Asia
Hong Kong Stocks End Week in Red; Robotphoenix Files for HK$750 Million IPO
Hong Kong shares fell Friday as renewed clashes between the U.S. and Iran weighed on investor sentiment.The Hang Seng Index fell by around 232.57 points, or roughly 0.9%, to end at 26,393.71, while the Hang Seng China Enterprises Index decreased by 30.41 points, or around 0.3%, to close at 8,889.07.Both Iran and the U.S. traded blows with each other, with Tehran claiming U.S. forces targeted civilian areas, while the U.S. said its forces hit Iranian military facilities that attacked its warships in the Strait of Hormuz.Despite the tensions, U.S. President Donald Trump said a ceasefire with Iran remains in effect. However, the U.S. president warned Tehran of stronger military action if it fails to quickly reach a deal.In corporate news, Robotphoenix Intelligent Technology (HKG:6871) launched its Hong Kong initial public offering to raise up to HK$750.3 million.The China-based industrial robotics maker is offering 24.6 million H-shares at HK$30.50 per share to raise funds to develop its robotics technology and expand its business.
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