Alibaba-Backed Baseband Chipmaker Flops in Shanghai Debut

Alibaba-backed Chinese consumer electronics chips developer ASR Microelectronics Co. Ltd. (688220.SH) has booked a disappointing Shanghai STAR Market debut, with the just-listed stock losing a third of its value.

Shares of the first chipmaker to list on a mainland exchange this year were down 33.75% at the end of their first trading day Friday. That was despite the semiconductor industry’s bumper year, contributed by unprecedented demand during a pandemic-induced global chip shortage.