Group 1 - Double登股份 (06960) and Jiaxin International Resources (03858) are currently in the process of public offering [1] - As of August 20, brokers including Futu, Huatai, and Xincheng have collectively lent HKD 165.4042 billion for Double登股份, resulting in an oversubscription of over 1944 times [1][2] - For Jiaxin International Resources, brokers have lent a total of HKD 15.5319 billion, leading to an oversubscription of over 11.9 times [1][2] Group 2 - The total amount raised for Double登股份 is HKD 0.85 billion, while Jiaxin International Resources has raised HKD 1.20 billion [2] - The breakdown of the lending amounts for Double登股份 includes HKD 753.90 million from Futu and HKD 455.00 million from Huatai, among others [2] - For Jiaxin International Resources, the largest contributions come from Futu with HKD 6.77 million and Huatai with HKD 1.07 million [2]

| 新股 | 券商 | 子展(亿港元) | 息率(%) | | --- | --- | --- | --- | | 双登股份(06960) | 富途 | 247.90 | 0.00 | | | 辉立 | 198.00 | 0.00 | | | 信诚 | 23.00 | 0.00 | | | | 20.50 | 0.00 | | | 耀才 | 20.00 | 0.00 | | | 閣立 | 6.606 | 0.00 | | | 其他总和 | 95.6097 | | | | 共计 | 611.6157 | | | | | 集资额: 0.85亿港元 | | | | | 认购: 超额逾718倍 | | 智通财经APP获悉，双登股份(06960)正在招股中。截止8月19日，富途、辉立、信诚等券商合计为双登股份借出611.6157亿港元，超购逾718 倍。 ...

Core Viewpoint - Shuangdeng Co., Ltd. is set to launch its IPO from August 18 to August 21, 2023, with a listing on the Hong Kong Stock Exchange expected on August 26, 2025, backed by CICC, Huatai International, and Jianyin International [1] Company Overview - Shuangdeng Group is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1] - The company has over ten years of experience serving clients in energy storage applications for communication base stations, data centers, and power storage, positioning it to benefit from significant market opportunities in the big data era [1] - According to Frost & Sullivan, Shuangdeng is ranked first globally in terms of shipment volume among communication and data center energy storage battery suppliers, with a market share of 11.1% in 2024 [1] Financial Performance - The company generated revenue from product sales, including lithium-ion and lead-acid batteries, and other income from the sale of waste batteries and electricity [1] - Accounts receivable for 2022, 2023, and 2024 were RMB 1.862 billion, RMB 1.609 billion, and RMB 2.309 billion, respectively, with corresponding revenues of RMB 4.072 billion, RMB 4.259 billion, and RMB 4.498 billion, indicating a high accounts receivable ratio of 45.72%, 37.78%, and 51.33%, significantly exceeding the 30% warning line [5] - Revenue from data center energy storage increased nearly 120% from RMB 397 million to RMB 872 million over five months ending May 31, 2024, with its share of total revenue rising from 28.4% to 46.7%, surpassing that of communication base station energy storage [6] Industry Context - The company’s R&D investment has been low, averaging less than 3% of revenue over the past three years, which may impact its long-term competitiveness in the rapidly growing domestic new energy and energy storage industry [6] - The gross margin for data centers decreased from 15.5% to 13.7%, while the overall gross margin fell from 19.7% to 14.9%, indicating a trend of increasing revenue without corresponding profit growth [6] - The company has a reasonable valuation with an issuance market value of RMB 6 billion and a moderate entry fee of HKD 7,328.17, suggesting a relatively low pressure for price stabilization [6]

