Group 1 - The IPO of Shuangdeng Co., Ltd. (06960.HK) has seen an unprecedented one-hand subscription rate of only 0.02%, marking the lowest in Hong Kong's history, with over 3000 times oversubscription in the public offering [1][2] - The stock's price in the international dark market surged to HKD 85, representing an increase of over 485% from the issue price of HKD 14.51, indicating strong market expectations for its debut [2][4] - Institutional investors have locked up a significant portion of shares, with global long-term funds oversubscribing by more than 20 times, which may lead to reduced liquidity in the market [4][6] Group 2 - Shuangdeng is recognized as the global leader in communication and data center energy storage batteries, with a projected market share of 11.1% in 2024, and has shown consistent revenue growth from 4.072 billion in 2022 to 4.499 billion in 2024 [6][8] - The company's revenue from data center energy storage has increased by nearly 120% year-on-year in the first five months of 2025, surpassing the revenue from communication base stations for the first time [6][8] - The global energy storage market is expected to grow significantly, with cumulative installed capacity projected to rise from 746.8 GWh in 2024 to 6810.1 GWh by 2030, reflecting a compound annual growth rate of 44.3% [6][8] Group 3 - The IPO raised approximately HKD 756 million, with 40% allocated for building a lithium-ion battery factory in Southeast Asia and 35% for establishing a research and development center in Taizhou [8] - The establishment of the factory aims to reduce costs and enhance market proximity, while the R&D center is intended to address technological gaps in the rapidly evolving energy storage sector [8] - The successful IPO and subsequent market performance of Shuangdeng may serve as a barometer for investor confidence in the renewable energy sector amid increasing global carbon neutrality efforts [8]

Core Viewpoint - The global energy transition is reshaping the energy industry, with energy storage technology playing a crucial role in connecting renewable energy and stable power supply. Dual Energy Co., Ltd. (6960.HK) is set to officially list on the Hong Kong Stock Exchange on August 26, 2025, bringing a new force of innovation and growth certainty to the capital market [1]. Industry Opportunities - The global energy revolution is creating a golden growth period for the energy storage industry, with the global energy storage market's installed capacity expected to grow from 39.9 GWh in 2020 to 268.3 GWh in 2024, representing a compound annual growth rate (CAGR) of 61.1%. By 2030, this figure is projected to exceed 1,816.5 GWh, expanding the market space by over seven times [3]. - The increasing share of renewable energy is driving rigid demand, with renewable energy generation expected to exceed 35% in 2024 and over 45% by 2030, highlighting the value of energy storage as a stabilizer [3]. - The construction of 5G and data centers is igniting a new market, with the number of global 5G base stations expected to surge from 1.1 million in 2020 to 6.5 million in 2024, and the demand for data center racks projected to grow from 12.5 million in 2020 to 33.9 million in 2024 [4]. - Technological iterations and cost reductions are promoting commercialization, with advancements in lithium-ion batteries and the emergence of sodium-ion batteries enhancing market competitiveness [5]. - Global carbon neutrality policies are providing favorable conditions for the energy storage sector, with various countries implementing subsidies and tax incentives [5]. Dual Energy Advantages - Dual Energy Co., Ltd. stands out as the "global first brand" in communication and data center energy storage batteries, with a market share of 9.2% in communication base station energy storage batteries and 16.1% in data center energy storage batteries in China [6]. - The company has developed a multi-technology matrix covering lithium-ion, lead-acid, sodium-ion, and solid-state batteries, allowing for differentiated competitiveness [6]. - Continuous R&D investment has led to 353 patents, including 111 invention patents, and collaborations with top universities, establishing a strong technological moat [6]. - A global customer network includes nearly 30 major telecom operators and deep penetration into cloud service providers, creating a competitive barrier through long-term partnerships [6]. - The company has achieved high efficiency in manufacturing and green operations, with production cycles significantly shorter than the industry average and a stable gross margin of 16%-20% [6]. Conclusion - Positioned at the intersection of global energy transition and digital infrastructure explosion, Dual Energy Co., Ltd. aims to become a comprehensive player in the global energy storage market, driven by its mission to enhance energy efficiency and sustainability [7].

