终止港股IPO，盛新锂能转身拟32亿定增“补血”还牵手两巨头

Core Viewpoint - Shengxin Lithium Energy has abandoned its plan for a Hong Kong IPO after over a year of preparation, citing strategic adjustments and a focus on domestic fundraising to alleviate short-term debt risks [4][11]. Group 1: Company Overview - Shengxin Lithium Energy operates primarily in the upstream and midstream segments of the lithium battery industry, with significant exposure to price fluctuations [2][5]. - The company has established lithium salt production capacity of 137,000 tons per year and lithium metal production capacity of 500 tons per year, serving various applications including lithium-ion batteries and energy storage [4]. Group 2: Financial Performance - The company has faced continuous losses, with a reported loss exceeding 600 million yuan in 2024, and a total loss of 752 million yuan in the first three quarters of the year [5][6]. - Shengxin Lithium Energy's asset-liability ratio has reached a recent high, surpassing 50% for the first time in fourteen years, which is above the median of 43.39% for its industry peers [6]. Group 3: Fundraising and Strategic Partnerships - Concurrently with the abandonment of the Hong Kong listing, Shengxin Lithium Energy announced a 3.2 billion yuan private placement aimed at strategic investors, including Zhongchuang Innovation and Huayou Cobalt Group, to enhance its lithium battery supply chain [3][10]. - The funds raised will be used entirely for replenishing working capital and repaying debts, indicating a focus on financial stability [8][10]. Group 4: Market Context and Strategic Shift - The decision to withdraw from the Hong Kong IPO reflects a more cautious approach to global expansion, as the company aims to strengthen its domestic operations before pursuing international opportunities [11]. - The recent trend of lithium battery companies seeking secondary listings in Hong Kong highlights the industry's shift towards global expansion, with Shengxin Lithium Energy initially planning to leverage this trend for international financing and brand enhancement [4][11].