Group 1 - The company, Zhengli New Energy (03677), announced that all conditions under the placement agreement have been met and the placement was completed on October 24, 2025 [1] - According to the terms of the placement agreement, the exclusive placement agent successfully placed 45.921 million shares at a price of HKD 10.98 per share to no less than six subscribers [1] - The net proceeds from the placement amount to approximately HKD 500.4 million [1]

江蘇正力新能電池技術股份有限公司 第一章 總則 第一條 為維護江蘇正力新能電池技術股份有限公司（以下簡稱「公司」或「本 公司」）、股東和債權人的合法權益，規範公司的組織和行為，根據《中華人民共 和國公司法》（以下簡稱「《公司法》」）《中華人民共和國證券法》《境內企業境外發 行證券和上市管理試行辦法》《香港聯合交易所有限公司證券上市規則》（以下簡稱 「《香港上市規則》」）和其他適用法律、行政法規、部門規章、規範性文件及境內 外證券監督管理機構的有關規定，結合公司實際情況，制訂本章程。 第二條 公司系依照《公司法》及其他有關規定成立的股份有限公司。 公司系由江蘇正力新能電池技術有限公司整體改制變更，以發起方式設立， 並於2024年7月17日在蘇州市數據局註冊登記，取得營業執照，統一社會信用代 碼為91320581MA1XYB6R35。 第三條 公司於2025年2月19日向中國證券監督管理委員會（以下簡稱「中國 證監會」）完成備案，並經香港聯合交易所有限公司（以下簡稱「香港聯交所」）批 准，首次向社會公眾公開發行121,523,700股境外上市股份並於2025年4月14日在 香港聯交所上市，每股面值1元人民幣，全部 ...

Core Viewpoint - The company, Zhengli New Energy (03677.HK), has successfully completed a placement agreement, fulfilling all conditions as of October 24, 2025, and has issued 45,921,000 shares at a price of HKD 10.98 per share [1] Group 1 - The placement agreement was executed with at least six subscribers [1] - The shares were placed at a price of HKD 10.98 each [1] - The total number of shares issued in the placement is 45,921,000 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告僅供說明，不構成收購、購買或認購本公司證券的任何邀請或要約。 本公告及其任何副本不得直接或間接在美國，或在發佈或分發本公告可能構成違法的任何其他 司法管轄區發佈或分發。 本公告不構成或組成在美國購買或認購證券的任何要約或招攬的一部分。本公告所述的證券並 未且將不會根據1933年美國證券法（「美國證券法」）進行登記，且不得在美國境內提呈發售或出 售，除非已根據美國證券法進行登記，或獲得對美國證券法登記規定的豁免，或在不受美國證 券法登記規定約束的交易中進行。本公司無意根據美國證券法登記本公告所述的任何證券，也 無意在美國進行證券的公開發售。 Jiangsu Zenergy Battery Technologies Group Co., Ltd. 江蘇正力新能電池技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3677） 完成根據一般授權 配售新H股 及 修訂公司章程 獨家整體 ...

Group 1 - Zhengli New Energy (03677.HK) has experienced a decline of over 9%, with a cumulative drop of more than 25% over the past six trading days [1] - As of the latest update, the stock is down 7.96%, trading at HKD 9.02 [1] - The trading volume reached HKD 62.77 million [1]

Core Viewpoint - Zhengli New Energy (03677) has experienced a significant decline of over 25% in the past six trading days, with a current drop of 7.96% to HKD 9.02, and a trading volume of HKD 62.77 million [1] Group 1: Company Actions - Zhengli New Energy announced a placement of 45.92 million shares at a price of HKD 10.98 per share, representing a discount of approximately 7.89% from the closing price on October 16 [1] - The net proceeds from the placement are expected to be around HKD 500 million, with approximately 70% allocated for the construction, equipment purchase, and preparatory expenses related to the second phase of the new production facility in Changshu [1] - About 10% of the proceeds will be used for the construction of a solid-state battery pilot line, another 10% for research and development activities, and the remaining 10% for working capital and general corporate purposes [1] Group 2: Industry Context - Fuyao Glass (600660) announced that founder Cao Dewang has submitted a resignation report for the chairman position, with Cao Hui elected as the new chairman [1] - Zhengli New Energy was established and is controlled by two former deputy general managers of Fuyao Glass, Cao Fang and Chen Jicheng, indicating a close relationship between the two companies [1] - Cao Fang is the sister of Fuyao Glass founder and chairman Cao Dewang, and Fuyao Glass is recognized as the largest automotive glass supplier globally, possessing a vast customer base among major manufacturers [1]

