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Four companies, including a Chinese generative artificial intelligence firm and a United States-based jet manufacturer, launched initial public offerings (IPOs) in Hong Kong on Friday. According to their regulatory filings, the companies are looking to raise $500 million in funding. 
Also read: <a href="https://www.cryptopolitan.com/hong-kongs-sfc-eyes-defi-and-the-metaverse/">Hong Kong financial sector eyes DeFi and Metaverse, despite regulatory challenges</a> 
The companies took to the stock market as the value of new share sales dropped in Hong Kong in the first half of 2024. They include a mobility service provider, Chenqi, a mobile accessories wholesale dealer and AI service provider, Voicecomm, a data analytics provider, Baiwang, and a small US-based jet manufacturer, Cirrus Aircraft, according to a <a href="https://www.reuters.com/markets/deals/least-four-companies-launch-hong-kong-ipos-raise-about-500-million-2024-06-28/#:~:text=Riding%20hailing%20app%20Chenqi%20Technology,of%20HK%24152.10%20per%20share." rel="nofollow noopener" target="_blank">report</a> by Reuters. 
<h2 class="wp-block-heading" id="span-style-font-weight-400-shanghai-based-cloud-firms-are-betting-on-hong-kong-span">Shanghai-based cloud firms are betting on Hong Kong</h2> 
Chenqi Technology is a mobility technology company based in China. The firm is selling 30 million shares, which are priced between HK$34 and HK$45.40 per share. The company expects to raise $174 million.&nbsp; 
The firm operates a ride-sharing app, and according to Frost &amp; Sullivan, its mobility services rank second in the Greater Bay Area, an important business region in South China.&nbsp; 
An AI cloud service provider and distributor of mobile phone accessories, Voicecomm is also looking to raise $85 million. Voicecomm is also one of the major distributors of cell phones and tablets in the North American market. The company has fixed the price at HK$ 152.10 per share and is offering 4.36 million shares. 
Baiwang is a financial and tax solution provider backed by the Alibaba Group. The firm is looking to sell 9.62 million shares at a price range between HK$36 and HK$40 per share. The company expects to generate $50 million through the IPO. Baiwang also provides tax control equipment, an electronic invoice service platform, and invoice supply chain coordination services through the cloud. 
<h2 id="span-style-font-weight-400-us-jet-builders-are-looking-to-raise-197-million-span">US jet builders are looking to raise $197 million&nbsp;</h2> 
A US jet maker, Cirrus Aircraft is also testing the Asian markets. The plane maker is expecting to collect $197 million from the sale of 54.87 million shares it is offering in its IPO. Cirrus’ share price range would be somewhere between HK$27.34 and HK$28 per share. 
<figure id="attachment_548299" aria-describedby="caption-attachment-548299" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="size-full wp-image-548299" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/cirrus.jpg" alt="US and Chinese companies are expecting to raise $500 million from Hong Kong IPOs
" width="767" height="434" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/cirrus.jpg 767w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/cirrus-300x170.jpg 300w" sizes="(max-width: 767px) 100vw, 767px">
 <figcaption id="caption-attachment-548299" class="wp-caption-text">
 Cirrus Vision Center Campus at McGhee Tyson Airport, Alcoa, Tennessee. Source: <a href="https://cirrusaircraft.com/service-support/" rel="nofollow noopener" target="_blank">Cirrusaircraft</a>.
 </figcaption>
</figure> 
If the company succeeds in getting the highest price of the proposed price range, its total valuation will increase to $1.9 billion. It is important to note that the cornerstone investors—those who commit to purchasing a large portion of the shares before the IPO—have already subscribed to buy approximately $109 million worth of shares from this offering. 
Also read: <a href="https://www.cryptopolitan.com/hong-kong-global-insights-web3-hub/">Hong Kong legislator seeks global insights in making it a web3 hub</a> 
According to data from London Stock Exchange Group (LSEG), the value of new share sales has decreased in Hong Kong. The data suggests that sales dropped from $2.12 billion for the first six months of 2023 to only $1.46 billion for the first half of 2024. The report notes that lower sales could be a potential trigger for new IPOs. 
According to the report, investors remain confident despite weaker market performance in Hong Kong. Asset managers are expecting an increase in approvals from Chinese regulators. They are also eyeing a surge in Indian deals that will transform Asia into an equity capital hub by the end of 2024. 
Cryptopolitan reporting by Aamir Sheikh

US and Chinese companies are expecting to raise $500 million from Hong Kong IPOs

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