At least four companies, including a US jet manufacturer, are going public in Hong Kong.

According to relevant regulatory documents,Is Jinrong China foreign exchange platform legal? at least four companies launched initial public offerings (IPOs) in Hong Kong on Friday, including an American jet manufacturer and a Chinese generative artificial intelligence company, aiming to raise up to $500 million.

Minnesota-based small jet manufacturer Cirrus Aircraft plans to raise up to $197 million by selling 54.87 million shares at a price range of HK$27.34 to HK$28 per share.

If the IPO is priced at the upper end of this range, Cirrus would be valued at $1.3 billion, with cornerstone investors already subscribing to approximately $109 million worth of stocks.

Cirrus was acquired by the Chinese state-owned enterprise China Aviation Industry General Aircraft (CAIGA) in 2011. According to Cirrus's listing documents, CAIGA will control around 85% of the company after the IPO.

Ride-hailing app Chengqi Technology plans to raise up to $174 million by selling 30 million shares at a price range of HK$34 to HK$45.4 per share.

AI company Shanghai Sensetime plans to raise $85 million by selling 4.36 million shares at a fixed price of HK$152.1 per share.

Fintech data analytics company supported by Alibaba, Baiwang, plans to raise nearly $50 million by selling 9.62 million shares at a price range of HK$36 to HK$40 per share.

Additionally, three small companies, GL-Carlink Technology, Ruichang International, and Fangzhou Technology, plan to jointly raise $50 million.

According to LSEG data, the total value of new share issuances in Hong Kong fell from $2.12 billion in the first half of 2023 to $1.46 billion in the first half of 2024. Against this backdrop, there has been a surge of IPOs.

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