Core Viewpoint - Shenzhen-listed Sieyuan Electric is planning a secondary listing in Hong Kong to gain direct access to international capital as it expands into global markets driven by rising demand for grid upgrades, particularly from data centres and artificial intelligence [1]. Group 1: Listing Details - Sieyuan plans to issue new H shares equal to no more than 15% of its total 778 million outstanding shares, but has not disclosed a timetable or fundraising target [2]. - Citibank estimates the listing could occur in the second half of next year, potentially raising up to 20 billion yuan (approximately US$2.84 billion) based on a 5% discount to Sieyuan's A shares and an offer price of about 147 yuan per share [3]. - If realized, this deal would rank as Hong Kong's third-largest initial public offering in the past 12 months, following Contemporary Amperex Technology and Zijin Gold International [4]. Group 2: Financial Performance - Sieyuan's shares have increased by 105% this year, resulting in a market capitalization of 118.4 billion yuan, making it the second largest among mainland-listed grid-equipment makers [5]. - The company's revenue rose nearly 33% year on year to 13.8 billion yuan in the first nine months, while net profit climbed 47% to 2.2 billion yuan [5]. - Offshore sales surged by 89% from the previous year, outpacing domestic revenue growth [5]. Group 3: Global Expansion - Sieyuan has established subsidiaries or invested in over 20 countries and regions, including Brazil, Mexico, Switzerland, and Kenya [6]. - The company has also set up a unit in the United States to address a transformer shortage in the American market [6]. - Sieyuan has supplied grid and gas equipment to railway projects in countries such as Indonesia, Laos, Pakistan, Uzbekistan, and Belarus [7].