ADASPACE (06935.HK): Opens HK IPO Today at Up to HKD 33.20 a Share

NewTimeSpace News: On 5 November 2026, Adaspace Technology Co., Ltd. (stock code: 06935) launched its global offering of 30,121,000 H shares, comprising 3,012,100 H shares under the Hong Kong Public Offer (about 10%) and 27,108,900 H shares under the International Offering (about 90%), at an indicative offer price of HKD 24.90 to HKD 33.20 per share. The board lot is 100 H shares and the maximum entry fee is HKD 3,353.48. The Hong Kong Public Offer opens at 9:00 a.m. today and closes for applications at 11:30 a.m. on 10 November 2026, with pricing on 11 November and listing on the Main Board expected on 13 November 2026.

Two cornerstone investors have signed cornerstone investment agreements, with JinkoSolar Investment Limited subscribing HKD 5 million and Kamshin Oriental (HK) Limited HKD 55 million, totalling HKD 60 million. Assuming an offer price of HKD 29.05, the mid-point of the range, the subscription corresponds to 2,065,300 H shares, or about 6.9% of the offer shares and 0.3% of the issued share capital. Net proceeds at the mid-point are estimated at about HKD 772.4 million, of which 30.1% will fund equipment and materials for AI computing satellite development, 24.4% the construction of the Shenzhen centre and 20.0% strategic investments and acquisitions.

The Company is a commercial space enterprise with a strategic focus on satellites and related services and space-based solutions. Revenue rose from RMB 507.5 million in 2023 to RMB 702.7 million in 2025, and was RMB 226.1 million for the six months ended 30 June 2026. Guotai Junan Capital is the sole sponsor, while Guotai Junan Securities (Hong Kong) and CCB International Capital act as overall coordinators.