Hong Kong listing spree brings $1.8 billion to market in just a single day

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Four companies are lining up to raise as much as a combined HK$14.4 billion ($1.8 billion) in Hong Kong listings, all set to begin trading on Sept. 29.
The biggest is RoboTechnik Intelligent Technology Co., seeking to raise as much as $660 million after its Shenzhen-listed shares surged 168% this year.

The maker of equipment and software that help solar-panel and silicon-photonics chip factories automate production also has an upsize option of up to 15% of the base offering.

Hong Kong’s market for first-time listings is on track for a record year as artificial intelligence-linked investment fuels demand. Companies have raised more than $45 billion so far, data compiled by Bloomberg show.

Underscoring the scramble by AI-related firms to tap markets while demand remains robust, the year’s biggest deals included Alibaba Group Holding Ltd.’s $10 billion deal last month in the city’s biggest-ever follow-on offering and Z.AI Co.’s $5 billion stock-and-convertible sale in mid-September.

Also coming to the market in the latest wave is Shenzhen Kinwong Electronic Co., a printed circuit-board maker with a 2.5% global market share, seeking as much as $650 million.

Chemical products maker Red Avenue New Materials Group Co. is targeting as much as $382 million, while Direct Drive Tech Ltd. is seeking $138 million.

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