By Megan Cheah
Robotics component maker Zhejiang Laifual Drive gained moderately in its trading debut in Hong Kong on Tuesday, joining the ranks of Chinese companies tapping the city's market.
Shares of Zhejiang Laifual rose as much as 3.6% to 88.55 Hong Kong dollars before retreating slightly to trade 2.7% higher.
The company, which makes modules and parts used in humanoid and industrial robots for tasks such as welding and assembly, raised HK$1.15 billion, or about US$146.7 million, in its initial public offering.
The Zhejiang, China-based manufacturer plans to use the proceeds to boost production capacity, enhance research and development, and expand its overseas sales network.
The Hong Kong public shares offering was close to 4,572 times subscribed, while the international offer was 7.89 times subscribed.
Write to Megan Cheah at megan.cheah@wsj.com