投资者的冷淡需求。香港公开发售部分认购不足，仅覆盖面向散户投资者可认购股份的52%，国际配售部分获2.17倍认购。
The Dongshan’s listing, Hong Kong’s largest in nearly two months, met weak demand from investors. The Hong Kong offering was undersubscribed, covering 52 per cent of shares available to retail buyers, with the international portion 2.17 times subscribed.
即使有包括摩根资产管理、阿里巴巴集团以及简街等量化公司在内的基石投资者重量级阵容认购了半数发售股份，市场情绪依然过于脆弱，无法支撑股价上涨。东山精密表示未行使超额配股权。阿里巴巴拥有《南华早报》。
Even with cornerstone heavyweights – including JPMorgan Asset Management, Alibaba Group and quantitative firms like Jane Street – taking up half the offering, market sentiment proved too fragile to stage a rally. Dongshan said it had not exercised an upsize option. Alibaba owns the South China Morning Post.