RelyEZ Energy doubles in Hong Kong debut

Shares of energy storage system supplier RelyEZ Energy Storage Technology Co. Ltd. (9621.HK) opened 115% higher in their Hong Kong debut on Monday, and moved up in the morning to close at HK$21.60 by the midday break, up 120.86% from the IPO price of HK$9.78.

The company said it sold 57.54 million shares priced slightly below the midpoint of its indicative range of HK$8.54 to HK$11.10. The IPO raised net proceeds of HK$501.7 million ($64 million). The Hong Kong public offering for local investors was nearly 1,400 subscribed, while the international tranche was 1.3 times subscribed. Cornerstone investor CDH Global purchased 3.21 million shares, accounting for 5.58% of the offering.

Founded in 2019, RelyEZ develops, manufactures and sells large-scale and commercial and industrial energy storage systems. It also provides operations and maintenance services and manages electricity trading for clients, including engineering contractors, project owners and energy storage system integrators.

The company ranked 10^th in China by shipment volume in 2025, with 2.1% of the market. Its products are used in large-scale energy storage power stations and commercial and industrial settings. Its revenue rose by a factor of 32 year-on-year to 280 million yuan in the first four months of this year. Its profit for the period reached 23.25 million yuan, reversing a loss of 28.73 million yuan a year earlier.

The company plans to use about 45% of the IPO proceeds to strengthen its technology and R&D capabilities, 25% to expand overseas, and 20% for construction, equipment purchases and laboratory facilities at its factory in Wuzhen of Zhejiang province. The remaining 10% will be used for working capital and other general corporate purposes.

By Lee Shih Ta

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