Lithium power manufacturer Canghui New Energy to be listed in Hong Kong

Published: Oct 17, 2019 11:01

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Recently, Canghui New Energy Holdings Limited (hereinafter referred to as "Canghui New Energy") submitted an application for IPO to the Hong Kong Stock Exchange (HKEx). The company intends to list in Hong Kong, and its sole sponsor is to raise capital for Chuangsheng. The net proceeds from IPO will be used for the construction costs of the new production base; the acquisition and implementation costs of the new machinery to be installed in the new production base; additional operating funds, etc.

SMM10 17: recently, Canhui New Energy Holdings Limited (hereinafter referred to as "Canghui New Energy") submitted an application for IPO to the Hong Kong Stock Exchange, the company intends to list in Hong Kong, the sole sponsor for the financing of Chuangsheng. The net proceeds from IPO will be used for the construction costs of the new production base; the acquisition and implementation costs of the new machinery to be installed in the new production base; additional operating funds, etc.

Canghui New Energy is mainly engaged in the research, development, manufacture and sales of lithium-ion battery products for all kinds of electronic equipment, especially the electronic equipment in the emerging and upgraded segment market of consumer lithium-ion battery.

The average price of Canghui New Energy has dropped from $8.64 to $6.59 per unit. The percentage of revenue contributed by the company's electronic toy applications increased from 57.2% to 67.7% for the year ended 31 December 2017 compared with the year ended 31 December 2018. The percentage of revenue contributed by battery pack products also increased from 56.8% to 62.3%.

Financial data show that from 2016 to 2018 and the first seven months of 2019, Canghui's new energy revenue was 122 million yuan, 252 million yuan, 327 million yuan and 180 million yuan respectively, while the profit and other comprehensive income for the year were 7.697 million yuan, 26.483 million yuan, 42.783 million yuan and 21.353 million yuan respectively.

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