Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (Jinseng New Energy) has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors. This follows a previous application submitted on December 20, 2024 [1]. Company Overview - Jinseng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, aiming for a circular and clean future. According to a report by Frost & Sullivan, it ranks as the second-largest lithium battery recycling and regeneration company globally by revenue in 2024, and the largest third-party lithium battery recycling and regeneration enterprise [3]. Business Model - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries. Its products are widely used in electric vehicles, energy storage systems, and consumer electronics, forming a comprehensive and vertically integrated business model with a complete industrial chain [3]. Market Growth - The global market for lithium battery recycling and regeneration solutions is expected to grow rapidly, reaching a processing scale of 20.6 million tons by 2031, with a compound annual growth rate (CAGR) of 48.1% starting from 2024. Key growth drivers include the upcoming wave of lithium battery retirements, China's leading position in lithium batteries, and the increasing importance of battery recycling in achieving global carbon reduction goals [3]. Production Capacity - Jinseng New Energy has established three production facilities in Zhaoqing, Guangdong Province, and Yichun and Ganzhou in Jiangxi Province, to prepare for the impending wave of lithium battery retirements. In 2024, the company's lithium battery recycling capacity and the production capacity of regenerated products will rank second in the world [4]. Financial Performance - The company's revenue for the fiscal years ending December 31 for 2022, 2023, and the six months ending June 30 for 2024 and 2025 were approximately RMB 2.905 billion, RMB 2.891 billion, RMB 2.157 billion, and RMB 937 million, respectively. The net profit/loss for the same periods were approximately RMB 151 million, -RMB 471 million, -RMB 344 million, and -RMB 144 million, respectively [4][6].