Core Viewpoint - Zhengli New Energy (03677) has experienced a significant decline in stock price, dropping over 25% in the last six trading days, with a current price of 9.02 HKD and a trading volume of 62.77 million HKD [1] Group 1: Company Actions - Zhengli New Energy announced a placement of 45.92 million shares at a price of 10.98 HKD per share, representing a discount of approximately 7.89% from the closing price on October 16 [1] - The net proceeds from the placement are expected to be around 500 million HKD, with approximately 70% allocated for the construction, equipment purchase, and preparatory expenses related to the second phase of the new production facility in Changshu [1] - About 10% of the proceeds will be used for the construction of a solid-state battery pilot line, another 10% for research and development activities, and the remaining 10% for working capital and general corporate purposes [1] Group 2: Industry Context - Fuyao Glass announced that its founder, Cao Dewang, has submitted a resignation report from the position of chairman, with the board electing Cao Hui as the new chairman [1] - Zhengli New Energy was established and is controlled by two former vice presidents of Fuyao Glass, Cao Fang and Chen Jicheng, with Cao Fang being the sister of Fuyao Glass's founder [1] - Fuyao Glass is recognized as the largest automotive glass supplier globally, possessing a vast customer base among major automotive manufacturers [1]

Core Viewpoint - Zhengli New Energy plans to raise approximately HKD 500 million through a placement of 45.92 million new H-shares at a price of HKD 10.98 per share, aimed at funding new production facilities, solid-state battery pilot lines, R&D activities, and general corporate purposes [1][3]. Financing and Debt Situation - Zhengli New Energy had previously raised about HKD 1 billion during its IPO in April 2025, which was intended for capacity expansion and R&D [2][4]. - The company has completed three rounds of financing from 2022 to 2024, totaling HKD 3.4 billion [4]. - The company faces a long-term cash flow issue, with capital expenditures consistently exceeding operating cash flow [5]. - As of June 2025, the company had cash and equivalents of HKD 2.549 billion, a 20% increase from the end of 2023, while short-term borrowings surged to HKD 1.682 billion, more than doubling from HKD 0.694 billion at the end of 2023 [7]. Production and Performance Metrics - The planned use of the new funds includes approximately 70% for the construction and equipment of a new production facility, 10% for solid-state battery pilot line construction, 10% for R&D, and 10% for working capital and general corporate purposes [7]. - From 2021 to Q1 2024, the effective production capacity increased from 1.3 GWh to 14.5 GWh, but the capacity utilization rate has shown a significant decline from 69.23% to 29.41% [7]. Revenue and Accounts Receivable - The company's revenue has shown a positive trend, with figures of HKD 3.29 billion, HKD 4.16 billion, HKD 5.13 billion, and HKD 3.17 billion from 2022 to the first half of 2025, while net profits improved from a loss of HKD 1.72 billion to a profit of HKD 220 million [8]. - Despite revenue growth, the company's accounts receivable situation has worsened, raising concerns about the sustainability of future performance [10][12]. - The company's major client, WM Motor, has faced operational difficulties and entered bankruptcy restructuring, which has led to the cancellation of battery orders and a significant increase in losses from HKD 402 million in 2021 to HKD 1.72 billion in 2022 [12].

