Shuangdeng Group Proposed Listing on the Main Board of the Hong Kong Stock Exchange

HONG KONG, Aug 18, 2025 - (ACN Newswire) - Global leading storage battery company in data center and telecom industries – Shuangdeng Group Co., Ltd. (stock code: 06960.HK), proposes to list its H Shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

Shuangdeng Group plans to offer 58,557,000 H Shares (subject to the Over-allotment Option), of which 52,701,000 H Shares will be International Offer Shares (subject to reallocation and the Over-allotment Option), representing approximately 90% of the initial offer shares; the remaining 5,856,000 H Shares will be Hong Kong Offer Shares (subject to reallocation), representing approximately 10% of the initial offer shares. The Offer Price is HK$14.51 per H Share, plus brokerage of 1.0%, SFC transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015% (payable in full on application in Hong Kong dollars and subject to refund).

Shuangdeng Group will open for Hong Kong Public Offering in Hong Kong at 9 a.m., August 18, 2025 (Monday), and close at 12:00 noon, August 21, 2025 (Thursday). Dealings in H shares of Shuangdeng Group on the Main Board of the Hong Kong Stock Exchange is expected to commence on August 26, 2025 (Tuesday). The H shares will be traded in board lot of 500 H shares each. The Company’s stock code will be 06960.HK.

China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited and CCB International Capital Limited are Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Mangers. Sanshui Venture Capital Co., Limited is the cornerstone investor, subscribing for H shares worthing approximately RMB220 million in total.

Global leading storage battery company in data center and telecom industries

Founded in 2011 in Taizhou, Jiangsu Province in China, Shuangdeng Group is a leading company in energy storage business for big-data and telecommunication industries. With a deep understanding of the industry and customer demand, Shuangdeng Group has developed industry-leading technologies and multi-pathway products with optimal balance among safety, cost efficiency and performance, which enables it to capture huge growth potential in its industry. According to Frost & Sullivan, in 2024, the Company ranked the first among global telecom base station and data center energy storage battery providers in terms of shipment volume, achieving a market share of 11.1%.

With its unwavering commitment to enhance the market recognition of its brand, Shuangdeng Group boast a high-quality global customer base with nearly 30 of the world’s top 100 telecom operators and equipment manufacturers, forging strong relationship with leading telecom operators and telecommunication equipment manufacturers in China, such as China Mobile, China Telecom, China Unicom, and China Tower, as well as prominent international telecommunication giants like Ericsson, Vodafone, Orange, and Telenor. In addition, as of December 31, 2024, Shuangdeng Group served 80% of top 10 Chinese self-owned data center companies and 90% of top 10 Chinese third-party data center companies.

R&D capabilities in high safety, cost efficiency and superior performance

Shuangdeng Group’s products span diverse application scenarios, including energy storage for telecom base stations, data centers, and the electrical energy storage settings. Shuangdeng Group continuously expand its technology portfolio to encompass lithium-ion batteries, lead-acid batteries, sodium-ion batteries, and solid-state batteries, ensuring it can provide the most suitable products for various application scenarios and diverse customer use. Its R&D efforts are focused on addressing the needs and pain points of customers operating telecom base stations and data centers, with a steadfast commitment to ongoing improvements in safety, cost, and performance of products.

Shuangdeng Group has established a technical expert committee led by multiple academicians and comprised of over 30 renowned industry experts. This committee collaborates with distinguished experts from leading institutions such as China Electric Power Research Institute, Tsinghua University, Nanjing University, and Huazhong University of Science and Technology. Together, the Company has developed a long-term, stable research and communication mechanism, regularly engaging in academic exchanges to stay abreast of cutting-edge technological advancements. Through active collaboration between industry, academia, and research, Shuangdeng Group continuously optimizes its product manufacturing process and technologies, driving ongoing innovation. As of August 8, 2025, the Company held a total of 353 patents, including 111 invention patents.

