RelyEZ Energy Storage Technology (HKG:9621) soared 124% in Hong Kong's grey market trading on Friday. The China-based energy storage technology company offered 57.5 million H shares at a maximum price of HK$11.10 each, according to a Hong Kong bourse filing.

The proceeds will be used mainly to support hardware and software research and development, including the procurement of components and software products and the recruitment of R&D and operational staff.

The company also plans to establish localized teams and explore business partnerships and production opportunities in overseas markets, as well as fund the construction and equipment procurement for a new factory in Wuzhen, Zhejiang Province.

The remainder will be allocated to working capital and general corporate purposes.

The IPO has one cornerstone investor, CDH Global, which has committed to subscribe for $4 million worth of shares.

CMB International Capital is serving as the sole sponsor and sole sponsor-overall coordinator. CMB International Capital and BOCI Asia are acting as overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.