BRIEF: Deepexi shares double in Hong Kong debut
Shares of enterprise AI solutions provider Deepexi Technology Co. Ltd. (1384.HK) opened 112% higher in their Hong Kong trading debut on Tuesday and continued to rise before closing up 121.31% at HK$59 at the midday break.
The company sold 26.6 million shares for HK$26.66 each, raising net proceeds of HK$610 million ($79 million). The Hong Kong portion of the offering for local investors was more than 7,500 oversubscribed, resulting in an increase for that portion of the offering from 5% to 20% of total shares on offer. The international offering was also oversubscribed by more than 15 times.
Deepexi provides AI solutions to enterprise clients across multiple sectors, including consumer retail, manufacturing, healthcare and transportation. In the first half of this year, the company’s revenue surged 118.4% year-on-year to 132 million yuan, while its gross profit margin improved to 55%. Its net loss narrowed from 620 million yuan in the first half of 2024 to 310 million yuan in the same period this year.
By Lee Shih Ta
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