Core Viewpoint - The energy storage industry is experiencing a recovery, prompting many companies in the sector to pursue IPOs in Hong Kong, reflecting a trend of seeking new opportunities in the capital market amid tightening conditions in the A-share market [3][7][11]. Group 1: Company Developments - Double Power Co., Ltd. successfully held its H-share IPO on August 26, 2023, attracting 145 domestic and international funds, with plans to use the raised funds for lithium battery projects in Southeast Asia and to establish a research center in Taizhou [4]. - Sungrow Power Supply Co., Ltd. announced its plan to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategic layout and international brand image [4]. - Greeenmei disclosed plans for an H-share issuance and listing on the Hong Kong Stock Exchange, with details still under review [4]. Group 2: Financial Performance - Double Power's projected revenues for 2022-2024 are 4.072 billion, 4.26 billion, and 4.499 billion yuan, with corresponding net profits of 281 million, 385 million, and 353 million yuan [5]. - Sungrow reported a strong performance in the first half of the year, with revenues of 43.533 billion yuan, a year-on-year increase of 40.34%, and a net profit of 7.735 billion yuan, up 55.97% [5]. - Greenmei achieved revenues of 17.561 billion yuan in the first half of 2025, reflecting a year-on-year growth of 1.28%, with a net profit of 799 million yuan, up 13.91% [5]. Group 3: Market Trends - Following the tightening of A-share IPOs in 2023, many companies are seeking capital support through the Hong Kong market, with over 100 mainland companies reportedly queuing for listings, particularly in the new energy sector [8][11]. - More than 20 companies in the energy storage industry are pursuing listings on the Hong Kong Stock Exchange, with notable companies like CATL and Double Power already listed [8][11]. - The trend of companies moving to Hong Kong is driven by the need for internationalization and capital support, as the energy storage industry requires significant investment for R&D, expansion, and market promotion [11][12]. Group 4: Strategic Implications - The shift to Hong Kong is not solely due to A-share restrictions but also reflects the strategic direction of leading companies aiming for global market presence [11]. - The A+H listing model is expected to become mainstream among leading lithium battery and energy storage companies, facilitating their global expansion and operational flexibility [12].

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].