Shuangdeng Group Co., Ltd. (Stock Code: 06960.HK) officially launched its global public offering today. This company, deeply rooted in the energy storage sector, will conduct public fundraising from August 18 to 21, planning to globally offer 58.557 million H shares at an issue price of HKD 14.51 per share.

The company is expected to list on the Main Board of the Hong Kong Stock Exchange on August 26, with China International Capital Corporation, Huatai International, and CCB International serving as joint sponsors.

**01 Net Fundraising Expected to Reach HKD 756 Million**

In this global offering, Shuangdeng Group allocated 10% for Hong Kong public offering (approximately 5.856 million shares) and 90% for international offering (approximately 52.701 million shares), with a 15% over-allotment option (8.7835 million shares). Based on the issue price of HKD 14.51 per share: - Each lot consists of 500 shares, with an entry fee of approximately HKD 7,328.17 - Total global offering fundraising of approximately HKD 850 million - Net fundraising expected to reach HKD 756 million after deducting related expenses

Regarding cornerstone investors, Sanshui Venture Capital Co., Ltd., controlled by Taizhou Municipal Government's State-owned Assets Supervision and Administration Commission, has signed a cornerstone investment agreement to subscribe for offering shares totaling RMB 220 million at the offering price (approximately 16.673 million shares). This state capital backing provides important support for the issuance.

The net IPO proceeds of approximately HKD 756 million will be allocated across four strategic directions:

- **Southeast Asian capacity expansion (approximately HKD 303 million, 40%**: Building lithium-ion battery production facilities in Southeast Asia, focusing on data center battery production to cultivate a second growth pillar - **Technology R&D upgrade (approximately HKD 265 million, 35%)**: Establishing an R&D center in Taizhou, focusing on four technical directions - **improving energy storage battery lifespan, solid-state batteries, sodium-ion batteries, and BMS technology** - **Global marketing network (approximately HKD 113 million, 15%)**: Strengthening overseas sales team building, adding international offices, and enhancing global influence - **Supplementing operating capital (approximately HKD 76 million, 10%)**

This allocation plan highlights Shuangdeng Group's strategic approach driven by "technology + capacity + market" three pillars. The construction of Southeast Asian production bases will effectively respond to global supply chain restructuring trends, while solid-state battery and sodium-ion battery R&D targets the commanding heights of next-generation energy storage technology.

**02 Industry Position and Business Portfolio**

As a leading enterprise in energy storage business for big data and communications sectors, Shuangdeng Group focuses on designing, developing, manufacturing, and selling energy storage batteries and systems. Its business covers three core scenarios: - **Communication base station energy storage**: Serving five of the world's top ten telecom operators and equipment manufacturers - **Data center energy storage**: Covering 80% of China's top ten self-owned data center enterprises and 90% of top ten third-party data center enterprises - **Power energy storage**: Participating in multiple energy storage projects, expanding application scenarios

According to Frost & Sullivan reports, in 2024, Shuangdeng Group ranked first in global communication and data center energy storage battery supplier shipments, with a market share of 11.1%, demonstrating its industry leadership position.

Customer stickiness has become its core competitive advantage - from 2022 to 2024, the company's top five customers had an average cooperation period of over ten years.

**03 Energy Storage Business Becomes New Growth Engine**

Financial data shows Shuangdeng Group has maintained steady growth in recent years: - **Continuous revenue growth**: RMB 4.073 billion in 2022 → RMB 4.260 billion in 2023 → RMB 4.499 billion in 2024 - Revenue for the first five months of 2025 reached RMB 1.867 billion, a year-on-year increase of nearly 34%, with data center energy storage business revenue surging nearly 120% year-on-year, becoming a new growth engine.

Net profit showed fluctuation: RMB 281 million in 2022, RMB 385 million in 2023, and RMB 353 million in 2024. This fluctuation mainly stemmed from increased R&D investment and rising market expansion costs. The company is seeking continuous improvement in profitability through technology upgrades and capacity expansion.

Against the backdrop of global digital transformation and accelerated renewable energy deployment, the energy storage market is experiencing explosive growth. Shuangdeng Group, leveraging its first-mover advantage in communication and data center sectors, has established relatively high competitive barriers: - **Product line covers lithium-ion batteries and lead-acid batteries, meeting multi-scenario demands** - **Deep binding with global leading customers, ensuring strong order stability** - **Government-backed cornerstone investors enhance market confidence**

With the commissioning of Southeast Asian factories and the establishment of R&D centers, the company is expected to maintain its communication energy storage advantages while opening up growth opportunities in data center and power energy storage markets. The 120% year-on-year growth in data center energy storage business in the first five months of 2025 has already shown initial results.

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Shuangdeng Group has officially entered the international capital market channel, with its offering arrangement being compact and efficient - from today's subscription launch until the 21st, officially listing on Hong Kong stocks on August 26.

As the hidden champion in global communication and data center energy storage batteries, Shuangdeng Group's IPO not only provides investors with opportunities to participate in energy storage industry development but also accelerates the leap from "China-leading" to "globally-leading" energy storage solution provider through the implementation of fundraising projects.

With the deepening global data center construction wave and energy transition trends, this energy storage leader, armed with core technology and bound to quality customers, is gearing up to launch a new growth cycle.