According to relevant regulatory documents, at least four companies launched initial public offerings (IPOs) in Hong Kong on Friday, including an American jet manufacturer and a Chinese generative artificial intelligence company, aiming to raise up to $500 million.
Minnesota-based small jet manufacturer Cirrus Aircraft plans to raise up to $197 million by selling 54.87 million shares at a price range of HK$27.34 to HK$28 per share.
If the IPO is priced at the upper end of this range, Cirrus would be valued at $1.3 billion, with cornerstone investors already subscribing to approximately $109 million worth of stocks.
Cirrus was acquired by the Chinese state-owned enterprise China Aviation Industry General Aircraft (CAIGA) in 2011. According to Cirrus's listing documents, CAIGA will control around 85% of the company after the IPO.
Ride-hailing app Chengqi Technology plans to raise up to $174 million by selling 30 million shares at a price range of HK$34 to HK$45.4 per share.
AI company Shanghai Sensetime plans to raise $85 million by selling 4.36 million shares at a fixed price of HK$152.1 per share.
Fintech data analytics company supported by Alibaba, Baiwang, plans to raise nearly $50 million by selling 9.62 million shares at a price range of HK$36 to HK$40 per share.
Additionally, three small companies, GL-Carlink Technology, Ruichang International, and Fangzhou Technology, plan to jointly raise $50 million.
According to LSEG data, the total value of new share issuances in Hong Kong fell from $2.12 billion in the first half of 2023 to $1.46 billion in the first half of 2024. Against this backdrop, there has been a surge of IPOs.
