BRIEF: LDRobot shares double in Hong Kong trading debut

Shares of Shenzhen LDRobot Co. Ltd. (1236.HK), a maker of visual perception technology for robots, doubled when trading began on Monday, and continued to climb during the morning to close at HK$60.10 at the midday break, up 128%.

The company sold 33.33 million shares for HK$26.36 each, raising net proceeds of HK$807 million ($103 million). The public offering for local Hong Kong investors was oversubscribed by more than 6,700 times, while the international placement was oversubscribed by 8.5 times. KCH Vision Investment Ltd. subscribed to 10.51 million shares, representing 31.52% of the total offering.

LDRobot’s revenue rose 60% last year to 748 million yuan ($110 million), while its loss widened by 10.7% to 62.5 million yuan.

The company plans to use 45% of the IPO proceeds for technology research and development, with 30% for improving productivity and expanding capacity. Another 10% will go to brand building and global expansion, with 5% for exploring potential investments and acquisitions.

By Lau Chi Hang

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