Denglin, an artificial-intelligence chip designer, priced 6.1 million shares at HK$231 apiece, the bottom of its guided range, raising HK$1.41 billion, or US$179.8 million. Its shares dropped as much as 8.7% early Tuesday and were down 6.9% by midday.

Xinde, which provides chip packaging and testing, sold 106.6 million shares at HK$8.88 each, near the low end of its marketed range. The offer raised HK$946.3 million, or US$120.7 million. Its shares rose as much as 42% and were last up 22%.

The Hang Seng Index gained 0.3% at the midday break, while the Hang Seng Tech Index rose 0.7%. The listings arrive as Hong Kong’s IPO market reaches new fundraising records, even as hardware stocks have traded unevenly in recent months. IPO fundraising in the first 10 months of 2026 totaled HK$403.9 billion, an 84% increase from the same period a year earlier, according to HKEX data.