Is the New Energy IPO Booming Again? A Wave of Companies Going Public, Registering, and Filing in December...

In August 2023, the IPO process began to tighten in stages, reaching a "freezing point" by Q2 this year. Starting from Q3, the IPO market began to show signs of recovery and upward momentum.

Battery Network observed that although the pace of IPO reviews slowed this year and the number of enterprises undergoing review significantly decreased, the efficiency of IPO approval issuance improved markedly in H2, accelerating the IPO process on the A-share market. According to iFinD data, as of December 23, 84 new IPO enterprises had submitted registrations this year, of which 73 had received approval (registration consent), accounting for 87%.

It is evident that recently, the trend of NEV-related IPOs has significantly heated up. In December alone, multiple enterprises filed for IPO counseling records, including several that restarted IPOs after termination. Additionally, many enterprises successfully listed on the A-share market, obtained registration approvals, or turned to the Hong Kong Stock Exchange to seek additional financing channels.

Frequent A-Share IPO Developments Significantly Boost Industry Confidence

Zhongli Shares Successfully Listed on the SSE Main Board

On December 24, Zhongli Shares (603194) successfully listed on the SSE Main Board.

In this IPO, Zhongli Shares issued a total of 61 million shares at an issue price of 20.32 yuan per share, raising approximately 1.336 billion yuan. The funds are planned to be used for the annual production of 300,000 units of warehouse handling equipment and 1 million sets of mechanical parts processing, intelligent robot manufacturing (Phase I), the Phase I project of the electric forklift assembly line of Hubei Zhongli Machinery Co., Ltd., the Phase I project of electric forklift parts casting of Hubei Zhongli Foundry Co., Ltd., the Mover Intelligent (Anji) Research Institute project, repayment of bank loans, and replenishment of working capital.

According to the prospectus, Zhongli Shares has ranked first in production and sales of electric warehouse forklifts for 11 consecutive years since 2013. In 2023, its sales accounted for over 35% of domestic electric warehouse forklift sales. Known for its innovation, it is the first Chinese enterprise in the industry to develop innovative product subcategories (Class31 electric pedestrian warehouse forklifts).

Additionally, since 2016, Zhongli Shares has independently developed lithium battery-related systems and technologies and was among the first in the industry to apply lithium batteries to industrial vehicles. From 2019 onwards, it has ranked first in production and sales of lithium battery forklifts for five consecutive years, with its 2023 sales accounting for over 30% of domestic lithium battery forklift sales.

Haibo Sichuang's STAR Market IPO Registration Approved

On December 19, the CSRC website showed approval for the initial public offering registration of Beijing Haibo Sichuang Technology Co., Ltd. (referred to as "Haibo Sichuang"). The approval is valid for 12 months from the date of registration consent. Reportedly, Haibo Sichuang submitted its registration application on November 29 and received approval on December 19, taking only 20 days.

Haibo Sichuang specializes in the R&D, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop integrated solutions for the entire "source-grid-load" chain, including traditional power generation, new energy power generation, smart grids, and end-users. If successfully listed, Haibo Sichuang will become China's first energy storage system integrator to go public.

According to the prospectus, Haibo Sichuang plans to raise approximately 783 million yuan, which will be invested in the annual production of 2GWh energy storage system construction projects, energy storage system R&D and industrialisation projects, digital intelligent laboratory construction projects, marketing and after-sales service network construction projects, and replenishment of working capital.

Honggong Technology Submits Registration for ChiNext IPO

On December 16, the Shenzhen Stock Exchange website showed that Honggong Technology Co., Ltd. (referred to as "Honggong Technology") submitted its registration for a ChiNext IPO. The company plans to raise 532.02 million yuan, which, after deducting issuance expenses, will be used for intelligent material conveying and mixing automation system projects, R&D center construction projects, and replenishment of working capital.

According to the prospectus, Honggong Technology focuses on the R&D, production, and sales of automated processing lines and equipment for bulk materials such as powders, granules, liquids, and slurries. It is a provider of automated material handling solutions with proprietary core equipment, components, and software. From 2021 to the first three quarters of 2024, the company's main business revenue from the lithium battery industry accounted for 71.99%, 90.85%, 92.18%, and 87.37%, respectively, making the lithium battery industry its primary source of revenue.

Among its product matrix for slurry equipment, Honggong Technology offers multiple series, including dual planetary mixers, high-efficiency slurry machines, and twin-screw continuous slurry machines. Major lithium battery manufacturers such as CATL, BYD, SVOLT Energy Technology, Sunwoda, EVE, CALB, Ganfeng Lithium, and AESC are among its clients.

