Zhida to raise $26 million through share placement at 12% discount

Electric vehicle (EV) charging pile maker Shanghai Zhida Technology Development Co. Ltd. (2650.HK) said on Tuesday it plans to sell up to 19.13 million new shares for HK$10.98 each, representing an 11.88% discount to the previous day’s closing price of HK$12.46. The sale is expected to raise net proceeds of HK$205.8 million ($26 million).

The new shares represent 6.4% of the company’s existing issued shares and will be about 6.01% of its enlarged issued H-share capital. The company said it will sell the shares to six or more independent professional or institutional investors.

Zhida plans to use 30% of the proceeds to develop new solar-storage-charging system products, 30% to expand application channels for its robotics business as well as engineering and manufacturing capabilities, 20% for overseas expansion, and the remaining 20% for general working capital.

In 2025, the company’s revenue rose 20.7% year-on-year to 716 million yuan ($106 million), while its net loss narrowed 30.5% to 164 million yuan and its gross margin improved to 15.2%. Zhida delivered about 619,500 residential EV charging piles during the year, up 76.4% from 351,100 units in 2024.

Zhida shares opened lower on Tuesday and closed at HK$11.55 by the midday break, down 7.3%. The shares have fallen more than 82.7% from their IPO price of HK$66.92.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click here