BRIEF: Zenergy launches $128 million Hong Kong IPO

3677.HK

Lithium battery manufacturer Jiangsu Zenergy Battery Technology Group Co. Ltd. (3677) launched its Hong Kong IPO on Thursday, aiming to sell 122 million shares for HK$8.27 each to raise about HK$1 billion（$128 million）. Shares will be sold in lots of 300 for HK$2,506.02 per lot, with subscriptions set to close on April 9 and trading to begin on April 14.

The company reported combined losses of nearly 2.7 billion yuan in the three years from 2021 to 2023. Its revenue last year rose 23% to 5.13 billion yuan, while it moved into the black for the year with a net profit of 91.01 million yuan.

Set up in 2019, Zenergy counts Cao Fang as one of its co-founders — the sister of Cao Dewang, founder of automotive glass-making giant Fuyao Glass. She previously served as sales manager, director and vice president at Fuyao Glass.

By Lau Chi Hang

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