Ligao New Energy Makes Second Attempt at A-Share IPO

On December 12, Ligao (Shandong) New Energy Technology Co., Ltd. (referred to as "Ligao New Energy") filed for IPO counseling registration with the Shandong Securities Regulatory Bureau, aiming for a second attempt at an A-share IPO. Battery Network noted that Ligao New Energy first underwent IPO counseling two years ago, aiming for the ChiNext board, but withdrew its application in August this year. For this round of counseling, the company replaced Haitong Securities with CICC as its sponsor.

Ligao New Energy is a national high-tech enterprise focusing on NEV electronics and energy storage. It is a well-known domestic supplier of NEV products, integrating independent R&D, production, and sales. Its product portfolio is centered on NEV power battery BMS products, supplemented by energy storage and other automotive electronic products, making it the largest third-party BMS provider in China.

In 2023, Ligao New Energy ranked fourth in BMS installations, following BYD, CATL, and Tesla. Its clients include nine of the top 15 domestic power battery manufacturers, such as Gotion High-tech, Liuzhou Saike, CALB, and SVOLT Energy Technology. Its products are ultimately applied in six of the top 15 domestic passenger NEV manufacturers and seven of the top 10 NEV logistics vehicle manufacturers, including well-known automakers such as SAIC-GM-Wuling, Geely, Changan Automobile, Dongfeng Motor, and Chery New Energy.

Maitian Energy Signs Counseling Agreement for IPO

On December 12, the CSRC announced that Maitian Energy Co., Ltd. (referred to as "Maitian Energy") signed a counseling agreement with Guotai Junan Securities, with King & Wood Mallesons and Tianjian Accounting Firm (Special General Partnership) serving as the law firm and accounting firm, respectively.

According to the filing report, Maitian Energy completed its IPO counseling filing on December 9, 2024, and is expected to complete the counseling summary and prepare for acceptance as early as April 2025.

Maitian Energy is a one-stop integrated solution provider for PV energy storage and charging. Founded in 2019 and headquartered in Wenzhou, Zhejiang Province, it has regional R&D centers in Shanghai, Wuxi, Wuhan, and Shenzhen. Shortly after its establishment, Maitian Energy received investment from Yongqing Technology Group, a subsidiary of Tsingshan Holding Group. According to Qichacha, Yongqing Technology Group currently holds a 27.7703% stake in Maitian Energy.

Under the new "Nine National Guidelines," IPOs are no longer merely a simple financing channel but have become an important benchmark for measuring a company's comprehensive strength. For enterprises needing financing for technological R&D and capacity expansion, the series of IPO developments in the NEV sector under tightened listing conditions can significantly boost confidence among industry practitioners.

HKEX Welcomes Another Wave of Listings, Multiple Companies Adopt "A+H" Model

Jinsheng New Energy Files for HKEX Listing

On December 20, Guangdong Jinsheng New Energy Co., Ltd. (referred to as "Jinsheng New Energy") submitted its prospectus to the HKEX, aiming for an IPO in Hong Kong, with CICC and CMB International as joint sponsors.

Jinsheng New Energy is a provider of comprehensive recycling solutions for lithium batteries, headquartered in Zhaoqing, Guangdong Province. Its main domestic production sites are located in Zhaoqing Gaoyao District, Yichun Wanzai Industrial Park, and Ganzhou Longnan Industrial Park in Jiangxi Province, covering a total area of approximately 2,064 mu. Both the company and its wholly-owned subsidiary, Jiangxi Ruidan New Energy Technology Co., Ltd., are included in the MIIT's dual white list for battery recycling, cascade utilization, and regeneration.

Jinsheng New Energy's recycling segment focuses on the production of new material products such as battery-grade nickel sulphate, cobalt sulphate, lithium carbonate, ternary cathode precursors, iron phosphate precursors, and LFP cathodes. Its comprehensive utilization segment manufactures lithium battery products for diversified application scenarios, including low-speed small power, industrial and commercial energy storage, outdoor power supplies, and solar streetlights.

Zhongding Integration Plans Spin-Off for HKEX Listing

On the evening of December 9, Noli Shares (603611) announced plans to spin off its controlling subsidiary, Wuxi Zhongding Integration Technology Co., Ltd. (referred to as "Zhongding Integration"), for listing on the HKEX Main Board.

