Four companies launch Hong Kong IPOs to raise about $500 million

SYDNEY : Four firms ranging from a U.S. jet manufacturer to a Chinese generative AI company launched Hong Kong preliminary public choices on Friday to steal up to $500 million, per their regulatory filings.

Cirrus Airplane, a Minnesota-based little jet manufacturer, is aiming to steal up to $197 million by promoting 54.87 million shares in a designate vary of HK$27.34 to HK$28 per share.

An IPO priced on the tip of the vary will designate Cirrus at $1.3 billion and cornerstone merchants procure subscribed for roughly $109 million price of shares on the market in the deal.

Riding hailing app Chenqi Abilities is promoting 30 million shares in a spread of HK$34 to HK$Forty five.40 per share to steal up to $174 million.

AI company Shanghai Voicecomm is taking a witness to steal $85 million be promoting 4.36 million shares at a mounted designate of HK$152.10 per share.

Baiwang, a financial files analytical company backed by Alibaba, is promoting 9.62 million shares in a spread of $HK36 to HK$40 every to steal up to merely about $50 million.

The bustle of IPOs comes because the associated price of sleek share gross sales in Hong Kong fell from $2.12 billion in the foremost half of of 2023 to $1.46 billion in the 2024 first half of, LSEG files showed.

In spite of the weak efficiency in Hong Kong, bankers are hoping an amplify in Chinese regulatory approvals and a surge in Indian deals will make Asia an fairness capital market hotspot in the second half of of 2024.