Unisound's IPO offers Investors A New AI Choice

The provider of AI services for a wide range of business customers raised $41 million in its Hong Kong listing, and could raise more in the coming months with secondary share sales

By Doug Young

Unisound AI Technology Co. Ltd. (9678.HK) made its Hong Kong trading debut on Monday, offering investors a new artificial intelligence (AI) choice with a fully integrated product boasting a diverse customer base, speaking to its wide range of potential business users.

The company raised HK$206 million ($26 million) by selling 1.56 million shares for HK$205 apiece, with about a third of those going to three cornerstone investors. The shares for sale represented a relatively small 2.2% of its share capital, suggesting Unisound could sell more stock in one or more secondary offerings in the months ahead if demand is strong.

The stock opened flat at HK$205 when trading began, valuing the company ...