Four Chinese companies are collectively seeking to raise up to HK$14.35 billion ($1.83 billion) through listings in Hong Kong. This comes amid a strengthening Hong Kong market for initial public offerings and secondary listings, which has already seen about $45.8 billion raised this year, nearly double the $24 billion from the same period last year.
RoboTechnik Intelligent Technology, an automation equipment maker, accounts for the largest portion, aiming to raise approximately HK$5.18 billion by offering 11.9 million H shares at up to HK$436 each. If certain options are fully exercised, the total deal for RoboTechnik could reach HK$6.85 billion. The Shenzhen-listed company specializes in equipment for photovoltaic cell manufacturing and assembly and testing systems for silicon photonics devices used in data centers and AI infrastructure.
Other companies participating in this wave of offerings include Shenzhen Kinwong Electronic, a printed circuit board maker, and Red Avenue New Materials, a materials producer, which are seeking to raise up to HK$5.10 billion and HK$3 billion, respectively, through secondary share sales. Additionally, Direct Drive Tech, a precision motor solutions provider, plans to raise HK$1.08 billion in an initial public offering. Shares of all four firms are expected to begin trading on the exchange on September 29.
RoboTechnik's move follows a significant financial turnaround, with first-half revenue surging 144.8% to 608.5 million yuan ($90.7 million), and the company transitioning from a net loss to a net profit of 6.6 million yuan. The company plans to allocate the listing proceeds to research and development for next-generation co-packaged optics assembly tools, expand cleanroom factory capacity, build overseas technical service hubs, finance strategic acquisitions, and reinforce working capital. The company holds a 20.5% global market share in silicon photonics assembly equipment for high-speed AI data center links.
