Four Hong Kong IPOs start new share sales

Four initial public offerings started new share sales in Hong Kong today, with Chinese autonomous driving startup Pony AI asking for a minimum investment of HK$18,182 per board lot.

Pony AI, which is already listed in the US, is offering 41.96 million shares from today until next Monday, November 3, with the retail portion accounting for 10 percent. 

The maximum offer price is HK$180 per share, aiming to raise up to HK$7.55 billion. 

With each board lot consisting of 100 shares, the minimum investment is HK$18,181.54. 

The company plans to allocate 50 percent of the net proceeds over the next five years to implement its market entry strategy, focusing on the large-scale commercialization of its Level 4 autonomous driving technology in key accessible markets, including robotaxi and autonomous trucking services.

Its peer, WeRide, is also conducting its IPO during the same period, offering 88.25 million shares, with the retail portion taking up 5 percent. 

The offer price is capped at HK$35 per share, potentially raising up to HK$3.09 billion. 

A board lot of 100 shares requires a minimum investment of HK$3,535.30. 

WeRide intends to use about 40 percent of the net proceeds to accelerate the commercial mass production and/or operation of its L4 vehicle fleet over the next five years, aiming to enhance its autonomous driving products and solutions and expand its business scale.

Mainland biopharmaceutical company Vigonvita Life Sciences is also launching its IPO, offering 17.6 million H shares with a 10 percent retail portion. 

The price range is set between HK$32 and HK$34 per share, which could raise up to HK$598 million. 

With each board lot comprising 200 shares, the entry cost is HK$6,868.57. 

The company plans to allocate 38 percent of the net proceeds to R&D for its core products and 10 percent for the construction of its Qingdao plant.

Simultaneously, intelligent car technology solutions provider Ningbo Joyson Electronic is offering 155 million H shares, with the retail portion accounting for 10 percent. 

The maximum offer price is HK$23.6 per share, aiming to raise up to HK$3.66 billion. 

The minimum investment for a board lot of 500 shares is HK$11,919.01. 

The company intends to use approximately 35 percent of the net proceeds for R&D and commercialization in automotive intelligent solutions and cutting-edge technologies, and about 10 percent to expand its overseas market presence and collaborate with automaker clients for international expansion.