RoboTechnik slips on debut as four test IPO market
Chinese automation equipment maker RoboTechnik Intelligent Technology fell up to 9.8 percent in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion in its share sale. The stock dropped to as low as HK$393.20, compared with its offer price of HK$436, after opening at HK$419.60. It was last down 8.5 percent at HK$398.80. The broader market was also weaker, with the Hang Seng Index…
RoboTechnik Intelligent Technology, a Chinese automation equipment manufacturer, experienced a decline of up to 9.8 percent in its Hong Kong market debut on Tuesday. The stock closed at HK$398.80, below its offering price of HK$436, after initially opening at HK$419.60. The overall market suffered as well, with the Hang Seng Index and tech index both dropping by 0.6 percent and 1.2 percent respectively.
This marked the trading debut of four companies in Hong Kong, demonstrating the city's renewed interest in IPOs. The IPO market in Hong Kong has raised a staggering US$46.54 billion this year, marking a 94.3 percent increase from the previous year. RoboTechnik, which specializes in photovoltaic cell manufacturing, assembly, and testing systems for silicon photonics devices, raised HK$5.18 billion in its share sale.
The company allocated the fundraising proceeds towards research and development, production capacity expansion, and potential acquisitions. Industry experts noted that the IPO market's strength is diminished due to US-China tensions in AI and chip sectors, as well as concerns about AI being overhyped. Investors are now being more selective and considering factors such as valuation and momentum beyond just the theme of the company.
Written by urgent.news from RTHK English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- RoboTechnik slips on debut as four test IPO market news.rthk.hk
