HK Stock Connect Watch | AXERA (00600.HK) Up About 20% Since Stock Connect Inclusion, Still About 28% Below Offer Price of HKD 28.20

NewTimeSpace News: On October 14, 2026, AXERA closed at HKD 20.34, up 5.23% for the day, with turnover of HKD 44.68 million.

According to public information, AXERA listed on the Main Board of the Hong Kong Stock Exchange on February 10, 2026 at an offer price of HKD 28.20, with a global offering of approximately 105 million H shares and net proceeds of approximately HKD 2.799 billion. The Hong Kong public offering was 104.82 times oversubscribed, while the international offering was 6.8 times oversubscribed.

At present, since its listing on February 10, 2026, the company's share price has reached a high of HKD 36.90 and a low of HKD 9.60. As of October 14, 2026, the share price closed at HKD 20.34, about 27.9% lower than the offer price of HKD 28.20; since its inclusion in Stock Connect, the share price has risen from HKD 17.01 at the close on September 7, 2026 to HKD 20.34, up about 19.6% in total.

It is understood that Hang Seng Indexes Company announced on August 21, 2026 the results of its review of the Hang Seng Index series for the period ended June 30, 2026, under which AXERA was included in the Hang Seng Composite Index, with the constituent changes taking effect on September 7, 2026; the Shanghai and Shenzhen Stock Exchanges subsequently adjusted the list of eligible securities under Stock Connect accordingly, and the company was included in Stock Connect with effect from September 7, 2026.

Founded in May 2019, AXERA is a fabless AI inference system-on-chip (SoC) design company whose products are applied in visual terminals, edge computing and intelligent vehicles. The company has self-developed the AXNeutron mixed-precision neural network processor and the AXProton AI-ISP, the latter being the world's first AI image signal processor to achieve large-scale commercial deployment.

On the financial front, the company's revenue has maintained rapid growth: revenue was approximately RMB 50 million, RMB 230 million and RMB 473 million in 2022, 2023 and 2024 respectively; revenue for the first half of 2026 was RMB 402 million, up 181.8% year on year, with gross margin rising from 20.0% in the same period last year to 29.0%. By business segment, the edge AI business grew 251.9% year on year, the intelligent vehicle business grew 252.1% and the terminal business grew 169.5%. In terms of profitability, the company has yet to achieve profitability, with a net loss attributable to equity shareholders of the company of RMB 582 million for the first half of 2026.

A BOCOM INTL research report noted that AXERA achieved triple-digit growth in edge AI, intelligent driving and terminal computing products in the first half, with overall business growth remaining strong; the institution believes that the artificial intelligence industry is gradually penetrating from cloud large models into the physical AI field, that computing power may see a new collaborative "cloud-edge-device" architecture, and that new business forms such as Agentic AI are driving the industry towards an AI agent form featuring autonomous planning, multimodal perception and closed-loop execution.