BRIEF: Guxia soars in Hong Kong trading debut
Shares of energy storage systems maker Guoxia Technology Co. Ltd. (2655.HK) opened 89% higher in their Hong Kong trading debut on Tuesday, and continued to climb to close up 128% at HK$45.90 by the midday break.
The company sold 38.93 million shares for HK$20.10 apiece, raising net proceeds of HK$700 million ($90 million). The public portion of the offering for local investors was oversubscribed by 1,890 times, while the international placement was oversubscribed by 2.6 times.
Founded in 2019, Guoxia supplies battery modules for large-scale energy storage in commercial, industrial and residential settings using two proprietary platforms: the Safe Energy Storage System and the Hanchu Intelligent Energy Storage System.
The company’s revenue surged 10-fold to 690 million yuan in the first half of this year as it swung to a net profit of 5.58 million yuan from a loss a year earlier. But its net margin was low at just 0.8%.
By Lau Chi Hang
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