SYDNEY, Australia — Four companies ranging from a US 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.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.Riding hailing app Chenqi Technology is selling 30 million shares in a range of HK$34 to HK$45.
AI firm Shanghai Voicecomm is looking to raise $85 million by selling 4.36 million shares at a fixed price of HK$152.10 per share.Baiwang, a financial data analytical firm backed by Alibaba, is selling 9.62 million shares in a range of HK$36 to HK$40 each to raise up to nearly $50 million.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.