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Reconova Technologies Launches HK$608.4 Million Hong Kong IPO

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Reconova Technologies (HKG:7656) launched its Hong Kong initial public offering on Monday, seeking to raise about HK$608.4 million.

The artificial intelligence company is offering 28.1 million H shares at an offer price of HK$21.66 each, according to a Hong Kong bourse filing.

The offering comprises 1.4 million shares for Hong Kong investors and 26.7 million shares for international investors, subject to reallocation.

Allocation results are due on July 7, ahead of the company's planned trading debut on July 8.

Net proceeds will be used primarily to enhance the company's research and development capabilities and product offerings, including product iteration and new product development.

The company also plans to use the funds to establish an in-house production base for manufacturing, assembly, and testing, expand its marketing capabilities and overseas sales channels, and for general corporate purposes.

Huatai Financial Holdings (Hong Kong), CCB International Capital, and ABCI Capital are serving as joint sponsors, joint sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.

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