Robosense Technology Debuts on Hong Kong Stock Exchange with Shares Falling 2%

In a momentous development marking the first new listing on the Hong Kong stock exchange this year, Robosense Technology, a Chinese developer of laser imaging, detection and ranging (LiDAR) sensors for self-driving cars, has made its debut, albeit with its shares falling by 2%. The company, which has the support of the tech giant Alibaba, has successfully completed its Initial Public Offering (IPO), raising a total of HK$985.12 million ($126.14 million) by offering 22.9 million shares at HK$43 each.

Despite the high expectations surrounding the IPO, the initial response to the public offer was tepid, with only 0.58 times subscription for the 2.29 million shares initially allocated. In contrast, the international offer saw a subscription rate of 1.28 times, resulting in the reallocation of 952,000 shares from the public offer to the international offer.

The cornerstone investor for the IPO has been identified as Nanshan Strategic Emerging Industries Investment, a state-owned enterprise under the ownership of the Nanshan district government, which is poised to subscribe to 79.3% of the IPO shares, amounting to approximately HK$781.2 million. Additionally, it has been disclosed that Cainiao, the logistics arm of Alibaba, holds the distinction of being Robosense’s largest pre-IPO shareholder, with a stake of 10.46%.

Robosense has presented its planned allocation of the IPO net proceeds, with approximately 45% earmarked for research and development and team expansion, underscoring the company’s dedication to enhancing its product pipeline. Furthermore, the company intends to allocate 40% of the funds to bolster its sales and marketing efforts, with the remaining 15% set aside for general working capital and the exploration of potential strategic partnerships or alliance opportunities.

The successful IPO of Robosense Technology and its subsequent listing on the Hong Kong stock exchange hold promise for the company’s future as it continues to develop cutting-edge technology for the autonomous vehicle industry. With the backing of key investors and a clear strategy for the utilization of funds, Robosense is poised for growth and innovation in the evolving landscape of self-driving cars.

Cited Sources:
– Robosense Technology
– Alibaba
– Hong Kong Stock Exchange