CNGR (02579.HK, A-share ticker: CNGR 300919.SZ), an A-listed company from Tongren, Guizhou, has opened its IPO subscription from today (November 7) to next Wednesday (November 12), with an expected listing on the Hong Kong Stock Exchange on November 17, 2025. Morgan Stanley and Huatai International are the joint sponsors.

CNGR plans to issue 104.2254 million H-shares globally (10% of total shares post-issuance), with 90% allocated to international investors and 10% to the public, plus a 15% over-allotment option. The price range is set at HK$34.00–HK$37.80 per share, with a board lot of 200 shares and an entry fee of HK$7,636.24. The maximum fundraising is approximately HK$3.94 billion.

The IPO follows Mechanism B, with an initial 10% allocation to Hong Kong public offering and no clawback mechanism. Assuming a mid-range price of HK$35.90 and full exercise of the over-allotment option, CNGR estimates total listing expenses of HK$123.4 million, including underwriting commissions (1.4%), discretionary bonuses (0.3%), and other fees such as exchange listing charges and legal costs.

Nine cornerstone investors have committed to subscribing to $213.5 million (HK$1.659 billion) worth of shares. These include Guizhou New Industrialization Fund, Baoda Investment (Xiamen ITG 600755.SH), CALB (03931.HK), Dongsheng Xianxing Technology (Guotai Junan swap), NR 1 SP (North Rock Fund), Shanghai Gaoyi (Huatai swap), Hunan Xingxiang Emerging Industry Fund, Lens Hong Kong (Lens Technology 300433.SZ), and Sunwoda Treasury (Sunwoda 300207.SZ).

Net proceeds of approximately HK$3.628 billion (mid-range price) will be allocated as follows: 50% for expanding production and supply chain capacity, 40% for R&D in new energy battery materials and digitalization, and 10% for working capital and general corporate purposes.

Pre-IPO, founders Mr. Deng Weiming and Ms. Wu Xiaoge collectively hold about 50.69% of CNGR.

Established in 2014, CNGR is a new energy materials company specializing in R&D, production, and sales of precursor cathode active materials (pCAM) and new energy metal products. It is a global leader in nickel-based and cobalt-based pCAM for lithium-ion batteries, ranking first in shipment volume for five consecutive years since 2020. In 2024, its nickel-based and cobalt-based pCAM held market shares of 20.3% and 28.0%, respectively. By total pCAM sales volume, CNGR leads globally with a 21.8% share. The company operates an integrated supply chain from mining and refining to recycling, offering a comprehensive product matrix including nickel, cobalt, phosphorus, sodium, and other innovative battery materials.

For the prospectus, visit: https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1107/2025110700020_c.pdf