Solomon Systech unfazed by SMIC trading debut

MD Humphrey Leung says Hong Kong IPO will be a success.

At a press briefing last Friday Leung said Solomon Systech was not affected by the disappointing IPO performance of mainland foundry Semiconductor Manufacturing International SMIC, which raised $1.8 billion last week but saw its price fall 13.56% below issue price within two days of trading.

SMIC's fate appears to shows that the buying frenzy of China-related stocks is over. Internet portal Tom Online's IPO has also fallen to below its issue price. Leung emphasized Solomon Systech has a different business model and had a different geographic bias to these companies.

The flat panel display integrated circuit IC company is scheduled to price its IPO at the end of March...

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