--- title: "HK IPO: Shuangdeng Shares Listing Analysis and Subscription Plan" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/33072247.md" description: "With the implementation of the new rules for IPO subscriptions in Hong Kong stocks, it has become almost identical to A-shares. The key difference is that winning A-share subscriptions is like picking up money, while Hong Kong stocks may not be the same. Take Mechanism B as an example—it is equivalent to the old rule's transparent allocation trick, which has been eliminated. However, there is still a clause in the reallocation mechanism: as long as the public offering is fully or oversubscribed, regardless of whether the institutional placement is fully subscribed, the overall coordinator can discretionarily reallocate 5% to the public subscription portion. Could this clause lead to malicious 5% attacks in the future...? Shuangdeng Group is a leading enterprise in energy storage for big data and communications..." datetime: "2025-08-18T12:30:21.000Z" locales: - [en](https://longbridge.com/en/topics/33072247.md) - [zh-CN](https://longbridge.com/zh-CN/topics/33072247.md) - [zh-HK](https://longbridge.com/zh-HK/topics/33072247.md) author: "[龙龟投资](https://longbridge.com/en/profiles/5098.md)" --- # HK IPO: Shuangdeng Shares Listing Analysis and Subscription Plan With the implementation of the new rules for Hong Kong stock IPOs, it is already infinitely close to A-share style. The key is that winning an A-share lottery is like picking up money, but Hong Kong stocks may not be the same. Take Mechanism B, for example, it is equivalent to the old rule's open card routine callback. The old rule's routine callback has been eliminated, but there is still a clause in the reallocation mechanism that allows the overall coordinator to discretionarily reallocate 5% to the public subscription portion as long as the public offering portion is fully or oversubscribed, regardless of whether the national allocation is fully subscribed. Will this clause lead to a 5% malicious hit in the future...? Shuangdeng Group is a leading enterprise in the energy storage business in the field of big data and communication, with core businesses in the design, development, manufacturing, and sales of energy storage batteries and systems. Its products are mainly used in: 1. Communication base stations: providing backup power for global telecom operators (such as China Mobile, Ericsson, Vodafone), ranking first in global communication base station energy storage battery shipments in 2024 (market share 11.1%); 2. Data centers: providing power protection for customers such as Alibaba, Baidu, and GDS, ranking first in China for global data center energy storage battery shipments in 2024 (market share 16.1%); 3. Power storage scenarios: participating in grid-side energy storage projects (such as the State Grid Zhangbei project) and commercial/home energy storage. The net proceeds from this global offering, approximately HKD 756.3 million, will be used in four areas: 1. 40% (HKD 302.6 million) to expand the Southeast Asia lithium battery production base (focusing on communication and data center energy storage batteries); 2. 35% (HKD 264.7 million) to build a research and development center (enhancing energy storage technology competitiveness); 3. 15% (HKD 113.4 million) to strengthen the overseas sales network (expanding global communication/data center customers); 4. 10% (HKD 75.6 million) to supplement working capital (supporting daily operations and capacity ramp-up). **Company issuance information and lottery rate?** ![图片](https://pub.pbkrs.com/uploads/2025/3d5f65aec2281d8da62d149679d7ddc0?x-oss-process=style/lg) The number of shares offered globally this time is 58.557 million shares, with 500 shares per lot. As of the time of writing, it is oversubscribed by 57.68 times, using the new Mechanism B, with 5,855.7 lots each for Group A and Group B, 36% less than Yinnuo Pharmaceutical, with a lottery rate of 0.36% for one lot. Given the current enthusiasm, it is likely to be another nationwide lottery. Ha, Hong Kong stock IPOs can never go back, even Tianyue Advanced can secure one lot with 500 lots. This track is already wasted, find another way out! **What is the industry outlook and competitive landscape of the company?