According to their regulatory filings, four companies, including a Chinese generative AI firm and a U.S. jet manufacturer, launched their Hong Kong initial public offerings on Friday to raise up to $500 million.
Small jet maker Cirrus Aircraft, located in Minnesota, is looking to raise as much as $197 million by offering 54.87 million shares at a price between HK$27.34 and HK$28 per share.
Cornerstone investors have subscribed for roughly $109 million worth of the shares available in the deal, valuing Cirrus at $1.3 billion at the top of the range for an IPO. To raise up to $174 million, the ride-hailing app Chenqi Technology is offering 30 million shares for between HK$34 and HK$45.40 each. Shanghai Voicecomm, an AI company, plans to sell 4.36 million shares at HK$152.10 a share to raise $85 million.
Alibaba-backed financial data analytics company Baiwang is looking to raise up to nearly $50 million by selling 9.62 million shares at a price between $HK36 and HK$40 each.
According to LSEG data, new share sales in Hong Kong dropped from $2.12 billion in the first half of 2023 to $1.46 billion in the first half of 2024, and the number of initial public offerings (IPOs) has surged.
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