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

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SYDNEY : Four companies ranging from a U.S. jet manufacturer to a Chinese generative AI firm launched Hong Kong initial public offerings on Friday to raise up to $500 million, according to their regulatory filings.

FILE PHOTO: Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo

An IPO priced at the top of the range will value Cirrus at $1.3 billion and cornerstone investors have subscribed for about $109 million worth of shares available in the deal. AI firm Shanghai Voicecomm is looking to raise $85 million be selling 4.36 million shares at a fixed price of HK$152.10 per share.

The rush of IPOs comes as the value of new share sales in Hong Kong fell from $2.12 billion in the first half of 2023 to $1.46 billion in the 2024 first half, LSEG data showed.

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