Group 1: Market Overview - The Hang Seng Index closed down 641 points, a decline of 2.48%, and accumulated a weekly drop of 1,043 points or 3.97% [2] - The Hang Seng Tech Index fell by 243 points or 4.05%, with a weekly loss of 499 points or 7.98% [2] - The trading volume for the day was 314.62 billion, with a net inflow of 6.30 billion from northbound trading [2] Group 2: Company Performance - HSBC Holdings (00005) closed down 1.9% at 100.9 HKD, while AIA Group (01299) fell 2.2% to 69.05 HKD [3] - Semiconductor companies like SMIC (00981) and Hua Hong Semiconductor (01347) saw declines of 6.5% and 6.9%, respectively [3] - BYD Electronics (00285) was the worst-performing blue chip, dropping 8.1% to 37.74 HKD [3] Group 3: Economic and Regulatory Developments - The Financial Secretary of Hong Kong, Paul Chan, emphasized the importance of attracting U.S. businesses and talent to invest in Hong Kong, highlighting the city's favorable business environment [6] - The Insurance Authority has classified AIA and Prudential as Domestic Systemically Important Insurers (D-SII), which will subject them to enhanced regulatory requirements [8] - The People's Bank of China Governor, Pan Gongsheng, discussed the need for multilateral cooperation in light of increasing global economic challenges [9] Group 4: Retail Sector Insights - Chow Tai Fook (01929) reported a 4.1% year-on-year increase in retail value for the second fiscal quarter, with same-store sales in Hong Kong and Macau rising by 6.2% [11] - Xtep International (01368) experienced low single-digit growth in retail sales in mainland China for the third quarter, with inventory turnover of approximately 4 to 4.5 months [14] Group 5: Financing Activities - Zhengli New Energy (03677) announced a placement of 45.92 million new H shares at a discount of 7.89% to raise approximately 504 million HKD for various projects [12] - Aneng Logistics (09956) received a conditional proposal for potential privatization from a consortium led by Dazhong Capital and Temasek [13]

Core Viewpoint - Zhengli New Energy (3677.HK) has raised approximately HKD 5.04 billion through the issuance of new H shares, targeting the next decade of the power battery industry by enhancing its financial strength and optimizing its equity structure [1] Group 1: Fundraising and Strategic Allocation - The company plans to allocate around 70% of the raised funds to the construction and equipment purchase for the second phase of its Changshu factory, 10% for the construction of a solid-state battery pilot line, 10% to support R&D activities, and the remaining 10% for working capital and general corporate purposes [1] - This fundraising is a strategic response to the competitive and rapidly evolving landscape of the power battery industry, focusing on capacity expansion and technological innovation [1][2] Group 2: Market Growth and Capacity Expansion - The global power battery market is expected to grow from 900.2 GWh in 2024 to 3564.5 GWh by 2029, with a compound annual growth rate (CAGR) of 31.7%, while China's market is projected to grow from 549.9 GWh to 1961.4 GWh during the same period, with a CAGR of 29.0% [2] - Zhengli New Energy aims to achieve a total production capacity of 50.5 GWh by the end of 2026, with the second phase of the Changshu project and a new 10 GWh capacity planned for production in Q4 2025 [3] Group 3: Quality and Competitive Advantage - The company has established a flexible production line capable of switching between different battery types, which allows it to meet the diverse needs of key clients such as FAW Hongqi and SAIC General [3] - Zhengli New Energy is the first domestic power battery company to obtain AS9100D aerospace quality management certification, ensuring its products meet high standards for safety and performance [3][4] Group 4: Focus on Solid-State Technology - The industry is transitioning to a dual-driven model of "technology + scale," with solid-state batteries recognized as the next mainstream battery technology [5][6] - Zhengli New Energy is investing 20% of the raised funds into solid-state battery pilot line construction and R&D, aiming to overcome key bottlenecks in solid-state battery commercialization [6] Group 5: Long-Term Technological Accumulation - The company has developed advanced technologies in solid-state electrolytes and high-energy density batteries, positioning itself for breakthroughs in the aviation battery sector and low-altitude economy [7] - The long-term technological advancements not only enhance current business competitiveness but also open new growth opportunities in emerging markets [7] Conclusion - The fundraising aligns with industry trends and the company's strategic goals, providing essential support for capacity expansion and technological development, which is crucial for capturing market share in the power battery sector [8] - Despite potential short-term dilution of shares, the strategic allocation of funds is expected to drive long-term growth in both scale and profitability for Zhengli New Energy [8]