Business · Companies · 51 mins ago
Adaspace seeks Hong Kong listing as investor demand appears weak
Adaspace is seeking up to HK$1 billion in a Hong Kong share offering.
The Sichuan-based company builds satellites equipped to run artificial intelligence software in orbit.
Processing data in space can reduce the need to send large amounts of raw information back to Earth.
Adaspace launched 12 computing satellites in May 2025 and another eight in October 2026, and it has reported tests of Alibaba’s Qwen3 model in orbit.
The company wants to sell access to satellite computing, as well as spacecraft and services, and had orders for 114 AI satellites awaiting delivery by October 20.
Investor demand for the offering appears weak: brokerages reported about HK$87 million in margin financing orders, below the retail tranche target.
Adaspace’s shares are expected to begin trading on November 13, while proceeds from the offering are intended to fund engineering work.
Adaspace is seeking to raise up to HK$1 billion through a Hong Kong initial public offering as it pursues plans to build AI computing facilities in space.
The company attracted about HK$87 million in margin financing orders, below the target for the retail tranche, according to major brokerages reported by the South China Morning Post.
Adaspace expects its shares to begin trading in Hong Kong on November 13.
The Sichuan-headquartered company builds satellites and provides services involving satellite data, and is developing a business selling access to onboard computing.
It had customer orders for 114 AI satellites awaiting delivery by October 20, with a combined contract value of RMB3.48 billion.
- Who
- Adaspace Technology, a Sichuan-headquartered space-AI company.
- What
- It is seeking to raise up to HK$1 billion in a Hong Kong IPO. Investor demand appeared weak, with about HK$87 million in margin financing orders reported.
- When
- The public offering launched on Thursday; the company expects its shares to begin trading on November 13. The articles were published on November 10, 2026.
- Where
- Hong Kong.
- Why
- The IPO will help fund engineering to develop Adaspace’s plan to provide computing services in space.
This story does not have two clearly opposing sides.
Adaspace began work on making AI operate aboard satellites and launched its first AI application satellite in December.
Adaspace launched 12 computing satellites into a single orbital plane.
A second group of eight computing satellites followed, and the company reported deploying Alibaba’s Qwen3 model on an orbiting satellite.
Adaspace launched its Hong Kong public offering after nearly two years of preparation.
Adaspace expects its shares to begin trading in Hong Kong.
- IPO fundraising target
- Up to HK$1 billion
- Minimum market valuation
- HK$15 billion
- Margin financing orders
- About HK$87 million
- Undelivered AI satellite orders
- 114 as of October 20
- Contract value of those orders
- RMB3.48 billion