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Wenge AI Nets HK$827 Million in Hong Kong IPO

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Beijing Zhongke WengeAI Science and Technology (HKG:1956) raised HK$827 million in net proceeds from its initial public offering in Hong Kong, according to a Thursday after-market filing with the Hong Kong Exchange.

The enterprise AI technology provider priced its IPO at HK$60.70 per share, issuing 14.8 million shares.

The Hong Kong public offering portion of the deal was 5,966.78 times subscribed, triggering a clawback that increased the allocation to 2.96 million shares from the initial 741,800.

The international offering was 20.70 times subscribed, with the final allocation reduced to 11.9 million shares from the initial 14.09 million.

Cornerstone investors were allotted 4 million shares, representing 26.97% of the IPO shares.

Wenge AI is set to debut on the Hong Kong bourse today, June 26.

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