Core Viewpoint - Rui Pu Lan Jun (stock code: 0666) announced a financing plan through the placement of new H-shares, aiming to raise approximately HKD 800 million, with net proceeds expected to be around HKD 790 million after expenses [1] Group 1: Financing Details - The company plans to issue 60,000,000 new H-shares at a placement price of HKD 13.35, which represents a discount of approximately 11.7% compared to the previous trading day's closing price of HKD 15.11 [1] - The placement price also reflects a discount of about 6.0% compared to the average closing price over the last five trading days [1] - The newly issued shares will account for approximately 2.6% of the existing issued share capital and will also represent about 2.6% of the enlarged share capital post-issuance [1] Group 2: Use of Proceeds - Approximately 85% of the raised funds (around HKD 670 million) will be allocated for the construction and expansion of production capacity, while the remaining 15% (around HKD 120 million) will be used to supplement working capital [1] - The issuance is based on the general authorization granted at the shareholders' meeting on June 27, 2025, and is expected to be completed by November 7, 2025 [1] Group 3: Company Overview - Rui Pu Lan Jun is primarily engaged in the design, research and development, production, and sales of lithium-ion battery cells, modules, battery packs, and system applications, providing solutions for global electric vehicle power and smart energy storage [1]

Core Insights - Qingshan Holding Group ranked 14th in the 2025 China Top 500 Private Enterprises list with a revenue of 406.6 billion yuan, following Midea Group [1][3] - The company has a strong presence in the stainless steel industry and has expanded into the renewable energy sector since 2017, focusing on lithium batteries and photovoltaic energy storage [1][4] Company Overview - Founded in the 1980s and officially established in June 2003, Qingshan Holding has grown into a large enterprise group with annual revenues exceeding 400 billion yuan [3] - The company produces a wide range of stainless steel products, including ingots, bars, sheets, wires, and seamless pipes, serving various industries such as oil, chemicals, machinery, and automotive [3] - Qingshan Holding has over 10 million tons of stainless steel crude steel production capacity and 300,000 tons of nickel equivalent nickel iron capacity, with production bases in China and abroad [3] Renewable Energy Ventures - Qingshan Holding entered the renewable energy sector in 2017, establishing a complete industrial chain from nickel-cobalt mining to battery applications [4] - The first company in its renewable energy portfolio, Ruipu Lanjun, went public in 2023, marking a significant step in its investment strategy [4] - Qingshan Holding is also backing another renewable energy company, Maitian Energy, which is currently in the IPO process [5] Financial Performance - Ruipu Lanjun reported revenue of approximately 9.491 billion yuan in the first half of 2023, a year-on-year increase of 24.9%, but also recorded a net loss of about 65.32 million yuan [5][6] - Maitian Energy has shown profitability, with revenues of approximately 2.486 billion yuan in 2022, projected to grow to about 3.392 billion yuan by 2024, alongside net profits of around 199 million yuan in 2022 [6] IPO Developments - Maitian Energy's IPO faced opposition from some minority shareholders, reflecting a cautious attitude from institutional investors regarding the company's industry valuation [7] - The company aims to raise approximately 1.661 billion yuan through its IPO to fund various projects, including a smart energy storage product manufacturing facility [7]