Chinese AI satellite developer Adaspace Technology began trading in Hong Kong on Friday after raising HK$750.01 million ($95.6 million), adding a commercial-space company to the city’s technology listings.
The Chengdu-based company sold 30.12 million H shares at HK$24.90 each, the bottom of its marketed range of HK$24.90 to HK$33.20, according to its final offer and allotment announcement filed with Hong Kong Exchanges and Clearing.
The offer generated gross proceeds of HK$750.01 million and estimated net proceeds of HK$651.76 million after listing expenses. The Hong Kong public offering was 3.43 times subscribed, while the international offering was 1.79 times subscribed.
Adaspace opened at HK$24.44, 1.8 percent below its offer price. Reuters reported that the shares were trading at HK$24.60 at the time of its report, down 1.2 percent from the offer price.
Adaspace develops and produces satellites and provides satellite-based services and solutions. Its listing prospectus said revenue rose from RMB507.5 million in 2023 to RMB702.7 million in 2025. Revenue for the first six months of 2026 was RMB226.1 million, compared with RMB241.3 million a year earlier, with the company attributing the decline to the scheduling of satellite launches and deliveries in the fourth quarter.
The company remained loss-making. It reported net losses of RMB139.3 million in 2023, RMB177.2 million in 2024 and RMB255.9 million in 2025. Its net loss for the first half of 2026 was RMB150.8 million, while research and development expenses represented 48 percent of revenue during the period.
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.
The listing follows Hong Kong’s efforts to attract more specialist technology issuers. Adaspace trades on the exchange’s Main Board under stock code 6935.
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