Core Viewpoint - The global energy transition and the surge in AI computing power demand have led to a milestone event in China's energy storage industry, with Doudeng Co., Ltd. launching a global IPO to raise approximately HKD 756 million, positioning itself as the "AIDC Energy Storage First Stock" in the Hong Kong market [2][12]. Company Overview - Doudeng Co., Ltd. has established itself as a leader in the global communication and data center energy storage battery market, leveraging technological barriers, cost control, and a global layout to solidify its industry position [2][5]. - The company has shown steady revenue growth, with total revenues increasing from RMB 40.72 billion in 2022 to RMB 44.99 billion in 2024, and a 33.93% year-on-year revenue growth in the first five months of 2025 [5][8]. Market Demand and Growth - The global energy storage market is experiencing explosive growth, with forecasts predicting a rise in cumulative installed capacity from 746.8 GWh in 2024 to 6810.1 GWh by 2030, representing a compound annual growth rate (CAGR) of 44.3% [12]. - The demand for data center energy storage is particularly driven by the increasing need for AI computing power, with expected growth in installed capacity from 16.5 GWh to 209.4 GWh [12]. Strategic Partnerships and Investments - The IPO has received strategic backing from local state-owned assets in Taizhou, indicating government recognition of the company's industry position and growth potential [3][6]. - The cornerstone investor, Sanshui Venture Capital, is a wholly-owned subsidiary of the Taizhou government, further enhancing Doudeng's credibility and support in the energy storage sector [6]. Technological and Operational Advantages - Doudeng Co., Ltd. has developed a diversified product matrix, including traditional lead-acid batteries, lithium-ion batteries, and emerging sodium-ion technologies, which collectively form a robust technological foundation [7]. - The company has successfully expanded its business from communication storage to data center storage and power storage, with data center storage revenue growing significantly, surpassing communication base station revenue for the first time in early 2025 [10][12]. Global Expansion and Future Plans - Since 2018, Doudeng has accelerated its international expansion, establishing a presence in Southeast Asia and the Middle East, with plans for overseas manufacturing facilities [10]. - The company aims to allocate approximately 40% of the IPO proceeds to build lithium-ion battery production facilities in Southeast Asia and 35% for a research center in Taizhou [12][13]. Conclusion - Doudeng Co., Ltd.'s IPO marks a significant step not only for the company but also for the Chinese energy storage sector, as it seeks to capitalize on the dual drivers of technological innovation and market demand, positioning itself for geometric growth in the global market [13].

本文源自：金融界AI电报 今日双登股份(6960.HK)申购，无新股上市。 ...

Group 1: Company Overview - Company Name: Shuangdeng Co., Ltd. (06960.HK) [1] - Industry: Industrial Manufacturing [1] - Core Business: Provides energy storage batteries and system solutions for communication base stations and data centers [1][2] - Established: 2011 in Taizhou, Jiangsu [1] - Market Position: Leading in global communication and data center energy storage battery market with 11.1% market share [2] Group 2: Financial Performance - Revenue Growth: Revenue increased from 4.07 billion RMB in 2022 to 4.50 billion RMB in 2024 [3][4] - Recent Performance: Revenue for the first five months of 2025 reached 1.87 billion RMB, a 33.9% increase year-on-year [4] - Net Profit: Fluctuated from 2.81 billion RMB in 2022 to 3.53 billion RMB in 2024, with a projected net profit of approximately 1.27 billion RMB for the first five months of 2025 [4] Group 3: Market Dynamics - Data Center Business: Revenue from data center business surged nearly 120% year-on-year, accounting for 46.7% of total revenue [4] - Industry Growth: Global data center energy storage installation is expected to grow from 16.5 GWh in 2024 to 209.4 GWh by 2030, with a CAGR of 52.7% [6] Group 4: Competitive Advantages - Strong Client Base: Collaborates with five of the top ten global telecom operators and all major Chinese telecom operators [2] - Technology Strategy: Employs a parallel strategy of "lead-acid + lithium + sodium batteries" to meet diverse market needs [5] - Unique Market Position: Differentiates from electric vehicle battery manufacturers by focusing on energy security for infrastructure [7] Group 5: IPO Details - IPO Date: Subscription from August 18 to August 21, 2023 [1] - Total Shares Issued: 58.557 million shares, with 10% allocated for public sale [1] - Market Capitalization: Approximately 60.48 billion HKD with a P/E ratio of 16 [1][8]

| | | 新股仔展 (8月18日) | | | --- | --- | --- | --- | | 新股 | 券商 | | 息率% | | | 辉立 | 24.00 | 0.00 | | | 富途 | 9.79 | 0.00 | | | 信诚 | 3.00 | 0.00 | | | 輝フ | 1.00 - | 0.00 | | 双登股份 | 容す | 0.6557 | 0.00 | | (06960) | 化成 | 0.25 | 0.00 | | | 其他总和 | 7.0706 | | | | 共计 | 45.7663 | | | | | 集资额：0.85亿元 | | | | | 认购:超购逾52.8倍 | | 智通财经APP获悉，双登股份(06960)正在招股中。截止8月18日，富途、辉立、华盛等券商合计为双登股份借出45.7663亿港元，超 购逾52.8倍。 ...

