ADASPACE (06935) is conducting its public offering from November 5 to November 10, 2026.

The company plans to globally offer 30.121 million H shares, with 10% allocated to Hong Kong and 90% to international placing.

The offer price will range from HK$24.90 to HK$33.20 per share, with a board lot of 100 shares.

The shares are expected to commence trading on the Stock Exchange on November 13, 2026.

The company is a Chinese commercial space enterprise with a strategic focus on satellites and related services as well as space-based solutions.

Leveraging its core strengths in commercial space and artificial intelligence, the company designs and develops commercial satellites, ensures stable operations and management, and provides customized space-based solutions to meet diverse customer needs.

According to Frost & Sullivan, as a pioneer in AI satellites, the company launched China's first AI application satellite in December 2018 and successfully developed and launched China's first AI large-model intelligent computing satellite in September 2024.

On May 14, 2025, the company successfully developed and launched the world's first AI intelligent computing satellite constellation consisting of 12 AI intelligent computing satellites, marking an important milestone in its efforts to develop a space-based intelligent computing constellation and establish an integrated AI space intelligent computing system.

Since its establishment and up to the latest practicable date, the company has independently developed 6 AI payloads, 4 AI application satellites, and 26 AI intelligent computing satellites, while successfully completing 15 space missions through launches arranged by the company or in coordination with its business partners.

Based on the company's proprietary Lingjing Engine, it has expanded into space-based solution services.

By applying AI and commercial space technologies, the company provides scenario-specific solutions across multiple fields including spatial intelligence and computing services, digital city applications, urban governance, and cultural, tourism, and gaming applications.

The company has entered into cornerstone investment agreements with JinkoSolar Investment and Jinxin.

Subject to certain conditions, the cornerstone investors have agreed to subscribe for or procure their designated entities to subscribe for a certain number of offer shares at the offer price, with a total subscription amount of approximately HK$60 million.

Based on an offer price of HK$24.90 per offer share, the total number of offer shares to be subscribed by the cornerstone investors will be 2.4096 million H shares.

Assuming the offer size adjustment option and over-allotment option are not exercised, after deducting underwriting commissions and other estimated offering expenses payable by the company in connection with the global offering, and assuming an offer price of HK$29.05 per share (the midpoint of the offer price range of HK$24.90 to HK$33.20), the company estimates it will receive net proceeds from the global offering of approximately HK$772 million.

The company intends to use the net proceeds from the global offering for the following purposes and amounts: approximately 24.4% of the net proceeds are expected to be used for the construction of the Shenzhen Center.

Approximately 35.6% of the net proceeds are expected to be used to enhance the company's research and development capabilities.

Approximately 20.0% of the net proceeds are expected to be used to selectively pursue strategic investment and acquisition opportunities.

Approximately 10.0% of the net proceeds will be used to repay (i) the principal and interest of bank borrowings for the acquisition of the company's headquarters building in Chengdu in 2024; and (ii) other borrowings.

Approximately 10.0% of the net proceeds are expected to be used as working capital and for other general corporate purposes.