BRIEF: Zenergy rises 2% in Hong Kong trading debut
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
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