According to the announcement, Zhongding Integration is a controlling subsidiary of Noli Shares' intelligent logistics system business segment. It provides customized, intelligent internal logistics solutions for various industries, including automated warehousing systems, automated conveying and sorting systems, unmanned handling robots and systems, and automated logistics software systems, covering solution design, digital twin, equipment manufacturing, installation and commissioning, and after-sales services.

Noli Shares stated that the independent listing of Zhongding Integration will fully leverage the capital market's role in optimizing resource allocation, broaden Zhongding Integration's financing channels, and enhance its sustainable profitability and core competitiveness. Additionally, the spin-off will help Noli Shares further deepen its layout in the intelligent logistics system business, strengthen its market and technological advantages, and promote high-quality sustainable development.

Refire Energy Listed on HKEX

On December 6, Shanghai Refire Energy Group Co., Ltd. (referred to as "Refire Energy"; stock code: 02570) successfully listed on the HKEX Main Board. According to the announcement, Refire Energy priced its shares at HK$147 per share, raising a total of HK$709.7 million. After deducting issuance expenses, the funds will be used for the expansion of hydrogen fuel cell systems, hydrogen energy equipment, overseas market business development, working capital, and general corporate purposes.

Refire Energy, established in September 2015 and headquartered in Shanghai, China, is a market-oriented hydrogen energy technology enterprise with a global perspective. Its product and service portfolio spans multiple segments, from upstream hydrogen production to downstream hydrogen energy applications.

It is worth noting that the enthusiasm of A-share listed companies for listing in Hong Kong is rising. Industry leaders such as Midea Group and SF Holding have chosen to list on the Hong Kong stock market.

On December 19, media reported that CATL (300750) is considering a Hong Kong listing to advance its internationalization process through a secondary listing on the HKEX. The company plans to raise $5 billion (approximately 35 billion yuan) and is currently in discussions with potential advisors, with new developments expected as early as H1 2025.

The $5 billion fundraising scale would mark the largest Hong Kong stock issuance since Kuaishou Technology raised $6.2 billion in early 2021.

Of course, all of this is still in the preliminary planning stage, and the secondary listing requires approval from Chinese securities regulators. CATL has not officially responded yet, but it can be confirmed that CATL's secondary listing is indeed in the planning stage.

In March 2024, CATL Chairman Yuqun Zeng revealed in a media interview that although CATL does have plans for a secondary listing, the company currently has healthy cash flow and will not rush to raise more funds or dilute the equity of existing shareholders.

Additionally, on December 12, multiple media outlets reported that Huawei's EV partner Seres (601127) is considering a secondary listing in Hong Kong, becoming the latest mainland-listed company to pursue a secondary listing in Hong Kong.

According to insiders, Seres is discussing its stock issuance plan in Hong Kong with potential advisors, and the secondary listing could help the company raise over $10 billion. If Seres decides to proceed with this plan, the company could complete its secondary listing in Hong Kong as early as next year.

This year, Seres' A-shares have risen by 80%, with a market capitalization of approximately 196.5 billion yuan, even surpassing the 200 billion yuan mark on November 5, making it the second-largest automaker by market value. If Seres successfully lists in Hong Kong, it could expand its financing channels, prepare more funds, and enhance its brand influence, taking a leading step in the "Four Realms" brand of HarmonyOS Intelligent Mobility.

As of press time, Seres has not responded to the above news.

Recently, Deloitte China's Capital Market Services Division released the "Review of Mainland China and Hong Kong IPO Markets in 2024 and Outlook for 2025." The report stated that after welcoming a super-large IPO, the US Fed's first rate cut in four years, and the introduction of economic stimulus measures in mainland China, Hong Kong's IPO market began to rebound in September 2024. Looking ahead to 2025, the Capital Market Services Division forecasts that A-share issuers, leading mainland enterprises, US-listed Chinese companies, and overseas firms will drive Hong Kong's IPO market.

Furthermore, the potential new policies on Sino-US trade and economics by the newly elected US president may increase geopolitical uncertainties and prompt more mainland enterprises and US-listed Chinese companies to seek listings in Hong Kong, which remains the offshore listing hub for mainland enterprises. Coupled with market expectations of further US rate cuts and additional economic stimulus measures from mainland China aimed at sustaining economic growth, these factors are expected to strengthen the momentum and investment sentiment of Hong Kong's IPO market as we move into 2025.

