Shares of OmniVision Integrated Circuits rose as much as 6.7% in their Hong Kong trading debut on Monday, after the Chinese semiconductor design company raised HK$4.8 billion ($615.9 million) in a secondary listing.

The Shanghai-listed firm opened at HK$108 per share, 3.1% above its offer price of HK$104.80, before climbing further to a high of HK$111.80. The offer price valued the company at around HK$131.7 billion ($16.9 billion).

On the Shanghai bourse, OmniVision shares were up 0.6% at 132.26 yuan ($18.96), giving the company a market capitalisation of about 159 billion yuan ($22.8 billion).

OmniVision is the world’s third-largest provider of digital image sensors, with a 13.7% global market share by revenue from digital imaging solutions in 2024, according to its Hong Kong prospectus, citing research firm Frost & Sullivan.

The company said it plans to allocate around 70% of the proceeds to research and development, with the remainder earmarked for overseas market expansion, investments and acquisitions.

Cornerstone investors in the offering include Boyu Capital’s Wildlife Willow, UBS Asset Management Singapore and China Post’s PSBC Wealth Management, the prospectus showed.