Chinese AI Satellite Maker Adaspace Slips in Hong Kong Market Debut

Adaspace Hong Kong IPO debut: Chengdu-based AI satellite maker Adaspace Technology opened lower and slid 1.2 per cent on its Hong Kong market debut after raising HK$750 million ($95.6 million) in an initial public offering priced at HK$24.90 per share.

Adaspace Hong Kong IPO debut, Digi Mart USA News (Hong Kong): Chinese AI satellite maker Adaspace Technology slid 1.2 per cent in its Hong Kong market debut on Friday after raising HK$750 million ($95.6 million) in an initial public offering.

Adaspace opened at HK$24.44, down 1.8 per cent from its HK$24.90 offer price, and last traded at HK$24.60. Hong Kong’s Hang Seng Index was down 0.5 per cent.

The Chengdu-based company sold 30.12 million shares at the bottom of its HK$24.90 to HK$33.20 marketed range. The retail tranche was 3.43 times subscribed and the international offering was 1.79 times covered.

Adaspace makes AI-powered satellites and provides satellite data services. It plans to use the IPO proceeds for research, satellite production and a Shenzhen research centre.

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