Data center business accelerates, emerging as a key growth driver

With the penetration and promotion of big data, technologies, energy storage batteries for data centers have become essential products for ensuring data security and energy security. In 2018, Shuangdeng Group keenly identified the market demands of the internet era and began establishing cooperation relationship with large tech companies and data center operators. Since 2018, the Company has successively collaborated with Alibaba, JD.com, Baidu, GDS, and ChinData. In 2022, Shuangdeng Group innovatively developed the first large-scale dual-function energy storage plan incorporating “backup power + power storage and management” for data centers in China, and supplied our products to the Xiong’an Urban Supercomputing Center, contributing its successful achievement of being recognized as national green data center. Up to August 8, 2025, its energy storage products have been used in hundreds of data centers.

According to Frost & Sullivan, in 2024, Shuangdeng Group ranked first among Chinese companies in terms of shipment volumes in the global data center energy storage market and its market share in the global data center market reached 16.1%. Revenues from sales of batteries used in data centers increased by 120% YoY from RMB397.0 million in the five months ended May 31, 2024 to RMB872.9 million in the five months ended May 31. This expansion boosted its contribution to total revenue from 28.4% to 46.7%, making it the company’s largest revenue source. Driven by the increase in revenues from sales of batteries used in data centers, the Company’s total revenues increased from RMB1,394.2 million in the five months ended May 31, 2024 to RMB1,866.6 million in the five months ended May 31, 2025.

An experienced and visionary management team

Shuangdeng Group is led by a visionary, stable, and highly experienced management team. The Company’s Chairman, Dr. Yang Rui, brings extensive experience in the energy storage battery industry and a global perspective. He has been honored with multiple accolades, including the 2024 Person of the Year in Energy Storage Battery Industry, and Jiangsu Province Excellent Entrepreneur. His forward-thinking strategic decisions have driven the Company’s continuous innovation and growth. Its executive Director and deputy general manager, Dr. Yang Baofeng, is a senior engineer who has received distinguished honors, such as ‘‘Jiangsu Province Technology Entrepreneur’’ and ‘‘Innovation and Entrepreneurship Star.’’ He also serves as Vice Chairman of the China Battery Industry Association and the China Chemical and Physical Power Industry Association. Its senior management team possesses deep expertise in energy storage battery technology and business management. All senior team members have been with us for many years, ensuring effective management collaboration and a unified long-term business strategy.

Dr. Yang Rui, Chairman of the Board, Executive Director and Chief Executive Officer of Shuangdeng Group said, “As a global leading storage battery company in data center and telecom industries, we always adhere to our customer-centric approach and devote ourselves to delivering the most suitable and premium batteries to our customers across various industries, including telecom operators and tech companies. As artificial intelligence technology ushers in a new era of widespread adoption, the surging demand for computing power will drive unprecedented growth in energy needs. In response to the expanding demand for computing power and the increasing energy consumption of data centers, we will maintain our innovative drive to seize growth opportunities in the data center sector and cultivate our second growth pillar. Meanwhile, we will continue to deepen our presence and penetration in existing markets while expanding our global presence, further strengthening our position as a globally leading brand.”

Use of Proceeds

Shuangdeng Group estimates that it will receive net proceeds from the Global Offering of approximately HK$756.3 million, assuming the Over-Allotment Option is not exercised, after deducting the underwriting fees and commissions (assuming the full payment of the discretionary incentive fee) and estimated expenses payable by the Company. Approximately 40.0%, or approximately HK$302.6 million, will be used for the construction of a lithium-ion batteries production facility in Southeast Asia. Approximately 35.0% or approximately HK$264.7 million, is intended to be used to fund the establishment of a research and development center. Approximately 15.0%, or HK$113.4 million, is intended to be used to strengthen its overseas sales and marketing so that the Company can enhance its global presence, better serve its overseas customers and boost its international sales. And approximately 10%, or HK$75.6 million, will be used to provide funding for working capital and other general corporate purposes.

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