公开资料显示，双登股份成立于2011年，总部位于江苏泰州，是一家面向"大数据与通信"场景的储能电池供应商，产品路线同时覆盖铅酸与锂离子两条技术 线，核心应用包括通信基站、数据中心及电力储能等，在通信储能领域深耕多年，客户覆盖三大运营商与中国铁塔，以及华为、中兴、爱立信、诺基亚等国 内外设备商。 8月18日，双登股份（06960）（下称"双登股份"）在港交所发布公告宣布开启招股。公告显示，公司拟全球发售5855.7万股股份，其中香港发售股份585.6万 股，国际发售股份5270.1万股，另有878.35万股超额配股权。招股日期为8月18日至8月21日，最高发售价14.51港元，每手买卖单位500股，最低申购金额约 7328港元。 截至二零二二年、二零二三年及二零二四年十二, 們就江蘇福善達提供原材料而產生的費用總額分別約為 人民幣16,496,000元及人民幣20,243,000元。 回顾双登股份的IPO之路，可谓一波三折。最早双登股份申请的并非港交所上市，而是先申请了深交所创业板上市，于2023年6月受理，在回复两轮审核问 询并更新了四次招股书后，于2024年4月9日撤回了申请。而后又转战港股，分别于2024 ...

Core Viewpoint - The company, Shuangdeng Co., Ltd., is planning a global offering of 58.557 million H-shares, aiming to raise approximately HKD 850 million, with a net amount of about HKD 756 million from the offering [1][3]. Group 1: Offering Details - The offering includes 5.856 million shares for public sale in Hong Kong and 52.701 million shares for international sale, with an over-allotment option of approximately 15% (8.7835 million shares) [1][3]. - The subscription period is set from August 18 to August 21, 2025, with a share price of HKD 14.51 and an entry fee of approximately HKD 7,328.17 for a minimum lot of 500 shares [1][3]. Group 2: Company Overview - Shuangdeng Group is a leading enterprise in the energy storage business within the big data and communication sectors, focusing on the design, R&D, manufacturing, and sales of storage batteries and systems [3]. - The company has established deep relationships with major global clients, serving all five of the world's largest telecommunications operators and covering nearly 30% of the top 100 global telecom operators and equipment manufacturers [3]. Group 3: Financial Performance - The company's total revenue is projected to grow steadily from RMB 4.073 billion in 2022 to RMB 4.499 billion in 2024, with a revenue of RMB 1.867 billion recorded in the first five months of 2025, representing a year-on-year increase of nearly 34% [4]. - Revenue from the data center energy storage business saw a significant year-on-year growth of nearly 120% in the first five months of 2025, driven by increasing demand for data storage and processing capabilities [4]. Group 4: Use of Proceeds - Approximately 40% of the net proceeds from the global offering will be allocated to the construction of lithium-ion battery production facilities in Southeast Asia, focusing on batteries for data centers [4]. - About 35% will be invested in the construction of a R&D center in Taizhou, emphasizing the development of battery lifespan enhancement, solid-state batteries, sodium-ion batteries, and BMS technology [4]. - The remaining funds will be used to strengthen overseas sales and marketing efforts (15%) and for working capital and general corporate purposes (10%) [4].

未来，双登股份还将持续更新和完善储能电池技术，帮助数据中心客户解决电源运行可靠性及成本控制 等关键挑战，从而持续助力数字经济和人工智能发展。 聚焦"连接+算力" 双登股份业务领域主要聚焦于"连接+算力"。 "连接"指通信领域储能。2011年成立之初，公司就进入通信基站储能领域，与中国移动（600941）、中 国联通、中国电信（601728）等通信运营商及设备商建立起合作关系。 "算力"指包括智算中心在内的数据中心储能业务。2018年，公司敏锐捕捉到互联网时代市场需求，开始 与大型科技企业、数据中心运营商等客户建立合作关系。自2018年以来，公司陆续与阿里巴巴、京东、 百度等达成合作；2022年，打造出国内首例规模化数据中心"备电+循环"复合储能项目，公司产品形态 不断迭代，目前已累计应用于数百家数据中心。 早期数据中心领域客户大多来源于通信储能领域，双登股份的业务结构来自于市场需求下的自然演变。 经过7年的发展，公司数据中心业务收入占比不断提高。根据招股书，2022年、2023年、2024年及2025 年前5个月，双登股份数据中心业务收入占比分别为18.8%、21.1%、31%及46.7%。 以铅酸电池起家的 ...