Core Viewpoint - Xiamen Haicheng Energy Storage Technology Co., Ltd. (Haicheng Energy Storage) is attempting to go public on the Hong Kong Stock Exchange after previous failed attempts, amidst legal disputes with CATL and increasing reliance on government subsidies for profitability [1][9][10]. Group 1: Company Overview - Haicheng Energy Storage focuses on providing comprehensive energy storage solutions centered around energy storage batteries and systems, and has quickly risen to become one of the top three global players in the energy storage market within six years [1][10]. - The company reported total assets of 34.696 billion yuan by mid-2025, indicating significant growth [1]. Group 2: Financial Performance - Revenue figures for Haicheng Energy Storage from 2022 to 2025 show a positive trend: 3.615 billion yuan in 2022, 10.202 billion yuan in 2023, 12.917 billion yuan in 2024, and 6.971 billion yuan in the first half of 2025 [10]. - The company achieved a net profit of 288 million yuan in 2024, marking a turnaround from previous losses, although this profit was heavily supported by government subsidies amounting to 414 million yuan, which constituted 144% of the net profit [9][12]. Group 3: Legal Challenges - Haicheng Energy Storage is facing multiple lawsuits from CATL, including claims of unfair competition and patent infringement, which could pose significant obstacles to its IPO [6][18]. - The company has been involved in at least ten legal disputes, with CATL seeking substantial damages and injunctions against competitive activities [6][18]. Group 4: Market Dynamics - The global energy storage market is projected to grow significantly, with a compound annual growth rate of 37.7% expected from 2023 to 2027, potentially exceeding 800 billion yuan by 2027 [12]. - Haicheng Energy Storage's overseas revenue has increased dramatically, accounting for 28.6% of total revenue in 2024, with a gross margin of 42.3% compared to just 8.1% for domestic operations [18]. Group 5: Strategic Initiatives - The company is expanding its production capacity overseas, with a new manufacturing facility in Texas, USA, set to begin operations in mid-2025, aimed at meeting growing demand from international markets [23]. - The first major use of funds from the IPO is intended for enhancing energy storage battery production capacity, particularly in overseas markets [23].

Core Viewpoint - The company, Hai Chen Energy, is making a third attempt to go public after previous failures, with significant revenue growth but potential reliance on external policies and government subsidies for profitability [1][2]. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of 36.15 billion, 102.02 billion, and 129.17 billion from 2022 to 2024, representing a compound annual growth rate of 89% [1]. - In 2024, the company is expected to turn a profit with a net profit of 2.59 billion, following a significant government subsidy of 4.14 billion [2]. - The company's revenue from the U.S. market was 26.2% in 2024, with a gross margin of 43%, significantly higher than the domestic margin of 8% [2]. Financial Risks - The company has high accounts receivable, with amounts reaching 51.97 billion, 96.46 billion, and 96.61 billion from 2022 to 2025, representing 28% of total assets as of mid-2025 [3]. - The accounts receivable turnover days have increased significantly, indicating a longer collection period, which could strain liquidity [3][4]. - The company's debt ratio has risen to 74.95% by mid-2025, raising concerns about leverage management [3][4]. Legal Issues - The company is involved in a legal dispute with CATL, initiated by allegations of unfair competition and breach of non-compete agreements by its founder, Wu Zuyu [5][6]. - CATL has filed multiple lawsuits against Hai Chen Energy, including claims for patent ownership and damages, which could impact the company's operations [6].

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

Core Viewpoint - The company, Shuangdeng Co., Ltd., has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the AIDC (Automatic Identification and Data Capture) energy storage sector, with a strong market response and significant growth potential in the energy storage industry [2][3]. Company Overview - Shuangdeng Co., Ltd. is headquartered in Taizhou, Jiangsu Province, focusing on energy storage solutions in the big data and communication sectors [2]. - The company achieved a market share of 11.1% in global communication and data center energy storage battery suppliers, ranking first in shipment volume in 2024 according to Frost & Sullivan data [2]. Financial Performance - The company reported steady revenue growth from 2022 to 2024, with revenues of approximately 4.072 billion yuan, 4.26 billion yuan, and 4.499 billion yuan, respectively. Net profits for the same period were around 281 million yuan, 385 million yuan, and 353 million yuan [3]. - The revenue from the data center business is increasing significantly, with figures of approximately 764 million yuan, 900 million yuan, and 1.392 billion yuan from 2022 to 2024. In the first five months of 2025, data center revenue reached 873 million yuan, accounting for 46.7% of total revenue, surpassing the communication base station business [5]. Strategic Initiatives - The company plans to use the funds raised from the IPO to build lithium-ion battery production facilities in Southeast Asia, develop a research center in Taizhou focusing on enhancing battery life and solid-state batteries, and strengthen overseas sales to enhance global influence and better serve international customers [5]. Leadership Insights - The Chairman and CEO, Yang Rui, highlighted the company's strategic positioning amidst the waves of artificial intelligence and global energy demand, aiming to become a key player in the energy ecosystem for intelligent computing centers [3].

