Core Viewpoint - The IPO of Shuangdeng Co., Ltd. (06960.HK) has a subscription price of HK$14.51, with a one-hand market value of HK$7,255. The subscription rate is extremely low at only 0.02%, marking a historical low, which may lead to significant price increases due to scarcity of shares [1][4]. Group 1: IPO Details - Shuangdeng's IPO pricing is set at HK$14.51, with a one-hand market value of HK$7,255 [1]. - The minimum and maximum number of shares for subscription in Group A is 500 to 300,000, while for Group B it is 400,000 to 2,928,000, with both groups requiring a lottery for allocation [1]. - The public offering portion is fixed at 10%, regardless of subscription multiples, preventing a reallocation mechanism and resulting in a challenging subscription environment [1]. Group 2: Market Sentiment and Performance - The market sentiment is highly optimistic, with predictions of a potential price increase of up to 10 times, driven by recent surges in similar stocks [5]. - The stock has seen a significant increase in interest, with a reported subscription multiple exceeding 3,000 times, indicating strong demand [2][4]. - The performance of Shuangdeng's data center business has surged, with revenue increasing from HK$397 million to HK$873 million year-on-year, now accounting for 46.7% of total revenue [5]. Group 3: Investment Implications - The extremely low subscription rate of 0.02% suggests that shares are scarce, which could lead to speculative trading and price volatility [1][6]. - The company's market capitalization is HK$60.5 billion, with a circulating market value of HK$20.6 billion, indicating potential for significant price movements as it approaches the HK$90 billion threshold for inclusion in the Stock Connect program [4]. - The valuation of Shuangdeng at 16 times earnings is below the industry average, suggesting potential for price appreciation as the renewable energy sector continues to grow [5].

Core Viewpoint - The article highlights the significant growth and investment opportunities in the energy storage sector, particularly focusing on the activities of Guoxuan High-Tech in Morocco and the increasing presence of Chinese lithium battery companies in the region [4][12]. Group 1: Guoxuan High-Tech's Activities - Guoxuan High-Tech has secured two major solar-storage integrated projects in Morocco, with a total investment of approximately $3.5 billion, featuring 400MWh of photovoltaic equipment and 602MWh battery storage systems [5][6]. - The company is also developing a local production base for battery and energy storage systems in Morocco, with a strategic investment agreement signed in June 2024 for a super factory with an annual capacity of 20GWh [9][10]. - Guoxuan High-Tech's 5MWh liquid cooling energy storage system has received EU compliance certification, indicating its readiness for local production and delivery [10][11]. Group 2: Chinese Lithium Battery Companies in Morocco - Several Chinese lithium battery companies, including CATL and Guoxuan High-Tech, are establishing projects in Morocco, driven by favorable trade policies and the country's strategic location [12][14]. - Morocco's automotive industry is rapidly growing, with government initiatives aiming for a production scale of 100,000 electric vehicles by 2025, attracting numerous automotive manufacturers [15][16]. - The country possesses rich mineral resources, particularly phosphates, which are crucial for lithium iron phosphate batteries, making it an attractive location for Chinese companies to secure resource access [16].

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 chemical industry ETF (516570) led the gains with an increase of 1.99% [2] - The China Securities A50 ETF (560820) rose by 1.83% [2] - The Agricultural 50 ETF (516810) saw an increase of 1.78% [2] Group 2 - The Sci-Tech Innovation 100 Enhanced ETF (588500) was the biggest loser, declining by 2.12% [2] - The Sci-Tech New Energy ETF (588830) fell by 2.08% [2] - The Energy Storage Battery ETF (159566) decreased by 2.02% [2]

Core Viewpoint - The article highlights the advancements in renewable energy, particularly solar and wind power, in Ordos City, showcasing the successful integration of ecological restoration and energy production through innovative projects and technologies [1][3][4]. Group 1: Renewable Energy Development - In the first quarter of this year, China's installed capacity for wind and solar power reached 1.482 billion kilowatts, surpassing that of thermal power for the first time [1]. - The Dalate photovoltaic power application leading base, established in 2017, generates 2 billion kilowatt-hours of green electricity annually, saving 680,000 tons of standard coal and reducing carbon dioxide emissions by approximately 1.65 million tons [3][4]. - The region is expected to reach a new energy installed capacity of 37 million kilowatts by 2030, with a comprehensive governance area of 2.92 million acres [4]. Group 2: Technological Innovations - The introduction of the world's leading 720V high-voltage solid-state sodium salt battery at Jianheng Ao Energy Technology Co., Ltd. marks a significant advancement in energy storage technology, with a cycle life of up to 7,000 times and operational safety in extreme temperatures [6]. - The production line for sodium salt batteries employs advanced automation technology, achieving a good product rate exceeding 85%, with an expected annual output value of 3 billion yuan [6]. Group 3: Research and Development - The establishment of the Beijing University Ordos Energy Research Institute focuses on nine major research directions, including new energy storage and distributed energy [9]. - A zero-carbon airport project led by the research institute is set to be implemented in 2024, aiming to reduce carbon emissions by over 10,000 tons annually [9]. - The region has seen a surge in new research institutions, promoting collaboration between government, industry, academia, and research to facilitate the application of new technologies [9].

