Shares of industrial robot maker Estun Automation Co. Ltd. (2715.HK; 002747.SZ) opened flat in their Hong Kong trading debut on Monday, then fell through the morning to close at HK$13.22 by midday, down 13.93% from their offer price.
The company said it sold 96.78 million shares for HK$15.36 per share, priced at the bottom of their indicated range. Net proceeds from the listing totaled HK$1.41 billion ($180 million). The Hong Kong public offering for local investors was 18.67 times oversubscribed, while the international tranche was subscribed by 2.34 times.
Estun develops and makes industrial robots, CNC systems and intelligent manufacturing equipment for use in the automobile, electronic equipment, metal processing and new energy sectors. The company expects to record a net profit of 35 million yuan to 50 million yuan in 2025, reversing a loss of 810 million yuan in the previous year.
Proceeds from the listing will mainly be used to expand capacity for industrial robots and intelligent manufacturing equipment, strengthen core technology research and product upgrades, expand domestically and in overseas markets, and replenish working capital.
By Lee Shih Ta
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