A-Share IPO Withdrawals Persist as Two Giants Halt Spin-Offs

Amid tightened listing regulations, the A-share IPO market has seen a wave of withdrawals this year, with the number of terminated IPOs reaching a historical high for the same period. Pursuing Hong Kong IPOs or being acquired by A-share listed companies has become a key alternative for some companies that have terminated their IPOs.

Battery Network noted that this year, several companies in the battery industry chain, including Shengtai Materials, JCC Copper Foil, Jirui Technology, Chengjie Intelligent, Lingong Heavy Machinery, Jingyang Technology, Baitu Co., and Shangshui Intelligent, have terminated their IPOs, covering multiple segments such as raw materials, equipment, and battery manufacturing. In December, two leading enterprises in the new energy sector successively terminated their plans to spin off subsidiaries for listing.

TBEA Terminates Xinte Energy's Spin-Off Listing

On December 24, TBEA (600089) announced that its controlling subsidiary, Xinte Energy Co., Ltd., had decided to terminate its A-share IPO application and withdraw the application materials, marking the end of Xinte Energy's 625-day IPO journey.

Regarding the reasons for terminating the IPO, TBEA stated in the announcement that Xinte Energy, based on the current industry conditions and its own situation, decided to terminate the A-share IPO after thorough communication and prudent deliberation with the sponsor institution. It has submitted an application to the Shanghai Stock Exchange to terminate the A-share IPO and withdraw the application materials.

Xinte Energy is one of TBEA's core subsidiaries, primarily engaged in the R&D, production, and sales of high-purity polysilicon, as well as the construction and operation of wind and PV power stations. For this IPO, it planned to issue no more than 300 million shares, with a total post-issuance share capital of no more than 1.73 billion shares, aiming to raise 8.8 billion yuan. The sponsor institution was GF Securities.

Trinasolar Terminates Trina Fuya's Spin-Off Listing

On December 8, Trinasolar (688599) announced that on December 6, 2024, the company held its 15th meeting of the third board of directors and the 9th meeting of the third board of supervisors, during which it reviewed and approved the "Proposal on Terminating the Spin-Off Listing of the Controlling Subsidiary." The company decided to terminate the spin-off listing of its controlling subsidiary, Trina Fuya Energy Co., Ltd. (hereinafter referred to as "Trina Fuya," formerly Jiangsu Trina Smart Distributed Energy Co., Ltd.).

Trinasolar stated that the decision to terminate the spin-off listing of Trina Fuya was a strategic decision made by the company based on industry development trends and its own advantages.

According to the announcement, Trinasolar will transform and upgrade from a traditional PV product manufacturer to a provider of integrated PV and energy storage smart energy solutions, offering precise and differentiated solutions for various application scenarios to different customers. Trinasolar has a comprehensive layout in PV modules, solar panel mounting brackets, and energy storage systems, and is also a leader in distributed systems and centralized solutions. Against the backdrop of the industry's transition to a new-type power system era, the company is well-positioned to provide integrated solutions for customers. Among these, Trina Fuya's distributed system and operation and maintenance businesses are the closest to end-users and provide full life cycle services, making this segment a key part of the company's solutions development strategy. It will integrate fully with other product business segments to support the company's strategic goal of becoming a provider of integrated PV smart energy solutions and create maximum value for Trinasolar's shareholders.

On October 20, the CSRC announced that Wu Qing, Secretary of the Party Committee and Chairman of the CSRC, held a special symposium in Beijing on further deepening capital market reforms. The meeting discussed enhancing the inclusiveness, adaptability, and precision of capital market systems, addressing the "last mile" of system implementation, promoting more high-quality technology enterprises to go public, and facilitating M&A cases. It also emphasized advancing reforms on both the financing and investment sides, gradually normalizing IPOs, fostering patient capital, and guiding medium and long-term funds into the market. Comprehensive measures were proposed to boost the capital market, deepen reforms within the framework of the rule of law, further improve the basic systems of the capital market, refine and optimize expectation management, strengthen investor education and services, and promote rational, value, and long-term investment.

Deloitte China previously stated that due to stricter regulation of the overall capital market and the implementation of a series of capital market policies, including the State Council's new "Nine Measures," the A-share IPO market in 2024 significantly lagged behind 2023 in terms of new issuance activity.

As regulators continue to prioritize the quality of potential issuers, support the technology innovation sector, and encourage enterprises to pursue industrial integration and upgrades through M&A, the number and scale of new A-share IPOs in 2025 are expected to increase steadily compared to 2024.