Guoxia Technology (HKG:2655) launched its initial public offering in Hong Kong on Monday, aiming to raise as much as HK$680.4 million.

The energy storage systems provider is offering 33.9 million H shares at an indicative price of HK$20.1 apiece, according to a bourse filing Monday.

The company secured Huikai HK, Dream'ee HK Fund, and RIME Capital as cornerstone investors, who committed to subscribing to HK$74 million worth of IPO shares.

The issuer will disclose share allocations on Dec. 15 and begin trading on the Hong Kong bourse on Dec. 16.

Guoxia Technology will use the IPO proceeds to expand its research and development capabilities, build its overseas operational and service network, and boost production capacity.

China Everbright Securities (HK), ABCI Securities Company, Yellow River Securities, Yuen Meta (International) Securities, West Bull Securities, BOCI Asia, ICBC International Securities, Yue Xiu Securities Company, Shenwan Hongyuan Securities (H.K.), CMB International Capital, CMBC Securities Company, SPDB International Capital, CCB International Capital, Caitong International Securities Co., Futu Securities International (Hong Kong), Huafu International Securities, TFI Securities and Futures, and Livermore Holdings are the joint bookrunners of the IPO.