Four Chinese firms seek to raise up to $1.83 billion in Hong Kong offerings

Sept 21 : Four Chinese firms are looking to raise up to a combined HK$14.35 billion ($1.83 billion) via separate listings in Hong Kong, with automation equipment maker RoboTechnik accounting for the largest portion, exchange filings showed on Monday.

The offerings come as Hong Kong's market for initial public offerings and secondary listings continues to strengthen. Deals have raised about $45.8 billion so far this year, compared with $24 billion in the same period last year, LSEG data showed.

RoboTechnik Intelligent Technology is offering 11.9 million H shares at up to HK$436 each, aiming to raise about HK$5.18 billion.

Reuters reported on Friday citing sources that RoboTechnik was targeting a Hong Kong listing of about $800 million and planned to launch the deal on September 21 with market debut on September 29.

If both a 15 per cent offer size adjustment option and the over-allotment option are fully exercised, the total deal could reach HK$6.85 billion at the maximum offer price.

The Shenzhen-listed company makes equipment for photovoltaic cell manufacturing and assembly and testing systems for silicon photonics devices used in optical interconnects for data centres and AI infrastructure.

Printed circuit board maker Shenzhen Kinwong Electronic and materials producer Red Avenue New Materials are seeking to raise up to HK$5.10 billion and HK$3 billion, respectively, through secondary share sales. 

Precision motor solutions provider Direct Drive Tech will raise HK$1.08 billion in an initial public offering. 

Shares of all four firms are expected to start trading on the exchange on September 29.