New Stock News | Sige New Energy Hong Kong Shares IPO and Domestic Unlisted Shares "Fully Circulated" Approved by China Securities Regulatory Commission
On March 13, the International Cooperation Department of the China Securities Regulatory Commission issued a notice regarding the overseas issuance and listing of Sige New Energy (Shanghai) Co., Ltd. and the filing of the "full circulation" of domestically unlisted shares.
On March 13, the International Cooperation Department of the China Securities Regulatory Commission issued a notice regarding the overseas issuance and listing as well as the "full circulation" registration of domestic unlisted shares of Xinhua Energy (Shanghai) Co., Ltd. Xinhua Energy plans to issue no more than 47,330,600 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange. The company's 22 shareholders intend to convert a total of 126,158,441 domestic unlisted shares into overseas listed shares and list them for circulation on the Hong Kong Stock Exchange.
According to the prospectus, Xinhua Energy is a global leader in the renewable energy solutions field. The company develops and provides innovative renewable energy solutions for homes and businesses. Its flagship product, SigenStor, is the world's first AI-powered five-in-one photovoltaic energy storage and charging system, utilizing modular and stackable product design to seamlessly integrate photovoltaic inverters, DC charging modules, energy storage converters (PCS), energy storage batteries, and energy management systems (EMS) into one unit.
According to a Frost & Sullivan report, two years after its establishment, Xinhua Energy has become the world's leading provider of stackable distributed photovoltaic energy storage solutions based on product shipment volume, with a market share of 24.3% as of the nine months ending September 30, 2024. In the same period, the company generated revenue of 699.7 million RMB, a milestone that industry peers typically take over five years to achieve, according to the Frost & Sullivan report. Based on the number of years required to reach an annual revenue of $100 million, the company is the fastest-growing among all energy storage factories in China, as per the Frost & Sullivan report.
Appendix: Shareholder names and conversion quantities for "full circulation"
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