Four Companies Launch IPOs Worth $500M in Hong Kong

Four companies, spanning industries from U.S. jet manufacturing to Chinese generative AI, initiated initial public offerings (IPOs) in Hong Kong on Friday, aiming to collectively raise up to $500 million, according to their regulatory filings. Cirrus Aircraft, a Minnesota-based small jet manufacturer, seeks to raise up to $197 million by offering 54.87 million shares priced between HK$27.34 and HK$28 per share. If priced at the top end, this IPO will value Cirrus at $1.3 billion, with cornerstone investors already committing to approximately $109 million worth of shares.

Chenqi Technology, a ride-hailing app, is offering 30 million shares priced between HK$34 and HK$45.40 per share, targeting a raise of up to $174 million.

Shanghai Voicecomm, an AI firm, plans to raise $85 million through the sale of 4.36 million shares at a fixed price of HK$152.10 per share.

Baiwang, a financial data analytics company backed by Alibaba, is looking to raise nearly $50 million by selling 9.62 million shares priced between HK$36 and HK$40 each.

This wave of IPOs comes despite a decline in the value of new share sales in Hong Kong, which fell from $2.12 billion in the first half of 2023 to $1.46 billion in the first half of 2024, according to LSEG data. Nevertheless, bankers remain optimistic that increased regulatory approvals in China and a rise in Indian deals will position Asia as a key equity capital market hub in the latter half of 2024.