BRIEF: Zenergy rises 2% in Hong Kong trading debut

3677.HK

Shares of lithium-ion battery maker Jiangsu Zenergy Battery Technologies Group Co. Ltd. (3677.HK) opened up 2% at HK$8.46 in their Monday trading debut in Hong Kong.

The company sold 122 million shares for HK$8.27 per share, raising net proceeds of approximately HK$928 million ($120 million). The Hong Kong portion was oversubscribed by 2.51 times, while the international tranche was barely covered. The company plans to use 80% of the proceeds for capacity expansion, including building smart manufacturing facilities and flexible production lines. Another 10% will go to R&D initiatives.

Zenergy swung to a net profit of 91.01 million yuan last year, reversing a 560 million yuan net loss from the previous year. Its annual revenue climbed 20% year-over-year to 5.13 billion yuan.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here

, ,
, ,

Related Articles

RELATED ARTICLES

  1. Jinsheng New Energy files for Hong Kong IPO
    Jinsheng New Energy gets price volatility shock on road to IPO
  2. BRIEF: Zenergy launches $128 million Hong Kong IPO
    3677.HK
  3. Lopal steers back towards profitability after tough two years
    2465.HK 603906.SHG
  4. Microvast zooms with turbocharged margin gains
    MVST.US
  5. BRIEF: Xunfei Healthcare rises 8% in Hong Kong trading debut  
    2506.HK
  6. BRIEF: Mokingran stock rises in Hong Kong trading debut
    2585.HK
  7. CATL leads new charge of Mainland-listed companies into Hong Kong
    300750.SHE
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

Illustration of the rebound of Chinese fintech lenders

A fintech lender rebound, and a hotel mess

Fintech lenders are entering a new golden era, with Jiayin reporting 46% growth for its core consumer lending business in last year's fourth quarter and forecasting similar gains this year. What's driving this rebound? And hotelier H World is still trying to fix a German acquisition from 2019 that wiped out its profit in the fourth quarter of last year. Will the Chinese hotelier be able to turn around this money-losing offshore asset?
JFIN.US HTHT.US