Chinese AI satellite maker Adaspace slips in Hong Kong debut

HONG KONG, Nov 13 : Chinese AI satellite maker Adaspace Technology slid 1.2 per cent in its Hong Kong market debut on Friday after raising HK$750 million ($95.6 million) in an initial public offering.

• Adaspace opened at HK$24.44, down 1.8 per cent from its HK$24.90 offer price, and last traded at HK$24.60. Hong Kong's Hang Seng Index was down 0.5 per cent

• The Chengdu-based company sold 30.12 million shares at the bottom of its HK$24.90 to HK$33.20 marketed range. The retail tranche was 3.43 times subscribed and the international offering was 1.79 times covered

• Adaspace makes AI-powered satellites and provides satellite data services. It plans to use the IPO proceeds for research, satellite production and a Shenzhen research centre

($1 = 7.8441 Hong Kong dollars)