Alphawave’s shares crash as computer chip firm’s links to Chinese customer comes under scrutiny
Alphawave shares plunged 51.2 per cent or 189.6p, to 180.4p
Computer chip firm Alphawave’s value was cut in half after it became embroiled in a transparency row about its relationship with some of its major customers.
Shares plunged 51.2 per cent, or 189.6p, to 180.4p.
The Financial Times claimed the firm had failed to disclose close ties with one of its customers, Chinese firm VeriSilicon, whose chairman, Wayne Dai, is the brother-in-law of Alphawave executive director Sehat Sutardja.
Contracts from VeriSilicon and another Chinese firm were responsible for most of the £146million of bookings Alphawave secured in the first half of 2021, a 490 per cent increase on the same period a year ago.
The firm said ‘all related party transactions have been properly disclosed’ in its IPO prospectus.