Key Takeaways
- • Adaspace Technology, a Chengdu-based maker of AI-powered satellites and satellite data services, debuted on the Hong Kong stock exchange on Friday, falling 1.2% after raising HK$750 million ($95.6 million) in its initial public offering, according to Reuters.
- • The IPO priced at the bottom of the HK$24.90 to HK$33.20 marketed range, with 30.12 million shares sold; the shares opened at HK$24.44, 1.8% below the offer price, and last traded at HK$24.60.
- • Retail demand was 3.43 times subscribed and the international offering was covered 1.79 times, indicating moderate institutional and retail interest in a listing that landed during a weak session for the Hang Seng Index, which fell 0.5%.
- • Proceeds are earmarked for research, satellite production and a new research centre in Shenzhen.
Summary
Adaspace Technology, a Chengdu-based company that builds AI-powered satellites and provides satellite data services, began trading on the Hong Kong Stock Exchange on Friday, 13 November 2026. Shares slipped 1.2% on debut, with the stock opening at HK$24.44, 1.8% below its HK$24.90 offer price, and last trading at HK$24.60, according to Reuters. The benchmark Hang Seng Index was down 0.5% over the same period.
The company raised HK$750 million ($95.6 million) through the sale of 30.12 million shares. Pricing came at the bottom of the marketed range of HK$24.90 to HK$33.20. Demand was uneven across tranches: the retail portion was subscribed 3.43 times, while the international offering was covered 1.79 times.
Adaspace said it will use the proceeds for research and development, satellite production, and a research centre in Shenzhen. The listing adds to Hong Kong's pipeline of Chinese technology issuers seeking capital for space and AI-related businesses. The muted aftermarket performance and pricing at the low end of the range suggest that investors priced in a cautious view of the company's valuation relative to its peers.
The company raised HK$750 million ($95.6 million) through the sale of 30.12 million shares. Pricing came at the bottom of the marketed range of HK$24.90 to HK$33.20. Demand was uneven across tranches: the retail portion was subscribed 3.43 times, while the international offering was covered 1.79 times.
Adaspace said it will use the proceeds for research and development, satellite production, and a research centre in Shenzhen. The listing adds to Hong Kong's pipeline of Chinese technology issuers seeking capital for space and AI-related businesses. The muted aftermarket performance and pricing at the low end of the range suggest that investors priced in a cautious view of the company's valuation relative to its peers.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.