Chinese AI satellite maker Adaspace slips in Hong Kong debut

HONG KONG, November 13 - Chinese AI satellite firm Adaspace Technology saw its shares fall 1.2 percent during its debut on the Hong Kong market following a HK$750 million ($95.6 million) initial public offering. The company opened trading at HK$24.44, which was a 1.8 percent decrease from the HK$24.90 offer price, with the final price settling at HK$24.60.

Hong Kong's Hang Seng Index also experienced a 0.5 percent decline. Adaspace, based in Chengdu, sold 30.12 million shares within its HK$24.90 to HK$33.20 marketed range, with the retail tranche being 3.43 times subscribed and the international offering being 1.79 times covered. The company specializes in AI-powered satellites and provides satellite data services, intending to utilize the IPO funds for research, satellite production, and establishing a Shenzhen research center.