Chinese AI satellite maker Adaspace Technology slid 1.2% 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% from its HK$24.90 offer price, and last traded at HK$24.60. Hong Kong‘s Hang Seng Index was down 0.5%.
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.
Reuters