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 company is planning to publicly transfer 100% equity of its wholly-owned subsidiary, Guangdong Dazhi Chemical Technology Co., Ltd., to focus more on its strategic transformation towards energy storage batteries and integrated renewable energy services [1] Group 1: Company Actions - The company holds 100% equity in Dazhi Chemical, which is currently its only subsidiary engaged in surface engineering chemicals [1] - The public transfer of Dazhi Chemical's equity is based on an assessment value of 68.4358 million yuan, determined by Zhongwei Zhengxin (Beijing) Asset Appraisal Co., Ltd. as of March 31, 2025 [1] - After the completion of the equity transfer, the company will no longer hold any shares in Dazhi Chemical, and it will be excluded from the company's consolidated financial statements [1] Group 2: Financial Assessment - The assessed value of Dazhi Chemical's total equity is 68.4358 million yuan, which serves as the basis for the public transfer [1] - The final transaction price and counterpart will be determined based on the results of the public transfer [1]

Core Viewpoint - Lingpai Technology is shifting its strategic focus towards energy storage batteries and related services, leading to the decision to divest its subsidiary, Dazhi Chemical, which specializes in surface engineering chemicals [3]. Group 1: Business Composition - For the year 2024, Lingpai Technology's revenue composition is as follows: 62.27% from the energy storage battery business, 36.81% from surface engineering chemicals, and 0.92% from other sources [1]. Group 2: Subsidiary Divestment - Lingpai Technology announced the intention to publicly transfer 100% equity of its wholly-owned subsidiary, Dazhi Chemical, as part of its strategic transformation [3]. - Dazhi Chemical is the only subsidiary within the company engaged in surface engineering chemicals [3]. - The assessed value of Dazhi Chemical's equity is approximately 68.44 million yuan, with the public transfer starting at this valuation [3].

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 VC/PE云集。 作者 I 周佳丽 报道 I 投资界-天天IPO 告别A股 厦门超级独角兽赴港了 投资界-天天IPO获悉，厦门海辰储能科技股份有限公司（简称：海辰储能）已向港交所 递交招股说明书，申请主板IPO。 成立于201 9年，海辰储能由吴祖钰、王鹏程两位福建80后联手成立，是福建省和厦门市 双重点建设项目。以锂离子储能电池出货量计算，海辰储能于2024年全球储能市场排名 第三，一年营收超120亿元。 一路走来，海辰储能6年融资8 0亿元，从产业资本、市场化机构到地方国资，集结了一支 浩浩荡荡的投资方军团，曾经估值近3 00亿元。 相比于公司的出圈，海辰储能的创始团队相当低调，公司董事长吴祖钰更是鲜少公开露 面。 吴祖钰，现年39岁，2 008年6月获得山东师范大学应用化学学士学位，之后考入福州大 学攻读化学工程硕士。他的职业生涯始于宁德时代，在研究生毕业后便加入担任宁德新 能源科技有限公司的工程师，一干就是8年，是宁德时代很早一批技术骨干。 20 19年12月，吴祖钰率队另立门户在厦门创立了海辰 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 据 IPO早知道消息，矽电半导体设备(深圳)股份有限公司（以下简称"矽电股份"）于2025年3月24 日正式以"301629"为股票代码在深交所创业板挂牌上市。 成立于 2003年的矽电股份专注于半导体探针测试技术领域，主要产品为探针台设备，是中国大陆规 模最大的探针台设备制造企业。同时，作为中国最早研发探针测试技术的企业之一，矽电股份也是中 国大陆首家实现产业化应用的12英寸晶圆探针台设备厂商，已在多个半导体产品领域打破海外厂商 垄断。 这里不妨补充一点，探针测试技术主要应用于半导体制造晶圆检测 (CP, Circuit Probing)环节，也 应用于全流程晶圆接受测试(WAT 测试, Wafer Acceptance Test)、设计验证和成品测试(FT, Final Test)环节，是检测芯片性能与缺陷，保证芯片测试准确性，提高芯片测试效率的关键技术。 目前，矽电股份自主研发了多种类型应用探针测试技术的半导体设备，产品已广泛应用于集成电路、 光电芯片、分立器件、第三代化合物半导体等半导体产品制造领域，其探针测试系列产品已应用于士 兰微、比 ...

Group 1 - LG Energy Solution has recruited the core team from the former Jiewei Power to strengthen its capabilities in lithium iron phosphate battery sector, with approximately 20 former employees already onboard at the Nanjing factory [1] - LG Energy plans to introduce a total of around 200 former Jiewei employees in three batches, covering various functions including R&D, production, and sales [1] Group 2 - EVE Energy's subsidiary, Hubei EVE Power Co., has received a supplier designation notification from Changan Automobile for HEV battery assemblies, recognizing the performance and supply qualifications of EVE's HEV batteries [2] - This project is expected to enhance EVE Energy's market expansion and overall strength in the new energy sector [2] Group 3 - Xiamen Hichain Energy Technology Co., has submitted its IPO application to the Hong Kong Stock Exchange, focusing on providing comprehensive energy storage solutions centered around energy storage batteries and systems [3] - Hichain Energy is the only company in the GWh-level lithium-ion battery shipment category that specializes in the energy storage field, having served clients in over 20 countries and regions [3] - The company is projected to deliver 35.1 GWh of global energy storage batteries in 2024, ranking third in the global energy storage market by lithium-ion battery shipment volume [3]