Four companies including Robotechnik are set to list on the Hong Kong Stock Exchange on Tuesday, raising a combined HK$14.4 billion (US$1.8 billion), as this year's red-hot Hong Kong IPO market braces for one of its busiest listing days.
Robotechnik (HKEX: 03757) is raising US$660 million in its Hong Kong listing, the largest fundraise among the four companies. Its Shenzhen-listed A-shares, Robotechnik Intelligent Technology Co.,Ltd. (SZSE: 300757), have more than doubled so far this year. The maker of automation equipment for the photovoltaic and silicon photonics sectors brought in cornerstone investors including Temasek, Sheng Tian Industrial, and E Fund for its Hong Kong offering.
Data shows that Hong Kong IPOs, rights issues, and block trades raised a combined US$45.5 billion in the third quarter, a record for the period and only slightly below the all-time quarterly high of US$47.6 billion set in 2021.
Among the other three companies, printed circuit board manufacturer Kingwong Electronics is raising US$650 million, electronic chemicals producer Tongcheng New Materials is raising US$382 million, and robotics technology company Benmo Technology is raising US$138 million.
On the trading platform operated by KGI Securities, in Monday night's grey market trading, Robotechnik fell about 2% from its offer price. Kingwong Electronics dropped about 7%, Tongcheng New Materials declined about 17%, and Benmo Technology rose about 5%.
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