IPO Timeline Raw facts
Broker Deadline
2025-08-21
Morning deadline
HKEX Deadline
2025-08-21
Noon deadline
Broker Results (T-2)
2025-08-22
Some brokers release in afternoon
Grey Market (T-1)
2025-08-25
Afternoon
HKEX Allotment (T-1)
2025-08-25
Evening
Registrar Allotment (T-1)
2025-08-25
Evening
Listing Day (T)
2025-08-26
First day of trading
Company Overview
| Stock Name | Shuangdeng |
|---|---|
| Stock Code | 06960 |
| Company Full Name | Shuangdeng Group Co., Ltd. |
| Industry | New Energy |
| Principal Activities | We are a leading company in the energy storage business in the big data and communications sectors. We focus on the design, research and development, manufacturing and sale of energy storage batteries and systems. |
| Listing Date | 2025-08-26 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省泰州市姜堰經濟開發區天目西路999號 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | shuangdeng.com.cn |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 14.51 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 7,255 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-08-18 to 2025-08-21 |
| Global Offering Shares | 58,557,000 shares |
| HK Public Offer Shares (Initial) | 5,856,000 shares (10.0%) |
| Public Offer Lots (Initial) | 11,712lots (5,856lots, 5,856lots) |
| International Placing Shares (Initial) | 52,701,000 shares (90.0%) |
| Offer Ratio | ~1.4% |
| Total Shares Post-IPO | 416,826,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 28.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 849,662,070 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 7,255 |
| 2 lots | 1,000 | HK$ 14,510 |
| 3 lots | 1,500 | HK$ 21,765 |
| 4 lots | 2,000 | HK$ 29,020 |
| 5 lots | 2,500 | HK$ 36,275 |
| 6 lots | 3,000 | HK$ 43,530 |
| 7 lots | 3,500 | HK$ 50,785 |
| 8 lots | 4,000 | HK$ 58,040 |
| 9 lots | 4,500 | HK$ 65,295 |
| 10 lots | 5,000 | HK$ 72,550 |
| 12 lots | 6,000 | HK$ 87,060 |
| 14 lots | 7,000 | HK$ 101,570 |
| 16 lots | 8,000 | HK$ 116,080 |
| 18 lots | 9,000 | HK$ 130,590 |
| 20 lots | 10,000 | HK$ 145,100 |
| 30 lots | 15,000 | HK$ 217,650 |
| 40 lots | 20,000 | HK$ 290,200 |
| 50 lots | 25,000 | HK$ 362,750 |
| 60 lots | 30,000 | HK$ 435,300 |
| 70 lots | 35,000 | HK$ 507,850 |
| 80 lots | 40,000 | HK$ 580,400 |
| 90 lots | 45,000 | HK$ 652,950 |
| 100 lots | 50,000 | HK$ 725,500 |
| 120 lots | 60,000 | HK$ 870,600 |
| 140 lots | 70,000 | HK$ 1,015,700 |
| 160 lots | 80,000 | HK$ 1,160,800 |
| 180 lots | 90,000 | HK$ 1,305,900 |
| 200 lots | 100,000 | HK$ 1,451,000 |
| 400 lots | 200,000 | HK$ 2,902,000 |
| 600 lots | 300,000 | HK$ 4,353,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 400,000 | HK$ 5,804,000 |
| 1,000 lots | 500,000 | HK$ 7,255,000 |
| 1,200 lots | 600,000 | HK$ 8,706,000 |
| 1,400 lots | 700,000 | HK$ 10,157,000 |
| 1,600 lots | 800,000 | HK$ 11,608,000 |
| 1,800 lots | 900,000 | HK$ 13,059,000 |
| 2,000 lots | 1,000,000 | HK$ 14,510,000 |
| 3,000 lots | 1,500,000 | HK$ 21,765,000 |
| 4,000 lots | 2,000,000 | HK$ 29,020,000 |
| 5,856 lots | 2,928,000 | HK$ 42,485,280 |
Stock Connect Inclusion
| HK Market Cap | HK$ 5.4B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 48% |
| Analysis Result | Market cap below threshold (gap 48%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,048,145,260 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,061,184,677 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | To be extracted |
| Period-End Cash Balance | RMB 395.23 million |
| Listing Expenses | ~HK$ 93,400,000 |
| Listing Expenses / Funds Raised | ~11.0% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 19.05 |
|---|---|
| First Day Open | HK$ 22.5 |
| First Day Change | 31.29% |
| First Day Volume | 43416200.0 |
| First Day Turnover | 939611000.0 |
Use of Proceeds
