Adaspace cleared to become Hong Kong’s first AI satellite IPO

Commercial aerospace company Adaspace Technology Co. Ltd. passed its Hong Kong listing hearing and published its post-hearing information pack on Oct. 29, putting it on track to become the stock exchange’s first AI satellite IPO.

The China Securities Regulatory Commission (CSRC) published its filing notice last Friday, though the document was issued on Sept. 29. Completing the filing is a mandatory step for Chinese companies seeking overseas listings.

The company plans to issue up to 84.1 million overseas-listed ordinary shares. The notice also confirms the company’s filing for “full circulation” of its domestic unlisted shares, involving 99 shareholders who plan to convert approximately 398 million domestic shares into shares for listing and trading on the Hong Kong Stock Exchange.

Founded in 2018, Adaspace’s core businesses span AI satellite development and manufacturing, in-orbit telemetry, tracking and command, and satellite-based solutions. It is among the Chinese commercial aerospace companies that moved early into onboard AI computing and space-based intelligent computing. Founder Lu Chuan controls 30.77% of the company’s voting rights, and its pre-IPO funding round valued it at 11.55 billion yuan ($1.74 billion).

As of Oct. 20, the company had orders for 114 AI satellites awaiting delivery, with a total contract value of 3.48 billion yuan ($522 million). Its revenue rose from 508 million yuan in 2023 to 703 million yuan in 2025, with cumulative net losses over the three years of more than 570 million yuan.

By Lee Shih Ta

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