Shares of logistics robot maker Zhejiang Galaxis Technology Group Co. Ltd. (2729.HK) jumped 84.3% on their first trading day in Hong Kong on Tuesday, as the company raised HK$556 million ($71 million) by selling 36.8 million shares for HK$16.66 each. The public portion of the offering for local Hong Kong investors was more than 2,000 times oversubscribed, while the international portion was 2.37 times oversubscribed.
The company ended the day with a market value of HK$7.13 billion, based on its share capital of 428 million shares.
According to third-party data in the prospectus, Galaxis was China’s fifth largest integrated intelligent intralogistics robot company last year, with 1.6% of the market. Its revenue rose 60.3% year-on-year to 552 million yuan ($80 million) in the first nine months of last year. Its net loss for the period totaled 135 million yuan, similar to a year earlier.
By Doug Young
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