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China chipmaker Hygon makes strong debut on Shanghai startup market

Fabless company's market cap reaches $20bn with stock doubling from offering price

Hygon makes high-end processors based on Intel technology, but is grappling with U.S. sanctions. (Photo courtesy of Hygon)

SHANGHAI -- Chinese chipmaker Hygon Information Technology debuted Friday on the market here for technology startups at almost double its initial public offering price, giving it a market capitalization of 139.6 billion yuan ($20.7 billion).

The stock opened at 70 yuan on the Shanghai Stock Exchange's tech-focused STAR market, 94% higher than the IPO price of 36 yuan, buoyed by strong growth expectations.

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