iMotion Automotive Technology: Seeking HK$655.7 million ($84.00 million)
Chinese companies iMotion Automotive Technology and Henan Jinyuan Hydrogenated Chemicals have filed regulatory documents indicating their intent to list in Hong Kong before year-end, aiming to raise a combined $130 million in their initial public offerings (IPOs).
iMotion, a self-driving firm, plans to raise HK$655.7 million ($84.00 million) by selling 22.11 million shares at HK$29.65 per share. This is a reduced amount from their initial target of $100 million due to ongoing financial market volatility. The IPO initially aimed to raise up to $300 million but was scaled back accordingly.
Henan Jinyuan Hydrogenated Chemicals: Seeking up to HK$358.4 million ($45.92 million)
Henan Jinyuan Hydrogenated Chemicals, a chemicals supplier, is looking to raise up to HK$358.4 million ($45.92 million) through the sale of 238.9 million shares priced between HK$1.10 and HK$1.50 each. The company’s decision to list in Hong Kong is happening alongside the global rise in demand for chemicals and petrochemicals, driven by the post-pandemic economic recovery and increased industrial manufacturing activities.
REPT BATTERO: Pricing for HK IPO Finalized Today
Meanwhile, REPT BATTERO, a lithium-ion battery manufacturer, is finalizing the pricing for its Hong Kong IPO. The IPO aims to generate up to HK$2.4 billion ($307.48 million) in funds. As the global market for electric vehicles continues to grow, driven by increased demand for greener transportation options, battery manufacturers are poised to benefit from this emerging trend.
Unfortunately, the success of these three IPOs is unlikely to reverse the current decline in Hong Kong’s IPO market. According to data from LSEG, only $2.7 billion was raised in the first three quarters of 2023, compared to $4.1 billion in the same period of 2022. Market analysts attribute this decrease to various factors, including ongoing financial market volatility and investor uncertainty. However, the IPO market remains dynamic and can quickly change, making it important to closely monitor future developments.