Adaspace Raises $95.6 Million in Hong Kong IPO, Opens Below Price

Chinese AI satellite developer Adaspace Technology raised HK$750.01 million ($95.6 million) in its Hong Kong initial public offering and began trading on Friday, adding a commercial-space company to the city's technology listings under stock code 6935.

The Chengdu-based company priced at the bottom of its range. Adaspace sold 30.12 million H shares at HK$24.90 each, the low end of a marketed range that stretched to HK$33.20, according to its final offer and allotment announcement filed with Hong Kong Exchanges and Clearing.

The deal drew modest demand. The Hong Kong public offering was 3.43 times subscribed, while the international offering was 1.79 times subscribed. Gross proceeds came to HK$750.01 million, and estimated net proceeds reached HK$651.76 million after listing expenses.

How did the shares trade on debut?

Not well. Adaspace opened at HK$24.44, 1.8 percent below its offer price. Reuters reported the shares were trading at HK$24.60 at the time of its report, down 1.2 percent from the offer price. A debut below the offer price, after pricing at the floor of the range, signals investors wanted exposure only at the cheapest available entry point.

What do the financials show?

Adaspace develops and produces satellites and provides satellite-based services and solutions. Its listing prospectus shows a business that is growing but still losing money, and losing more each year.

• Revenue rose from RMB507.5 million in 2023 to RMB702.7 million in 2025.
• Revenue for the first six months of 2026 fell to RMB226.1 million from RMB241.3 million a year earlier. The company attributed the decline to the scheduling of satellite launches and deliveries in the fourth quarter.
• Net losses widened from RMB139.3 million in 2023 to RMB177.2 million in 2024 and RMB255.9 million in 2025.
• The net loss for the first half of 2026 was RMB150.8 million.
• Research and development expenses represented 48 percent of revenue during that period.

Nearly half of revenue going to R&D, against a widening loss, frames the bet investors are making: that the technology outgrows its cost base.

Where will the money go?

Adaspace said it intends to use the proceeds to support an AI computing satellite constellation under its Star-Compute Project, space-computing research and development, and construction of a research center in Shenzhen. The proceeds may also fund selected investments or acquisitions, debt repayment and working capital.

The prospectus said 35 satellites developed by the company had been launched, including 29 described as AI satellites. Those operating and technology milestones are company disclosures and were not independently assessed in the offer results.

Why does the listing matter for Hong Kong?

The listing follows Hong Kong's efforts to attract more specialist technology issuers, and Adaspace now trades on the exchange's Main Board. HKEX has reported growing IPO interest from AI, robotics and biotech companies, and a commercial-space name gives that push a concrete test case. The weak open and the floor pricing show the market's appetite for pre-profit space hardware remains selective, and future specialist-tech floats in the city will likely price against this benchmark rather than above it.