Battery maker Shuangdeng Group to list on the HKEX

The company is offering 58.6 million shares, priced at $14.51 each.

Shuangdeng Group Co., Ltd., a Chinese battery maker for data centres and telecom operators, is seeking to list its H shares on the Hong Kong Stock Exchange.

The company is offering 58.6 million shares, with about 90% allocated to international investors and 10% to the Hong Kong public.

Shares are priced at $14.51 each, with additional fees and levies applied. The Hong Kong public offering will open on 18 August and close at 12:00 p.m. on 21 August.

Trading is scheduled to begin on 26 August, and the H shares will be traded in board lots of 500 H shares each.

China International Capital Corporation, Huatai Financial Holdings (Hong Kong), and CCB International are managing the deal.

Sanshui Venture Capital has committed roughly $239m (RMB220m) as a cornerstone investor.

Shuangdeng expects to raise about $756.3m in net proceeds, which it plans to use mainly for a new lithium-ion battery plant in Southeast Asia (40%) and a new research and development (R&D) centre (35%).

The remainder will go toward overseas sales expansion (15%) and working capital (10%).

($1 = RMB0.92)