Core Viewpoint - The IPO of Shuangdeng Group (06960), a storage battery manufacturer, has seen overwhelming demand, with over 3000 times subscription for its public offering, indicating strong market recognition [1][2] Group 1: IPO Details - Shuangdeng Group's IPO took place from August 18 to 21, with a total of HKD 255.2 billion in margin loans secured by brokers, and public offering proceeds amounting to HKD 84.97 million [1] - The company plans to issue 58.557 million H-shares at a price of HKD 14.5 per share, aiming to raise up to HKD 850 million [1] - The stock is expected to be listed on August 26, with CICC, Huatai International, and Jianyin International serving as joint sponsors [1] Group 2: Business Overview - Shuangdeng Group's main products include lead-acid batteries and lithium-ion batteries, primarily used in communication base station storage, data center storage, and power storage [1] - The company is projected to become the global leader in battery shipments for communication and data center storage by 2024, serving five of the top ten global telecom operators and 80% of China's top ten self-owned data center companies [1][2] Group 3: Financial Performance - The company has shown steady revenue growth, with total revenue increasing year-on-year from 2022 to 2024, and a more than 30% year-on-year revenue growth in the first five months of 2025 [2] - The data center storage business has experienced explosive growth, surpassing the communication base station business in revenue contribution for the first time in early 2025 [2] Group 4: Strategic Support - The IPO received strategic backing from local state-owned assets in Taizhou, highlighting the local government's recognition of the company's industry position [2] - With the booming global demand for storage solutions and strong policy support, Shuangdeng Group is well-positioned to capitalize on the growth opportunities in the storage industry [2]

Group 1 - The core viewpoint of the news is that Shuangdeng Group has successfully completed its IPO subscription, demonstrating strong market recognition with an oversubscription of 3002 times [1] - Shuangdeng Group plans to issue 58.557 million H-shares at a price of HKD 14.5 per share, aiming to raise up to HKD 850 million [1] - The company is expected to be listed on August 26, with major underwriters including CICC, Huatai International, and Jianyin International [1] Group 2 - Shuangdeng Group is the global leader in battery shipments for communication and data center energy storage, with a solid industry position supported by technological barriers and cost control [2] - The company's revenue has shown steady growth, with total revenue increasing year-on-year from 2022 to 2024, and a more than 30% year-on-year revenue growth in the first five months of 2025 [2] - The data center energy storage business has seen explosive growth, surpassing the communication base station business in revenue contribution for the first time in early 2025 [2]

Group 1 - The core viewpoint of the article is that Shuangdeng Group Co., Ltd. is set to become the first AIDC energy storage stock in the Hong Kong market, with strong market recognition reflected in its oversubscribed IPO [1][2] - The company has established itself as a leader in the global communication and data center energy storage battery market, with a projected shipment volume ranking first globally in 2024 and a market share of 11.1% [3][4] - The data center energy storage business has seen significant growth, with revenue increasing by over 120% year-on-year in the first five months of 2025, making it the largest revenue source for the company [2][4] Group 2 - The company’s product portfolio includes lead-acid batteries and lithium-ion batteries, primarily used in communication base station storage, data center storage, and power storage [2][4] - The revenue contribution from the data center business has risen from 18.8% in 2022 to 46.7% in the first five months of 2025, surpassing traditional communication base station business [2][3] - The company employs a full-chain model of "self-produced cells + self-developed battery management systems (BMS)", enhancing cost advantages and reliability, which has led to a strong reputation among major clients [5][6] Group 3 - The company has diversified its technology strategy, focusing on lead-acid for stability, lithium-ion for new opportunities, and sodium-ion for future growth, which supports the data center business [4][5] - The upcoming IPO is seen as a new starting point for global expansion, with plans to invest in strengthening the competitive edge of the data center energy storage business [5][6] - The company aims to provide efficient and safe energy storage solutions to meet the growing demand for AI computing power, thereby enhancing its leadership position in the global energy storage industry [6]

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。 ...