The initial public offering of shares in Asia Satellite Telecommunications Holdings (AsiaSat) was 100 times oversubscribed in Hong Kong. Because of the strong demand, an additional 5.26 million shares were reallocated from the North American and international offerings to the Hong Kong offering. The company said yesterday the 10.53 million shares initially allocated to Hong Kong had been taken up at $20 a share, including brokerage commissions and stock exchange fees, by the time it closed last Thursday. AsiaSat offered 105.3 million shares, or 27 per cent of the company, with 10 per cent to be listed in Hong Kong tomorrow and the rest listed as American depository shares (ADSs) in New York today. AsiaSat, owned equally by Hutchison Whampoa, Cable & Wireless and China International Trust & Investment Corp, said investors for the North American and international offerings could accept either shares or ADSs, with one ADS equivalent to 10 shares and priced at US$25.83. Share certificates to successful applicants will be sent tomorrow, as will refund cheques to the unsuccessful. The company, through wholly-owned subsidiary Asia Satellite Telecommunications Co, owns and operates AsiaSat-1 and AsiaSat-2, providing transponder capacity to government and private-sector broadcasting and telecommunications customers in the region. Two additional satellite launches are planned. AsiaSat-3 is due to go up late next year and AsiaSat-4 is due in 1999, at about the end of the operational life of AsiaSat-1.