US and Chinese companies are expecting to raise $500 million from Hong Kong IPOs
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Four companies, including a Chinese generative artificial intelligence firm and a United States-based jet manufacturer, launched initial public offerings (IPOs) in Hong Kong on Friday. According to their regulatory filings, the companies are looking to raise $500 million in funding. Also read: Hong Kong financial sector eyes DeFi and Metaverse, despite regulatory challenges The companies took to the stock market as the value of new share sales dropped in Hong Kong in the first half of 2024. They include a mobility service provider, Chenqi, a mobile accessories wholesale dealer and AI service provider, Voicecomm, a data analytics provider, Baiwang, and a small US-based jet manufacturer, Cirrus Aircraft, according to a report by Reuters. Shanghai-based cloud firms are betting on Hong Kong Chenqi Technology is a mobility technology company based in China. The firm is selling 30 million shares, which are priced between HK$34 and HK$45.40 per share. The company expects to raise $174 million. The firm operates a ride-sharing app, and according to Frost & Sullivan, its mobility services rank second in the Greater Bay Area, an important business region in South China. An AI cloud service provider and distributor of mobile phone accessories, Voicecomm is also looking to raise $85 million. Voicecomm is also one of the major distributors of cell phones and tablets in the North American market. The company has fixed the price at HK$ 152.10 per share and is offering 4.36 million shares. Baiwang is a financial and tax solution provider backed by the Alibaba Group. The firm is looking to sell 9.62 million shares at a price range between HK$36 and HK$40 per share. The company expects to generate $50 million through the IPO. Baiwang also provides tax control equipment, an electronic invoice service platform, and invoice supply chain coordination services through the cloud. US…
Filed under: News - @ June 28, 2024 12:18 pm