SICC shares surged 19% in Hong Kong's grey market trading.

Chinese semiconductor materials manufacturer SICC, backed by Huawei, has priced its shares at HK$42.8, the upper end of the range, for its initial public offering in Hong Kong.

The firm is expected to debut on Wednesday.

Earlier last week, SICC extended its bookbuilding to Friday, becoming the second new listing delaying the process this month under a Black Rainstorm warning. 

SICC received at least HK$246.3 billion via margin financing as of Friday afternoon, making its retail tranche more than 2,414 times oversubscribed.

SICC aims to raise up to HK$2.04 billion. It asks for a minimum investment of HK$4323.17 per board lot of 100 shares.