FINWIRES · TerminalLIVE
FINWIRES

Zhongke WengeAI Seeks Up to HK$900 Million in Hong Kong IPO

By

Beijing Zhongke WengeAI Science and Technology (HKG:1956) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to HK$900 million.

The Chinese artificial intelligence company is offering 14.8 million H-shares at an indicative maximum price of HK$60.70 per share, according to a Hong Kong bourse filing.

The offering comprises 741,800 shares for Hong Kong investors and 14.09 million shares for international investors, subject to reallocation and the over-allotment option.

The offer's allocation results are due by June 25, ahead of the company's planned trading debut on June 26.

Net proceeds will be used primarily to advance Zhongke WengeAI's foundational models and core research and development capabilities.

China International Capital Corp., ABCI Securities, China Galaxy International Securities, TFI Securities and Futures, SPDB International Capital, CCB International Capital, Futu Securities International, CMB International Capital, Tiger Brokers (HK) Global and Livermore Holdings are serving as the underwriters for the offering.

Related Articles

Asia

Market Chatter: Hong Kong Listed Companies Group Pushes to Improve Stock Liquidity

The Chamber of Hong Kong Listed Companies is stepping up efforts to address low trading activity in many Hong Kong-listed stocks, arguing that limited liquidity is making it more difficult for companies to conduct secondary fundraising, Bloomberg News reported Monday.Chairman KC Chan said the chamber plans to work with more than 1,000 listed companies, including overseas issuers, to help broaden investor engagement and market visibility, according to the report.A newly formed advisory group within the chamber will provide support to companies pursuing fundraising activities in Hong Kong, the report added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang Seng
Asia

Fitch Affirms ENN Natural Gas' Long-Term Foreign-Currency Issuer Default Rating at BBB

Fitch Ratings affirmed ENN Natural Gas' (SHA:600803) long-term foreign-currency issuer default rating at BBB on the benefits of stake ownership in ENN Energy (HKG:2688), strong geographic diversification, gas purchase advantages, and healthy finances.ENN Natural Gas owns a 34.26% stake in ENN Energy.Fitch expects retail gas sales volume to rise in low single digits in the 2026-2029 period after registering a 1.5% retail growth in 2025, the debt watcher said in a note Tuesday.The natural gas company expects higher margins from its platform gas sales amid the effects of the war in Iran, while ENN Energy's gas distribution division could only see mild pressure on dollar margins.ENN Natural Gas also faces greater price and volume risks compared with city-gas distribution, Fitch said.

HKG:2688SHA:600803
Asia

Market Chatter: Vision Fund Finance Chief to Leave SoftBank

SoftBank Group's (TYO:9984) investment arm Vision Fund's chief financial officer, Navneet Govil, who has been with the technology giant for around a decade, is set to leave the group, according to a Reuters report on Tuesday citing an internal memo.Alex Clavel, chief executive officer of SoftBank ​Investment Advisers, said in the memo that details regarding transition responsibilities will be disclosed in due course, Reuters reported.Govil, chief financial officer of SoftBank Investment Advisers, joined ​SoftBank in 2016 before the launch of the group's first Vision Fund.The memo described Govil as "a valuable partner across the business" as the organization navigated significant market volatility and transformation.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:9984