Hong Kong Aerospace Science and Technology plans to go double listed in the Middle East. The Saudi Space City project will follow the trend and go one step further ·  12/07/2023 10:30

Source: Finance Association
Author: Hu Jiarong

① Hong Kong Aerospace Science and Technology plans to double list in the Middle East region ② What cooperation did the company have with the Middle East market before?

$HK AERO TECH (01725.HK)$An important announcement was made on Thursday morning that the company had decided to conduct a potential dual listing of its shares on a Middle East stock exchange.

Note: Hong Kong Aerospace Science and Technology Announcements

According to the announcement, Hong Kong Aerospace Technology has appointed a United Arab Emirate-based investment bank CGL (Canaccord Genuity Dubai Ltd., a regional partner of Canaccord Genuity Group Inc.) as its dual listing financial adviser and arranger, and has appointed DLaPiper (Canada) LLP, Al Tamimi & Company, and Stevenson & Wong as its legal adviser to handle potential dual listing laws Affairs.

Hong Kong Aerospace Technology pointed out that after completing the dual listing, the company will enter the Middle East stock market and expand the Group's influence in this market.

The company also stressed that the dual listing still needs to obtain approval from the relevant regulatory authorities in the Middle East for the dual listing.

Stimulated by the above news, as of press release, Hong Kong Aerospace Technology, which is listed on the Hong Kong stock market, rose 25.47% to close at HK$4.63.

Note: The performance of Hong Kong's aerospace technology

Already deployed in the Middle East

According to the announcement on November 29, Hong Kong Aerospace Science and Technology announced the list of new board members, including Shaikh Mohammed Maktoum Juma Al-Maktoum and Dr. Fabio Fawata as executive directors; Alhamedi Mnahi Falanezi, Doctor of Space Experiments, Professor Christian Fichtinger, and Professor Guo Huadong appointed as non-executive directors; Ms. Barbara Jane Ryan and David Gordon Ayrdon (Golden Bauhinia Star, Order of Commander of the British Empire, Justice of the Peace), Marwan Jassim Sulaiman Jassim Alsarkal and Professor Wang Jianyu were appointed as independent non-executive directors.

Note: Hong Kong Aerospace Science and Technology's announcement on November 29

It is worth noting that the origin of some of the newly appointed directors is not small:

Al-Maktoum is a member of the Dubai royal family, holds a bachelor's degree in finance from the University of Dubai, and has experience in various fields such as technology and aviation.

Alanezi, serving in the General Secretariat of the League of Arab States, is the Chairman and CEO of the Arab Satellite Communications Organization.

According to a report on November 27, Saudi Arabia and ASPACE, a satellite technology company owned by Hong Kong Aerospace Science and Technology Corporation Limited, reached an agreement worth about 267 million US dollars to build Saudi Arabia's first satellite manufacturing plant.

As mentioned in the agreement, ASPACE will utilize Saudi Arabia's strategic geographical location to invest in its satellite market, thereby enhancing satellite technology capabilities. ASPACE plans to build Saudi Space City within five years and make it the largest aerospace industry ecosystem in the Middle East region and the world.

In the middle of this month, with the support of SSA and the Saudi Ministry of National Investment, ASPACE obtained a national aerospace industry license issued by Saudi Arabia, including dozens of business areas in the field of aerospace manufacturing, covering aerospace vehicles, satellites, satellite components, radio communication, measurement, remote sensing, control systems and other hardware manufacturing, raw materials and components production, information systems and software development, key technical demonstration and product testing, etc., laying an important foundation for the development of the Saudi aerospace industry.

As a result, ASPACE also successfully became the first company in Saudi Arabia to obtain an investment license for the aerospace industry and defense, and the first space industry company headquartered in Riyadh.


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