BRIEF: Saimo Technology ticks up in Hong Kong trading debut

2571.HK
Newtrend set to make IPO

Shares of intelligent connected vehicle (ICV) simulation testing company Beijing Saimo Technology Co. Ltd. (2571.HK) opened up 2.3% at HK$13.30 in their Hong Kong trading debut on Wednesday from their offer price of HK$12.99. The shares continued to rise and were up 3.6% at HK$13.46 late in the Wednesday morning session.

The company said it sold 145 million shares priced near the bottom of their range of HK$12 to HK$18, raising about HK$420 million ($54 million). The Hong Kong portion of the offering was oversubscribed by 1.7 times, while the international placement was only fully subscribed.

In the first half of 2024, the company reported revenue of 55.56 million yuan, up 157% year-on-year, while its losses over the period narrowed by 52% to 4.74 million yuan.

By Lau Chi Hang

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