SYDNEY (Reuters) - 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.
Cirrus Aircraft, a Minnesota-based small jet manufacturer, is aiming to raise up to $197 million by selling 54.87 million shares in a price range of HK$27.34 to HK$28 per share.
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$45.40 per share to raise up to $174 million.
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.
Baiwang, a financial data analytical firm backed by Alibaba, is selling 9.62 million shares in a range of $HK36 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.
Despite the weak performance in Hong Kong, bankers are hoping an increase in Chinese regulatory approvals and a surge in Indian deals will make Asia an equity capital market hotspot in the second half of 2024.
(Reporting by Scott Murdoch; Editing by Michael Perry)
By Scott Murdoch
