A Robosense Lidar digicam sits on a Hanteng Auto e+ Pilot autonomous car on show on the Auto Shanghai 2019 present in Shanghai, China, on Wednesday, April 17, 2019. China’s annual auto present, held in Shanghai this yr, opened to the media on April 16 amid the specter of an electric-car bubble and because the world’s largest auto market trudges via its first recession in a technology. Photographer: Qilai Shen/Bloomberg through Getty Images
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Shares of Alibaba-backed Robosense Technology fell almost 2% on its debut on Friday within the first new itemizing on the Hong Kong inventory trade this yr.
Robosense, a Chinese developer of laser imaging, detection and ranging (LiDAR) sensors for self-driving automobiles, introduced January that it had raised HK$985.12 million ($126.14 million) in its IPO by providing 22.9 million shares at HK$43 every.
About 20.61 million of the shares within the IPO have been initially allotted to the worldwide supply, which ended as much as be 1.28 instances subscribed.
In distinction, the general public supply acquired a cooler reception, with the preliminary providing of two.29 million shares solely 0.58 instances subscribed.
As such, 952,000 shares have been reallocated from the general public supply to the worldwide supply. Another 2.86 million shares have been additionally over-allocated to the worldwide supply, bringing it to 24.4 million shares.
The IPO’s cornerstone investor was state-owned enterprise Nanshan Strategic Emerging Industries Investment, owned by the Nanshan district authorities.
Nanshan SEI will subscribe to 79.3% of the IPO shares, or about HK$781.2 million.
Most notably, the announcement additionally revealed that Cainiao, the logistics arm of tech big Alibaba, was Robosense’s greatest pre-IPO shareholder, with a stake of 10.46%
In a Dec. 27 announcement, RoboSense stated it plans to make use of round 45% of the IPO web proceeds on analysis and improvement and staff enlargement, in an effort to construct up its product pipeline.
Another 40% can be used to spice up the corporate’s gross sales and advertising and marketing efforts, whereas the remaining 15% can be used for normal working capital and exploring potential strategic partnerships or alliance alternatives.
Source: www.cnbc.com”