Adaspace Seeks HK$1 Billion in Hong Kong IPO
The Sichuan-based firm is building AI computing facilities in space and plans to list in Hong Kong after nearly two years of preparation.
Updated on Nov. 10, 2026 in Artificial Intelligence
Live Poll
Is now a good time for you to invest in risky new-technology stocks?
Adaspace Technology launched its Hong Kong public offering on Thursday, seeking to raise up to HK$1 billion. The company aims to build artificial intelligence computing facilities in space and is headquartered in Sichuan.
Why it matters
The offering attracted only about HK$87 million in margin financing orders, below the retail tranche target, signaling limited near-term investor appetite. The listing also tests Hong Kong's appeal to emerging-industry companies as the city prepares to revise its listing rules.
Adaspace holds orders for 114 artificial intelligence satellites awaiting delivery, with a total contract value of 3.47 billion yuan. The company reported accumulated losses of more than 570 million yuan between 2023 and 2025, and it has not disclosed when the satellites will be delivered.
The players
Adaspace Technology
A Sichuan-headquartered company founded in 2018 that is developing artificial intelligence computing facilities in space.
Guotai Junan Capital
A financial firm serving as the sole sponsor of Adaspace's Hong Kong public offering.
John Lee
The Hong Kong Chief Executive who announced plans in September to revise the city's listing rules to attract emerging-industry companies.
The details
Guotai Junan Capital is the sole sponsor of the offering, which follows nearly two years of preparation. Adaspace was founded in 2018 and expects its net loss to widen in 2026 due to heavy upfront spending on satellite manufacturing and network development.
Timeline
2023–2025: Adaspace accumulates losses exceeding 570 million yuan.
- 2026-11-05
Adaspace launches its Hong Kong public offering on Thursday.
- 2026-11-10
The public offering closes on Tuesday.
- 2026-11-13
Trading in Adaspace shares is scheduled to begin.
Roadmap
Hong Kong is planning to revise its listing rules next year to attract emerging-industry companies, a move announced by John Lee in September. Adaspace's modest margin financing demand offers an early indication of how investors are responding to high-risk, high-valuation listings.
Retail investors considering the offering face a company with accumulated losses and widening expected losses for 2026. Potential buyers should weigh the risk that high-valuation, pre-profit listings may face headwinds as investor risk appetite weakens.
The takeaway
Investors evaluating newly listed companies with heavy upfront spending should examine both accumulated losses and expected losses before committing capital. Early demand indicators, such as margin financing orders, can offer a useful signal of market appetite.
What happens next
Adaspace's shares are scheduled to begin trading on 2026-11-13, when the market's initial reception will become clearer.
Further reading
Explore more coverage in our Artificial Intelligence section for context on how AI firms are raising capital.
Source note: This article includes information reported by South China Morning Post.
Live Poll
Is now a good time for you to invest in risky new-technology stocks?
