A concept photo of space computing network Photo: VCG

Chinese artificial intelligence (AI) satellite maker Adaspace Technology Co Ltd (ADAspace) made its trading debut on the Hong Kong Stock Exchange (HKEX) on Friday, marking a new milestone in the commercialization of space-based computing and orbital AI infrastructure, industry observers said.

The Chengdu-based company offered 30.121 million H shares at HK$24.90 each, raising gross proceeds of approximately HK$750 million ($95.59 million) and net proceeds of about HK$652 million. Its shares closed at HK$24.02 on the first day of trading.

The listing makes ADAspace one of the first Hong Kong-listed companies to offer exposure to both AI and commercial aerospace, a sector that has drawn growing attention as China pushes to more deeply integrate computing power into satellite networks and orbital systems, according to a Chinese expert.

ADAspace is principally engaged in the provision of satellite and related services and satellite-based solutions.

Founded in 2018, ADAspace described itself in its prospectus as a "hard-tech" company focused on satellites and related services as well as satellite-based solutions. Unlike traditional satellite manufacturers, the company is also deploying AI computing capabilities in space. Through its AI satellites, the company provides customers with in-orbit data processing, intelligent computing and industry-specific application solutions.

The company's "Star-Compute" project aims to build a constellation of AI-enabled satellites that can support in-orbit data processing, intelligent computing and industry applications. 

The company aims to complete the deployment of its entire 2,800-satellite constellation by 2035, providing space-based computing power for hundreds of millions of silicon-based agents globally.

As of October 28, 2026, ADAspace had independently developed six AI payloads, four AI application satellites, and 26 AI computing satellites, and successfully completed 15 space missions, chinanews.com.cn reported.

According to the prospectus, IPO proceeds will be primarily used to build a satellite R&D and testing center, advance the development of onboard intelligence and in-orbit computing technologies, pursue acquisitions across the industrial chain, supplement working capital and repay borrowings, while continuing to support the Star-Compute project. 

The company's listing comes at a time when Hong Kong's IPO market has become more attractive.

Hong Kong has long sought to attract mainland companies to list on its stock exchange, with many innovative tech firms from the mainland seeking to leverage the city as a platform to raise funds, expand internationally and enhance corporate value, Li Chang'an, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Friday.

Li said the listing reflects growing investor interest in China's emerging commercial space economy, especially businesses that are moving beyond satellite manufacturing into value-added services such as orbital data processing and AI-enabled applications.

ADAspace generated revenue of about 703 million yuan ($105 million) in 2025, representing a year-on-year increase of 27.0 percent, its results show. As of October 2026, the company had secured customer orders for 114 AI satellites pending delivery, with a total contract value of approximately 3.475 billion yuan.

The listing will provide ADAspace with access to additional funding to further accelerate the development of its space-based AI computing, Li said.

According to preliminary estimates by the China Academy of Information and Communications Technology, China's space-based computing power industry is expected to exceed 250 billion yuan by 2030.


Global Times