Hong Kong Listing Spree Brings $1.8 Billion to Market in One Day

Hong Kong’s equity market is set for another busy day of new listings, with four companies preparing to raise as much as HK$14.4 billion, or $1.8 billion, between them. All four are scheduled to begin trading on September 29. 

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The latest batch comes during a strong year for first-time listings in the city. More than $45 billion has been raised so far, according to Bloomberg data cited in the report, putting Hong Kong on course for a record year. 

Artificial intelligence-linked investment has been an important part of the activity, with companies moving to tap investor demand while it remains strong. 

RoboTechnik seeks up to $660 million 

RoboTechnik Intelligent Technology Co. is looking to raise as much as $660 million, making it the largest of the four companies in the latest group. 

The company makes equipment and software used to automate production at solar-panel and silicon-photonics chip factories. 

Its Shenzhen-listed shares have risen 168% this year. The Hong Kong offering also includes an option to increase its size by as much as 15% over the base offering. 

Shenzhen Kinwong targets $650 million 

Shenzhen Kinwong Electronic Co. is also preparing to tap the Hong Kong market. 

The printed circuit-board manufacturer is seeking to raise as much as $650 million through its listing. The company holds a 2.5% share of the global market, according to the report. 

Two other companies complete the group of upcoming listings. 

Chemical products manufacturer Red Avenue New Materials Group Co. is targeting a fundraising of as much as $382 million, while Direct Drive Tech Ltd. is seeking $138 million. 

Together, the four offerings could bring as much as $1.8 billion to Hong Kong’s market. 

Hong Kong fundraising crosses $45 billion 

The upcoming listings add to a year that has already seen more than $45 billion raised through first-time listings in Hong Kong. 

The fundraising activity has also included several sizeable transactions linked to the demand around artificial intelligence. 

Among the largest deals cited in the report was Alibaba Group Holding Ltd.’s $10 billion transaction last month, which was Hong Kong’s biggest-ever follow-on offering. 

Z.AI Co. followed with a $5 billion stock-and-convertible sale in mid-September. 

With four more companies now scheduled to begin trading on September 29, Hong Kong’s listing pipeline continues to bring sizeable offerings to the market, led in the latest batch by RoboTechnik’s proposed $660 million fundraising and Shenzhen Kinwong’s planned $650 million deal.