Basic Semiconductor's stock soared 11.32% in intraday trading on Wednesday as the Chinese silicon carbide power device maker made its debut on the Hong Kong Stock Exchange.

The company's initial public offering saw overwhelming investor demand, with the Hong Kong public offering portion oversubscribed by approximately 4812.72 times. Basic Semiconductor raised approximately HK$766 million in net proceeds from the global offering, with shares priced at HK$31.62 each.

The strong debut reflects positive market sentiment towards the company's position in China's third-generation semiconductor sector, particularly for new energy vehicle applications where Basic Semiconductor was among the first domestic companies to mass-produce silicon carbide products.