HONG KONG, Nov 13 (Reuters) – 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
($1 = 7.8441 Hong Kong dollars)
(Reporting by Yantoultra Ngui and Donny Kwok; Editing by Thomas Derpinghaus)
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