BRIEF: Huayan Robotics rises in heavily oversubscribed IPO
Shares of collaborative robotics company Guangdong Huayan Robotics Co. Ltd. (1021.HK) opened down 1.2% in their Hong Kong trading debut on Monday, but later rebounded to close up 15.6% at HK$19.66 by the midday break.
The company said it sold 95 million shares for HK$17 each, raising net proceeds of HK$1.48 billion ($189 million). The Hong Kong public offering for local investors was oversubscribed by more than 5,000 times, while the international offering was 15.7 times subscribed.
Nine cornerstone investors, including HHLR Advisors, GF Fund Management, and Morgan Stanley, bought about 8.6% of the shares being offered.
Huayan Robotics produces collaborative robots primarily categorized into E-Series and S-Series models. The E-Series serves the industrial manufacturing, consumer electronics, and healthcare sectors, while the S-Series targets the automotive and logistics industries. The company also supplies proprietary core motion components, including frameless torque motors, servo drives, joint modules and precision motion platforms.
By Lau Chi Hang
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