| Use of Proceeds | 1、約40.0%或302.6百萬港元將用作于東南亞興建一個鋰離子電池生產設施； 2、約35.0%或264.7百萬港元擬用于資助于泰州建立一個研發中心，重點研究及開發：(i)提高儲能電池壽命；(ii)固態電池；(iii)鈉離子電池；及(iv)BMS技術； 3、約15.0%或113.4百萬港元擬用作加強海外銷售及營銷，以便能夠增強我們的全球影響力、更好地服務海外客戶并促進我們的國際； 4、約10.0%或75.6百萬港元擬用作撥付營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CCB International Capital Limited CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
Livermore Holdings Limited CE BJN764
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Joint Lead Managers (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CCB International Capital Limited CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI Securities Company Limited CE ACX411
Livermore Holdings Limited CE BJN764
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Capital Market Intermediaries (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CCB International Capital Limited CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Livermore Holdings Limited CE BJN764
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 泰和律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
Latham & Watkins LLP Zhong Lun Law Firm |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Receiving Banks |
中国工商银行（亚洲）有限公司 中国农业银行股份有限公司香港分行 Bank of China (Hong Kong) Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 三水创业投资有限公司 | 238,740,285 HKD | — | 28.10% | — | 6 months | 2026-02-26 |
Directors & Management
| Chairman | 杨锐 |
|---|---|
| Company Secretary | 賀蓉,譚家龍 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨锐 | — | Executive Director |
| 2 | 杨宝峰 | — | Executive Director |
| 3 | 贺蓉 | — | Executive Director |
Non-Executive Director (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 钱善高 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 殷俊明 | — | Independent Non-Executive Director |
| 2 | 王进 | — | Independent Non-Executive Director |
| 3 | 王熹 | — | Independent Non-Executive Director |
| 4 | 楼志强 | — | Independent Non-Executive Director |
| 5 | 孙彩云 | — | Independent Non-Executive Director |
| 6 | 黄学工 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | As of the Latest Practicable Date, Mr. Yang is able to exercise approximately 78.29% of the voting rights of the Company. Immediately after the completion of the Global Offering (assuming that the Over-allotment Option is not exercised), Mr. Yang will directly and indirectly be entitled to exercise approximately 64.66% of the voting rights of the Company. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO saw extraordinary demand with an oversubscription ratio of 3876.25 times, reflecting intense market enthusiasm for the energy storage battery sector. The overall hit rate of just 5.37% indicates a highly competitive allocation, leaving the vast majority of applicants empty-handed. With no clawback triggered and the offer price set at HK$14.51, the pricing suggests strong institutional support. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
The allocation across tiers reveals a stark anomaly: A-tail applicants committing 300,000 lots expected only 0.35 lots, while B-head subscribers with 400,000 lots saw an even lower 0.13 lots expected, implying a disproportionate disadvantage for larger retail bids. This suggests that the international tranche absorbed nearly all shares under the no-clawback mechanism, penalizing oversized applications with near-zero allocations. Broker fee efficiency for these high-tier applications is exceptionally poor, as costs far exceed the fractional lot expectations. (This is AI-generated commentary based on historical data. Broker fee structures vary; actual costs may differ. Not financial advice.)
申购人群画像
The provided data lacks demographic details—no breakdown by geography, gender, or age is available for the 217,990 applicants. Without mainland China participation rates or regional concentration data, it is difficult to profile the applicant base. The absence of such granularity limits insights into the investor composition. (This is AI-generated commentary based on limited data. Data may contain errors; verify against official sources. Not financial advice.)
