Two Hong Kong IPOs make end-of-year listing dash

By Scott Murdoch

(Reuters) – Chinese companies iMotion Automotive Technology and Henan Jinyuan Hydrogenated Chemicals are making a last-minute dash to list in Hong Kong before the end of the year, seeking a combined $130 million, according to regulatory filings lodged on Tuesday.

Self-driving firm iMotion is looking to raise HK$655.7 million ($84.00 million) by selling 22.11 million shares at HK$29.65 per share in a deal launched on Wednesday, the filings showed.

The initial public offering (IPO) has been pared back after the company initially aimed to raise $100 million, Reuters reported in November.

iMotion had earlier planned to raise up to $300 million but the ongoing financial market volatility prompted the company to reduce its fundraising target, one source with direct knowledge of the matter said previously.

Chemicals supplier Henan Jinyuan is looking to raise up to HK$358.4 million ($45.92 million) by selling 238.9 million shares at a price range of $HK1.10 to HK$1.50 each, its filings showed.

Elsewhere, lithium ion battery manufacturer REPT BATTERO will finalise on Wednesday the pricing for its Hong Kong IPO that is aiming to raise up to HK$2.4 billion ($307.48 million).

The three deals will not be enough to help Hong Kong’s flagging IPO market, bankers say, which is experiencing a multi-year low in new share sales.

There was $2.7 billion raised in the first three quarters of 2023 in Hong Kong, according to LSEG data, compared to $4.1 billion during the same period in 2022.

($1 = 7.8055 Hong Kong dollars)

(Reporting by Scott Murdoch; Editing by Jamie Freed)