BRIEF: Shuangdeng launches Hong Kong IPO to raise $118 million

Energy storage battery maker Shuangdeng Group Co. Ltd. (6960.HK) launchedits Hong KongIPO on Monday, aiming to sell 58.56 million shares at HK$14.50 each to raise up to HK$850 million ($118.3 million). The shares are set to debut on Aug. 26, with CICC, Huatai International, and CCB International as joint sponsors.

Shuangdeng is a leading provider of energy storage solutions for big data and telecommunications applications. Its customers include five of the world’s top 10 telecom operators and equipment makers, as well as China’s five major telecom carriers. According to Frost & Sullivan, Shuangdeng ranked first globally in shipments of storage batteries for telecom and data centers in 2024, with 11.1% of the market. It ranked 12th worldwide in terms of newly installed capacity with 2.5% of the market.

The company reported revenue of about 4.5 billion yuan ($630 million) last year, up 5.6% year-on-year, while its net profit declined 8.3% to 350 million yuan. Shanshui Capital has signed on as a cornerstone investor to the IPO, committed to buying 220 million yuan worth of shares. The company plans to use 40% of the IPO proceeds to build a lithium battery production facility in Southeast Asia, 35% for a new R&D center, and the remainder for overseas sales expansion and working capital.

By Lee Shih Ta

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