Shuangdeng Group Co., Ltd. (06960.HK) will open its book from August 18 to August 21, 2025, proposing a global offering of 58,557,000 H shares (with a 15% over-allotment option). The offer price is HK$14.51 per share; one board lot (500 shares) requires an initial investment of about HK$7,328.17; the shares are expected to commence trading on the Main Board of the HKEX on August 26, 2025.

Shuangdeng Group: An energy storage supplier for big data and telecommunications scenarios

Offer structure: Approximately 5,856,000 shares for the Hong Kong public offering (about 10%) and approximately 52,701,000 shares for the international offering (about 90%, subject to reallocation and the exercise of the over-allotment option).

Offer price: HK$14.51 per share; initial investment per board lot about HK$7,328.17; 500 shares per lot.

Offer period: August 18–21, 2025.

Listing date: Expected August 26, 2025.

IPO sponsors: CICC, CCB International, and Huatai International as joint sponsors.

Company Profile

Founded in 2011, Shuangdeng Group focuses on energy storage batteries and integrated system solutions, covering two major technology routes—lead-acid (including valve-regulated lead-acid) and lithium-ion—supported by BMS, cabinets, and energy management. The company serves core scenarios such as telecom base stations, data centers, and power backup/storage, with a customer base spanning carriers and cloud/IDC clients. It ranks among the global leaders by shipment volume in the telecom and data center backup submarkets, and, leveraging long life, wide temperature range, and high safety as its technical foundation, is advancing capacity build-out and localized delivery in Southeast Asia to strengthen scale and cost advantages.

Financial Information

Over the past three years, the company has maintained steady expansion: revenue of approximately RMB 4.072/4.260/4.499 billion in 2022–2024; net profit attributable to shareholders of approximately RMB 281/385/353 million; and gross margin of about 16.93%/20.35%/16.69%. In 2024, profitability came under short-term pressure due to declines in average battery selling prices and product mix shifts; at the same time, the company increased investment in R&D and overseas expansion, focusing on raising the share of lithium battery products and system integration. As demand from data center and telecom scenarios is released and raw material prices stabilize, there is room for improvement in gross margin and cash flow.

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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