Shanghai Zhida Technology Development, China's leading home electric vehicle charging company, has generated tremendous market excitement since launching its public offering activities. The global offering comprises 5.9789 million H shares with a maximum offering price of HK$83.63 per share, scheduled to officially list on the Hong Kong Stock Exchange on October 10th. Public information shows the subscription period runs from September 30 to October 6, 2025, and within just a few days, subscription demand has reached explosive levels with preliminary estimates indicating oversubscription exceeding 2000 times. This figure continues to climb and is expected to reach new highs when the subscription period closes on October 6th. The overwhelming subscription response fully demonstrates investors' strong confidence in the home electric vehicle charging sector and the company's development prospects.
According to available information, Shanghai Zhida Technology's IPO adopts the Hong Kong Stock Exchange's unique "Mechanism B" structure, offering 5.9789 million H shares globally (assuming the over-allotment option is not exercised), with a price range of HK$66.92-83.63. Based on the midpoint price of HK$75.27, the total fundraising amount is approximately HK$450 million, with the public offering portion accounting for 10% (597,900 shares) at 50 shares per board lot, totaling 11,958 lots, while the international placement portion accounts for 90%, approximately HK$405 million.
Notably, this issuance does not involve cornerstone investors but is sponsored by Shenwan Hongyuan, which also serves as the stabilizing manager, with a "green shoe" mechanism (over-allotment option) providing support for post-listing share price stability. Post-issuance, the company's total market capitalization is expected to reach HK$4.001 billion to HK$5.000 billion, with H shares achieving full circulation and significant liquidity advantages. This structure not only reduces market volatility risks but also attracts diverse capital participation from both retail and institutional investors. The design without cornerstone investors actually enhances flexibility in share allocation and, under the current explosive subscription environment, is expected to drive rapid share price appreciation post-listing.
The issuance structure design is quite sophisticated, combining full circulation with the green shoe mechanism, ensuring successful issuance while leaving ample room for future market performance. Against the backdrop of current market enthusiasm for the new energy sector, this design is more likely to attract capital favor.
As a leading enterprise in China's electric vehicle charging sector, Shanghai Zhida Technology focuses deeply on home charging solutions, with business covering smart charging pile research and development, sales, and operational services, highly aligned with national "dual carbon" strategy and new energy vehicle popularization policies. In recent years, China's electric vehicle market has experienced explosive growth. By 2025, home charging demand is expected to achieve a compound annual growth rate exceeding 30%. Shanghai Zhida Technology, leveraging its technological accumulation and channel advantages, has established partnerships with multiple automakers and supply chain companies. Its investors include well-known institutions and industrial capital such as Anhui Zhongding, Jingzhou Zhida, Shanghai SPIC, Jintong Capital, and BYD, providing strong endorsement.
Although the company's performance is still in the growth stage, its unique asset-light model and platform-based layout are widely favored by the market. Shanghai Zhida Technology is not merely a hardware equipment manufacturer but rather an intelligent platform connecting electric vehicle users, grid operators, and the new energy ecosystem.
It's worth noting that if the company's share price achieves considerable gains post-listing, its market capitalization could potentially surpass the HK$9.2 billion threshold for Stock Connect inclusion, which would introduce significant southbound capital inflows and create a virtuous cycle of value discovery.
Shanghai Zhida Technology operates in a distinctly scarce sector, representing a rare pure-play home electric vehicle charging stock in the Hong Kong market, a scarcity that often commands valuation premiums.
Overall, the fundraising purposes form a complete strategic loop of "technology-production-market-capital," focusing on both short-term capacity release and market expansion while positioning for long-term technological barriers and global competitiveness, effectively driving the company toward new breakthroughs and injecting sustained momentum for performance growth.
As new energy vehicle penetration rates continue rising, charging infrastructure construction will enter an acceleration phase. Shanghai Zhida Technology, with its first-mover advantages and technological accumulation, is positioned to capture favorable opportunities during industry expansion. Home charging scenarios represent a crucial component of the electric vehicle ecosystem, and Shanghai Zhida Technology's intelligent products and platform-based operational model provide unlimited possibilities for future cross-sector expansion.
In summary, Shanghai Zhida Technology's subscription success reflects the capital market's firm confidence in the entire electric vehicle industry chain. Under the dual drivers of policy support and technological iteration, electric vehicle charging infrastructure is upgrading from a "supporting industry" to a "core sector," and Shanghai Zhida Technology, with its differentiated advantages, is positioned to become a key node connecting new energy vehicles with the smart energy ecosystem. For investors, this IPO represents not only a short-term return opportunity but also a long-term window for positioning in a scarce leading home electric vehicle charging stock.