New Stock Debut | ADA Space (06935) Lists on First Day, Opens 1.85% Lower in Early Trading; Company Holds Orders for 114 AI Satellites Pending Delivery

ADA Space (06935) debuted on its first trading day. According to the announcement, the offer price was HK$24.9 per share, with a total of 30.121 million shares issued, 100 shares per lot, and net proceeds of approximately HK$772 million. As of press time, the stock fell 1.85% to HK$24.44, with turnover of HK$89.9566 million. Public information shows that ADA Space was founded in 2018. Its main business is divided into two segments: satellites and related services, and satellite-based solutions, covering satellite design and manufacturing, in-orbit operation and maintenance, satellite-based AI computing power services, and industry solutions. It is one of the earlier private commercial aerospace companies in China to enter the AI satellite track. According to Frost & Sullivan data, by revenue in 2025, ADA Space ranked second among all Chinese private commercial aerospace companies with full satellite value chain capabilities. As a pioneer in AI satellites, ADA Space launched China's first AI application satellite in December 2018, and in September 2024 successfully developed and launched China's first AI large-model intelligent computing satellite. 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. The prospectus discloses that as of October 20, 2026, ADA Space holds orders for 114 AI satellites pending delivery, with a total contract value of RMB3.475 billion.