Guoxia Tech Commences Hong Kong IPO, Aims to Raise HK$680 Million to Boost Production and Research

On December 8, Guoxia Technology (02655.HK) officially launched its Hong Kong IPO, planning to globally offer 33.8529 million H-shares at an offer price of HK$20.1 per share, aiming to raise approximately HK$680 million. The company is expected to list on December 16.

Key details are as follows:

Offer Price per share: HK$20.1;

Minimum subscription quantity: 100 shares;

Subscription period: Starts December 8 at 9:00, ends December 11 at 11:30;

Number of Hong Kong Offer Shares: 3.3853 million H-shares (subject to reallocation);

Number of International Offer Shares: 30.4676 million H-shares (subject to reallocation and depending on the exercise of the Offer Size Adjustment Option and Over-allotment Option);

Cornerstone Investors: Huikai Hong Kong, Dream’ee HK Fund, and Wusong Capital, subscribing to 10.91% of the Offer Shares;

Sole Sponsor: Everbright Securities International.

According to the announcement, the net proceeds from the listing will primarily be used for four main areas:

Approximately 44% will be invested in R&D capability building, of which 14% will be used to strengthen AI technology R&D, 15% to increase R&D efforts for domestic business, and the remaining 15% to expand the overseas R&D layout;
Approximately 27% will be used to expand the production capacity of large-scale, commercial & industrial (C&I), and residential energy storage system products, aiming to reduce reliance on outsourced production;
Approximately 19% will be used to establish overseas operation and service networks to support the international growth strategy;
The remaining 10% will be used as working capital and for general corporate purposes.

Guoxia Technology's 2025 interim financial report shows that it achieved a revenue of RMB 691 million in the first half of the year, a substantial year-on-year increase of 663%.

The domestic large-scale energy storage market experienced an explosion in 2024, prompting Guoxia Technology to shift its market focus. Currently, its market focus has moved from European residential energy storage to domestic large-scale energy storage. The proportion of domestic revenue reached 79.9% in 2024, and revenue from large-scale energy storage systems soared from 12.2% in 2022 to 76.6% in 2024.

Additionally, Guoxia Technology has collaborated with companies like CALB and Corun to establish an ecological consortium, securing battery cell supply and project development. CALB, a key supplier and customer of Guoxia Technology, indirectly appears among Guoxia Technology's shareholders.

Kaibo Hongcheng (Hubei) Private Equity Investment Partnership (Limited Partnership), an investment platform held about 49.55% by CALB, invested a total of RMB 90 million into Guoxia Technology in two tranches in March 2024 and March 2025, acquiring a 6.22% equity stake in Guoxia Technology.

Source：EnergyTrend