Adaspace Technology, the Chengdu maker of AI computing satellites, opened at HK$24.44 in its Hong Kong debut on 13 November, 1.8% below its final offer price of HK$24.90, according to Yahoo Finance and ETNet quotes from the pre-opening auction. The company priced its 30,121,000 H shares at the bottom of its HK$24.90 to HK$33.20 range, per its allotment results announcement on HKEXnews.
At the offer price, the 602,419,740 shares in issue after listing are worth HK$15.0 billion, by our arithmetic. Converted at the prospectus rate of RMB0.85621 to HK$1.00, that is RMB12.8 billion, or 18.3 times the company’s 2025 revenue of RMB702.7 million.
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The key insight: As we read the allotment results, demand set the price at the floor: the Hong Kong tranche was subscribed 3.43 times and the international book 1.79 times, and existing shareholders and their close associate took 27.5% of the offer shares, by our arithmetic.
The announcement gives gross proceeds of HK$750.01 million, estimated listing expenses of HK$98.25 million and net proceeds of HK$651.76 million. Listing expenses come to 13.1% of the gross, by our arithmetic. The offer size adjustment option was not exercised and there was no over-allocation.
The Hong Kong public tranche drew 5,638 valid applications and was subscribed 3.43 times; the international offering, placed with 60 placees, was subscribed 1.79 times. No shares were reallocated between the tranches. Guotai Junan Capital was the sole sponsor.
Adaspace revenue and loss for the year, 2023 to 2025, in RMB millions, from its Hong Kong prospectus dated 5 November 2026. Revenue rose 38.5% and the loss 83.7% over the two years, by our arithmetic.
Who Bought the Shares
Two cornerstone investors took 2,409,600 shares, or 8.00% of the offer: Kamshin with 2,208,800 and JinkoSolar Investment with 200,800. The announcement describes JinkoSolar Investment as a close associate of two existing shareholders.
Existing shareholders were also allotted shares with exchange consent: Ye Guofu took 7,088,400 shares, or 23.53% of the offer, and Jin Jun 1,004,000. With JinkoSolar Investment, existing holders and their close associate took 27.5% of the offer shares, by our arithmetic.
The Business Behind the Price
The prospectus shows revenue of RMB507.5 million in 2023, RMB553.5 million in 2024 and RMB702.7 million in 2025, and losses for those years of RMB139.3 million, RMB177.2 million and RMB255.9 million. In the six months to 30 June 2026, revenue fell 6.3% to RMB226.1 million and the loss was RMB150.8 million.
AI computing satellites brought in RMB124.7 million, or 55.1% of first-half 2026 revenue, up from nothing in 2023. The company says it has independently developed 26 AI computing satellites and launched a 12-satellite AI computing constellation on 14 May 2025. Its five largest customers accounted for 91.1% of first-half revenue.
Net proceeds of HK$651.76 million equal about RMB558 million, 2.2 times the 2025 loss, by our arithmetic at the prospectus rate. Gross proceeds equal 91% of 2025 revenue. Frost & Sullivan, cited in the prospectus, ranks the company seventh among China’s private commercial aerospace companies with satellite businesses by 2025 revenue, with a 2.1% share.
The announcement states that U.S. persons, as defined in the U.S. “Final Rule”, are “prohibited from subscribing for Offer Shares in the Global Offering”.
The Structural Read
As we read the valuation, HK$15.0 billion at the offer price is 18.3 times 2025 revenue of RMB702.7 million, by our arithmetic, for a company whose 2025 loss was RMB255.9 million.
As we read the mix, AI computing satellites made up 55.1% of first-half 2026 revenue, per the prospectus, while five customers accounted for 91.1% of it.
Adaspace allotment results announcement, 12 Nov 2026
“The Offer Size Adjustment Option was not exercised and has lapsed.”
Three Implications
FOR INVESTORS The final offer price was HK$24.90, the bottom of the HK$24.90 to HK$33.20 range, and the pre-opening auction set HK$24.44, per Yahoo Finance and ETNet quotes.
FOR READERS OF CHINA AI LISTINGS Our earlier coverage includes the MiniMax debut.
FOR SPACE-COMPUTE WATCHERS The prospectus says the company launched a 12-satellite AI computing constellation on 14 May 2025.
The framework says: “Models, compute, silicon, foundries — none of them can be priced as standalone technology assets anymore.”
As we read it, an offer that bars U.S. persons from subscribing fits that description. The framework predates this listing and does not discuss it.
Adaspace price points: the HK$24.90 to HK$33.20 range and final price (HKEXnews), the 12 November grey-market price in ETNet’s table, and the 13 November pre-opening auction price (Yahoo Finance, ETNet).
What Is Not Established
The opening price comes from the pre-opening auction; quotes we read after the open were delayed, so the day’s later trading is not established here. The announcement does not give the price paid by any placee other than the offer price, and the prospectus figures are for periods ending 30 June 2026.
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Adaspace raised HK$750.01 million at HK$24.90, the bottom of its range, and opened at HK$24.44. The price values the company at 18.3 times 2025 revenue, by our arithmetic, for a business that lost RMB255.9 million that year and drew 91.1% of first-half sales from five customers.
A note on sourcing. We read Adaspace’s final offer price and allotment results announcement on HKEXnews in full and the summary and financial sections of its 5 November 2026 prospectus. The opening price is from Yahoo Finance and ETNet quotes of the pre-opening auction, read at 01:43 UTC on 13 November. Conversions use the prospectus rate of RMB0.85621 to HK$1.00. Valuation multiples, percentages and totals are our arithmetic. The company was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