来源：市场资讯 （来源：真灼财经） 2025年8月18日，国内大数据及通信领域能源存储解决方案领军企业——双登集团股份有限公司（下 称"双登集团"）正式启动港交所主板招股，计划通过公开招股与配售合计发售5856万股股份，招股价定 为14.5港元，预计发售所得款项约7.56亿港元。此次上市由中金公司、华泰国际、建银国际担任保荐 人，股份买卖日期拟定为2025年8月26日，标志着这家深耕储能电池领域的企业正式迈入资本市场新阶 段。 财务表现稳健，估值具备行业竞争力 财务数据显示，双登集团近年营收保持稳定增长态势：2022年、2023年、2024年收益分别为40.73亿 元、42.60亿元、44.99亿元人民币；同期净利润分别为2.81亿元、3.85亿元、3.53亿元人民币，盈利能力 整体稳健。以2024年净利润计算，公司此次上市市盈率为15.6倍，不仅与大市水平差距较小，更显著低 于同业企业，估值具备一定吸引力。 随着此次港交所主板上市的推进，双登集团将借助资本的力量进一步夯实技术壁垒、拓展全球市场版 图。在全球储能需求持续攀升与通信行业数字化转型加速的浪潮下，公司以铅酸电池的市场主导优势为 根基，以锂离子电池的 ...

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].

Core Viewpoint - Shuangdeng Co., Ltd. (06960.HK) is launching an IPO in Hong Kong, with a total of 58,557,000 H-shares available for sale, priced at HKD 14.51 per share, aiming to raise approximately HKD 19.38 billion for expansion and R&D purposes [1][2][4]. Group 1: IPO Details - The IPO subscription period is from August 18 to August 21, 2025, with the listing date set for August 26, 2025 [2][3]. - The total number of shares issued is 58,557,000 H-shares, with 5,856,000 shares allocated for the Hong Kong offering and 52,701,000 shares for international offering [1][3]. - The expected gross proceeds from the IPO are approximately HKD 8.50 billion, with a net fundraising amount of about HKD 19.38 billion [3][4]. Group 2: Use of Proceeds - Approximately 70% of the net proceeds will be used to expand the production capacity of 8-inch and larger silicon carbide substrates [4]. - About 20% is allocated to enhance R&D capabilities to maintain the company's innovation leadership [4]. - The remaining 10% will be used for working capital and other general corporate purposes [4]. Group 3: Shareholder Structure - Post-IPO, the controlling shareholder, Mr. Yang Shanjin, will hold approximately 67.29% of the voting rights [4][5]. - Public shareholders will hold 14.05% of the shares [4][5]. - The major shareholders include Mr. Yang Shanjin (33.18%), Shuangdeng Investment (26.29%), and other entities [5]. Group 4: Company Background - Founded in 2011, Shuangdeng Co., Ltd. is a leading company in the energy storage business within the big data and communications sector, focusing on the design, R&D, manufacturing, and sales of energy storage batteries and systems [5]. - According to Frost & Sullivan, Shuangdeng ranks first globally in the supply of energy storage batteries for communications and data centers by shipment volume, with a market share of 11.1% in 2024 [5]. - The company ranks twelfth in the global energy storage battery suppliers by newly installed capacity, with a market share of 2.5% [5].

Group 1 - The company, 双登股份, plans to globally offer 58.557 million shares, with 5.856 million shares available in Hong Kong and 52.701 million shares for international sale, along with an over-allotment option of 8.7835 million shares [1] - The subscription period for the shares is from August 18 to August 21, with a maximum offer price of HKD 14.51 per share and an entry fee of approximately HKD 7,328.17 for 500 shares [1] - The total expected fundraising amount is HKD 850 million, with a net amount of HKD 756 million, which will be used for establishing a lithium-ion battery production facility in Southeast Asia, funding a research and development center in 泰州, enhancing overseas sales and marketing, and general corporate purposes [1] Group 2 - The company has introduced cornerstone investors, including 三水创业投资有限公司, who will subscribe to approximately 16.673 million shares at the offer price [1] - 双登股份 is expected to be listed on the main board on August 26, 2025, with China International Capital Corporation Hong Kong Securities Limited, Jianyin International Financial Limited, and Huatai Financial Holdings (Hong Kong) Limited acting as joint sponsors [1] - The company is a leading player in the energy storage business within the big data and communications sector, focusing on the design, research and development, manufacturing, and sales of energy storage batteries and systems [1] Group 3 - The company's net profits for the years ending December 31 for 2022, 2023, and 2024 are projected to be CNY 281 million, CNY 385 million, and CNY 353 million, reflecting year-on-year changes of 624.83%, 37.07%, and -8.27% respectively [2]