Shuangdeng Group, the first AIDC (Artificial Intelligence Data Center) energy storage stock listed in Hong Kong, rose 168.78% in grey market trading.
Founded in Taizhou, Jiangsu in 2011, Shuangdeng Group has specialized in the design, R&D, manufacturing, and sales of energy storage batteries and systems. Over the years, the company has cultivated strong technological and market barriers in telecommunications and data center energy storage, establishing itself as a leading player in these niche yet high-growth sectors.
Financially, Shuangdeng has demonstrated steady growth. Revenue climbed from RMB 4.072 billion ($584 million) in 2022 to RMB 4.499 billion ($645 million) in 2024. In the first five months of 2025, the company recorded RMB 1.867 billion ($268 million) in revenue, a 33.9% year-on-year increase. Profitability has remained stable, providing a solid foundation for future expansion.
The company’s business layout spans telecom energy storage, data center energy storage, and power energy storage. Its client roster includes five of the world’s top ten telecommunications operators and equipment vendors, nearly 30% of the world’s top 100 telecom companies, all five major Chinese telecom operators, and leading data center operators both domestically and internationally. Notable clients include China Mobile, China Unicom, China Telecom, Ericsson, Vodafone, Telenor, Alibaba, and Baidu.
The IPO also attracted strategic support from Taizhou’s local state-owned capital, with Sanshui Venture Capital, a subsidiary of Taizhou Sanshui Investment Development Co., participating as a cornerstone investor. The firm will subscribe to shares totaling RMB 220 million ($31.6 million) at the offering price.
Industry experts note that the involvement of a state-owned investor not only signals recognition of Shuangdeng’s industry status but also strengthens regional energy storage development, enhancing Taizhou’s role as an emerging hub for the sector.
Shuangdeng’s competitive edge stems from a dual strategy of technological innovation and global market expansion. The company has built a diversified product matrix spanning lead-acid, lithium-ion, and sodium-ion batteries. Lead-acid batteries offer reliability and cost efficiency for telecom base stations, lithium-ion batteries provide high energy density and long cycle life for data centers, and sodium-ion batteries represent a cutting-edge, low-cost, high-safety technology for emerging applications.
These technological advantages have translated into tangible results. The company’s data center energy storage business has become its main growth engine. Revenue from this segment rose from RMB 765 million ($110 million) in 2022 to RMB 1.392 billion ($200 million) in 2024, representing a compound annual growth rate of 34.9% and increasing its share of total revenue from 18.8% to 31%. In the first five months of 2025, data center energy storage revenue surged nearly 120% year-on-year to RMB 873 million ($125 million), surpassing telecom base station energy storage for the first time.