Chinese AI satellite maker Adaspace slips in Hong Kong debut

On November 13, Chinese AI satellite company Adaspace Technology experienced a decline in its Hong Kong market debut, following its initial public offering. The company raised HK$750 million ($95.6 million) during the IPO. Upon opening at HK$24.44, which was 1.8 per cent lower than the HK$24.90 offer price, it eventually traded at HK$24.60. The Hang Seng Index in Hong Kong dropped by 0.5 per cent during the same timeframe.

Adaspace, based in Chengdu, sold 30.12 million shares within the HK$24.90 to HK$33.20 marketed range. The retail portion of the offering was subscribed 3.43 times, while the international offering was covered 1.79 times.

The company specializes in AI-powered satellites and offers satellite data services. Adaspace intends to utilize the funds raised from the IPO for research, satellite production, and the establishment of a research center in Shenzhen.