Chinese tech companies, from Apple suppliers, to OpenAI competitors, raise $20 billion dollars in Hong Kong
Chinese tech firms, from chipmakers to AI startups, are flocking to Hong Kong’s booming capital market. They have raised a total of HK$159.34bn ($20.33bn) in this year's fundraising to expand their AI, semiconductors, and advanced manufacturing.
The following are a few of the major companies who have listed or sold shares recently in the city.
CATL, the world's biggest electric vehicle battery manufacturer, launched a HK$39.2 Billion ($5.00 Billion) share?sale on April 5, less than a month after its blockbuster Hong Kong listing.
CATL, whose clients include Tesla, BMW and Volkswagen, as well as Xiaomi and Nio has priced 62.4?million 'new H shares? at HK$628.20 per share.
Chaozhou Three-Circle
The company's share offering was priced at the upper end of its marketed price range, raising about HK$7.16billion.
Dajin Heavy Industry The wind power equipment manufacturer set its Hong Kong listing offer price at HK$66.40 per share in June. It aimed to raise HK$5,77 billion.
Dajin, a Shenzhen listed company, said that it would use 55% to improve deep-sea power services and the remaining 20% to build an assembly and operation facility in Europe.
GigaDevice Semiconductor GigaDevice Semiconductor, which listed in Hong Kong in January, raised HK$4,68 billion. The company plans to use this money for both research and development and?strategic industry investments, including possible acquisitions.
The shares of the company soared by almost 40% on their Hong Kong debut, January 13,
Huaqin In April, the smart device maker raised HK$4.6 Billion in a Hong Kong stock offering.
The company designs and manufactures electronic products, such as smartphones, laptops and servers, and smart home devices, for major technology companies.
The shares of the company rose by 17% on their Hong Kong debut.
Lingyi iTech Apple's supplier, Lingyi iTech, priced its Hong Kong IPO to raise approximately HK$8.3 Billion. The company hoped to use a portion of the proceeds for expanding AI capabilities.
The company was founded in 2006 by Zeng Fangqin. It supplies parts for laptops, smartphones and tablets. Huawei Technologies and Samsung Electronics are among its clients.
MiniMax Group MiniMax Group announced that it would be raising HK$16.04billion?in new capital through a share issue and a bond issuance to fund the growth of its AI business.
The company plans to raise HK$9.54billion by issuing 35.6 million Class A shares. Earlier in January, the company had raised HK$4.82bn in its Hong Kong IPO.
MiniMax was founded by Yan Junjie (former SenseTime executive) in early 2022. It develops AI models with multimodal capabilities that can produce text, audio, videos, and images.
Momenta Global Momenta Global, a robotaxi company backed by Mercedes-Benz, raised about HK$5.89billion in a Hong Kong IPO. However the shares opened flat due to caution surrounding AI and other tech stock.
Cao Xudong, a former Microsoft researcher, founded Momenta in 2016, which offers assisted-driving systems to automakers including Toyota Motor, BYD and BYD.
Montage Technology Montage Technology's prospectus revealed that it raised HK$7.04billion in a February share sale to fund research, acquisitions, strategic investments, and working capital.
Investors attracted by the semiconductor designer included JPMorgan Asset Management (JPM), UBS Asset Management (UBS) and Yunfeng Capital.
Montage was founded in 2004 and designs integrated circuits that help to speed up data transfer in servers and data centers.
Nexchip Semiconductor This chipmaker, which is a part-state owned company, priced its offering at the high end of their marketed range. They are aiming to raise HK$6,98 billion.
The company will spend over HK$3.5billion from its proceeds on R&D, and another HK$1.5billion on AI-powered systems that integrate the research, development,and production processes.
OmniVision Integrated Circuits OmniVision Integrated Circuits, which listed in Hong Kong in early January, raised HK$4.80billion and intends to use about 70% of that amount for research?and?development. In its Hong Kong listing prospectus it stated that the firm was the third largest?digital imaging sensor provider in the world, with a market share of 13.7% based on revenue generated by digital imaging solutions by 2024.
Shanghai Biren Technology AI Chip Startup Shanghai Biren Technology raised HK$5,58 billion in its Hong -Kong listing last December. The majority of proceeds will be used for research, development and commercialisation.
Biren was founded in 2019 by Jiao Guofang and Zhang Wen. Jiao previously worked for Huawei and Qualcomm.
Shanghai Iluvatar CoreX Semiconductor The Shanghai-headquartered firm launched a Hong Kong share sale aimed at raising around HK$7.07 billion. Iluvatar CoreX, a GPU designer, offered 14.9 million H shares for HK$476 each. This represents a 15% discount on the last closing price of the stock. The company stated that the proceeds of the sale would be used for research and development, product iteration and technology upgrades.
A term sheet, seen by, revealed that Knowledge Atlas Technology JSC (also known as Zhipu AI Zhipu) had launched a HK$31.41 Billion share sale in Hong Kong.
Investors see the firm as a rising competitor to U.S. companies such as OpenAI. This is due to the strong demand for large-scale language models.
(source: Reuters)
