IPO News | Chinese commercial aerospace company ADASTRA begins offering; plans to list on November 13, with a minimum lot subscription amount of HKD 3,353.48

Futu News, November 5: $ADASPACE (06935.HK)$ The company announced its IPO period from November 5 to November 10. It plans a global offering of approximately 30.121 million shares and is expected to list on November 13.

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Company Overview

ADASTRA is a player in China's commercial aerospace industry, with a strategic focus on satellites and related services as well as space-based solutions. Leveraging its core strengths in commercial aerospace and artificial intelligence, the company designs and manufactures 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 a significant milestone in the Company's efforts to develop space-based intelligent computing constellations and establish an integrated AI space-based intelligent computing system.

Financial Overview

ADSpace's revenue increased from RMB 507.5 million in 2023 to RMB 553.5 million in 2024, and further increased to RMB 702.7 million in 2025. The Company's gross profit increased from RMB 71.1 million in 2023 to RMB 210.2 million in 2024, and then decreased to RMB 143.2 million in 2025, with gross profit margins of 14.0%, 38.0%, and 20.4%, respectively.

In 2023, 2024, 2025, and for the six months ended June 30, 2025 and 2026, the Company recorded net losses of RMB 139.3 million, RMB 177.2 million, RMB 255.9 million, RMB 192.0 million, and RMB 150.8 million, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, ADSpace expects the net proceeds from the global offering to be approximately HK$ 772 million (assuming the over-allotment option is not exercised and calculated based on the mid-point of the offer price of HK$ 29.05). According to the prospectus, ADSpace intends to use the funds raised from the global offering for the following purposes:

Approximately 24.4% will be used for the construction of the Shenzhen center; approximately 35.6% will be used to enhance the Company's R&D capabilities; approximately 20.0% will be used to selectively pursue strategic investment and acquisition opportunities to enhance the Company's products, diversify its satellite-based solutions, and expand its customer base as part of the Company's long-term growth strategy; approximately 10.0% will be used to repay bank borrowings and other borrowings; and approximately 10.0% will be used for working capital and other general corporate purposes.