Weiyi delays Hong Kong IPO after book close
SingTao · 2 SOURCESabout 3 hours ago2 MIN
Summary
Industrial embodied-intelligence robot maker Weiyi Intelligent Manufacturing postponed its Hong Kong listing after subscriptions closed on Friday, saying it had considered current market conditions and other factors. The company said it still aimed to complete the global offering and listing at an appropriate time.
Key Points
- Weiyi Intelligent Manufacturing (3275) said on Sunday it would delay its listing plan after Friday’s close of subscriptions, citing current market conditions and other factors.
- The company had been scheduled to debut on Wednesday, 28 October, after starting its public offer on Tuesday.
- Brokerage data cited by Sing Tao showed margin financing of HK$2.56 billion for Weiyi, implying about 31 times oversubscription against its Hong Kong retail fundraising tranche of HK$79.99 million.
- According to its prospectus terms, Weiyi planned to issue 37.2758 million shares at HK$16.63 to HK$21.46 each, seeking up to nearly HK$800 million, with a board lot of 100 shares costing HK$2,167.64.
- The company said the international underwriting agreement would not be entered into, meaning the Hong Kong public offer underwriting agreement would not become unconditional; refunds are due on Wednesday, 28 October.
Why It Matters
For Hong Kong retail investors, the delay means subscribed funds will be returned rather than converted into shares, while some margin applicants may still bear financing costs. The case also adds to a run of post-book-close postponements in the city’s IPO market, after Slender West Lake Culture Tourism delayed its own listing earlier in the same week.