SHUANGDENG (06960.HK), a company based in Taizhou, Jiangsu, commenced its initial public offering today (August 18) through Thursday (August 21), with an expected listing on the Hong Kong Stock Exchange on August 26, 2025. CICC, Huatai International, and CCB International serve as joint sponsors.
SHUANGDENG plans to globally offer 58.557 million H shares (representing 14.05% of total shares post-issuance), with 90% allocated for international offering and 10% for public offering, plus a 15% over-allotment option. The offering price is set at HK$14.51 per share, with a board lot of 500 shares and an entry fee of HK$7,328.17, potentially raising approximately HK$850 million.
Assuming an offering price of HK$14.51 per share and no exercise of the over-allotment option, SHUANGDENG expects total listing expenses of approximately HK$93.4 million, including 2% underwriting commission, up to 2% discretionary bonus, along with other costs such as Stock Exchange listing fees, SFC transaction levy, Stock Exchange trading fees, FRC transaction levy, legal and other professional fees, printing and other expenses.
The IPO has attracted one cornerstone investor: Sanshui Investment, under Taizhou Municipal State-owned Assets Supervision and Administration Commission, which will subscribe RMB 220 million through Sanshui Chuangtou.
SHUANGDENG's IPO is expected to raise net proceeds of approximately HK$1.938 billion: approximately 70% will be used to expand production capacity for 8-inch and larger silicon carbide substrates; approximately 20% will be used to enhance R&D capabilities to maintain the company's leading position in innovation; and approximately 10% will be used for working capital and other general corporate purposes.
For this IPO, CICC, Huatai International, and CCB International serve as joint sponsors, with other underwriters including ICBC International, ABC International, Livermore Securities, and China Galaxy International.
According to the prospectus, in the post-listing shareholder structure, Mr. Yang Shanji will collectively hold approximately 67.29% of voting rights as the controlling shareholder, while public shareholders will hold 14.05%.
Established in 2011, SHUANGDENG is a leading company in energy storage business for big data and communications sectors, specializing in the design, development, manufacturing, and sale of energy storage batteries and systems. According to Frost & Sullivan data, SHUANGDENG ranked first among global communication and data center energy storage battery suppliers by shipment volume in 2024, with a market share of 11.1%. By newly installed capacity in 2024, SHUANGDENG ranked twelfth among global energy storage battery suppliers with a market share of 2.5%.
SHUANGDENG prospectus link: https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0818/2025081800012_c.pdf