Chinese companies iMotion Automotive Technology and Henan Jinyuan Hydrogenated Chemicals are making a last-minute bid to list in Hong Kong before the end of the year, seeking a total of $130 million, according to a legal filing on Tuesday.
Self-driving company iMotion plans to raise HK$655.7 million ($84 million) by selling 22.11 million shares at HK$29.65 each in an open transaction on Dec 5, according to the offering. In November, Reuters reported that the IPO was scaled back after the company's goal of raising $100 million.
iMotion had previously planned to raise up to $300 million, but continued stock market volatility led the company to scale back its fundraising goal, a source familiar with the matter previously said.
According to filings, the chemical supplier Henan Jinyuan plans to raise up to US$358.4 million ($45.92 million) by selling 238.9 million shares at a price of $1.10 to $1.50 per share. Elsewhere, lithium-ion battery maker REPT BATTERO is expected to finalize the pricing of its Hong Kong IPO on Wednesday, which it aims to raise up to HK$2.4 billion ($307.48 billion).
The three payments won't be enough to help Hong Kong's IPO market, which is hitting multi-year lows, investors say. Hong Kong raised $2.7 billion in the first three quarters of 2023, up from $4.1 billion in the same period in 2022, according to LSEG data.
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