** First, let's talk about Shuangdeng's first core track, communication base station energy storage. The number of global 5G base stations will increase from 21 million in 2024 to 43.9 million in 2030 (CAGR 14.7%), driving the new installed capacity of communication energy storage from 43.9GWh to 100.2GWh. Shuangdeng Co., Ltd. ranks first in global communication base station energy storage battery shipments in 2024 (market share 11.1%), serving 5 of the world's top ten telecom operators. Next, let's look at the second core track, data center energy storage. With the explosion of AI computing power demand, the proportion of electricity used by data centers will increase from 4% in 2024 to 10.1% in 2030, and the new installed capacity of energy storage will surge from 16.5GWh to 209.4GWh (CAGR 51.9%). Shuangdeng Co., Ltd. ranks first in China for global data center energy storage battery shipments in 2024 (market share 16.1%), serving 90% of China's top ten third-party data center companies. The last track is the power storage scenario. With the accelerated transition to renewable energy globally, the cumulative installed capacity of energy storage will increase from 746.8GWh in 2024 to 6810.1GWh in 2030 (CAGR 43.3%). Shuangdeng participates in projects such as the State Grid Zhangbei (the world's largest new energy demonstration power station) and commercial/residential energy storage sold to 18 countries. This track is fragmented, with Shuangdeng ranking twelfth globally. The company is positioned as a small leader in niche fields, with comparable companies including Nandu Power, Tianneng Co., Ltd., Xiongtai Co., Ltd., and Leoch International, focusing on communication/data center energy storage for 14 years, with a first-mover advantage in this track. **How is the company's financial status?** _Let's take a look at the company's financial situation. Revenue for 2022-2024 was RMB 4.072 billion, RMB 4.259 billion, and RMB 4.498 billion, respectively, with a 33.85% increase in the first five months of 2025 compared to the previous year._ _Net profit for 2022-2024 was RMB 281 million, RMB 385 million, and RMB 353 million, respectively, with a 9.35% decline in the first five months of 2025 compared to the upper limit._ _The decline in net profit is mainly due to fluctuations in lead ingot prices and lithium battery average prices. In terms of business structure, the proportion of data center energy storage increased from 18.8% in 2022 to 31% in 2024, becoming the largest growth point; while the communication base station business shrank, with the proportion dropping from 64.8% to 51.1%, mainly due to the slowdown in 5G base station construction._ ![图片](https://pub.pbkrs.com/uploads/2025/ce485bbba1ce7c776f9bda56799895e5?x-oss-process=style/lg) As of the end of May 2025, the balance of cash and cash equivalents at the end of the period was RMB 617 million, an increase of 56.2% compared to the end of 2024, which can cover short-term loans of RMB 190 million by 3.2 times. The capital expenditure plan for the next 12 months is about RMB 150 million for the first phase of the Southeast Asia factory. Overall, revenue is growing steadily, operating cash flow is continuously improving, and short-term debt repayment and investment capabilities are not a concern. ![图片](https://pub.pbkrs.com/uploads/2025/04cce544d795b37f345abd23561c282d?x-oss-process=style/lg) **How are the company's historical investors, cornerstone investors, and sponsors?** Shuangdeng Co., Ltd. completed a pre-IPO investment round in December 2022, with a cost of RMB 385 million, and a post-investment valuation of RMB 4.885 billion, approximately HKD 5.372 billion, with a per-share cost of RMB 13.63, approximately HKD 14.99, a discount of -3.35% compared to the offer price. This time, cornerstone investor Sanshui Venture Capital subscribed for RMB 220 million, approximately HKD 242 million, accounting for 28.47%. The sponsors are jointly sponsored by CICC, Huatai, and CCB, with CICC as the stabilizing agent. Huatai is the biggest failure, but fortunately, it is not the main sponsor, so the impact is limited. **Lock-up period arrangement: 12 months for pre-IPO investors, 6 months for cornerstone investors.** **Summary and subscription plan** Shuangdeng Co., Ltd. starts the IPO at this critical moment, basically handling emotions just right. The fundamentals do not need to be explored too deeply, with steady growth, abundant cash flow, and dual leadership in niche tracks. The data center is a hot topic at the moment and can be linked to AI concept stocks. In terms of the market, the call for a bull market is getting stronger, and funds are entering in an orderly manner, rising with the tide. In terms of funds, the current Hong Kong stock IPOs are already half A-share style, and risk-averse funds prefer such low-risk, stable money-making opportunities, so they will all come to compete, with margin multiples easily reaching thousands of times. In terms of chips, Mechanism B is adopted, giving only 10% to retail investors, with all the goods in the hands of institutions, making the chips highly concentrated and easy to pull up. In terms of emotions, there is no need to say more. Now, as long as there is a bit of attractiveness in new stocks, everyone will flock to them. There are only 5,855 lots in total, and grabbing one is earning. The current strategy is to participate in a Buddhist way with cash accounts below 100,000, and for those above 100,000, you have to compete with margin. If you use Panda, no matter the size, grabbing the 198 package first is definitely right. If you win, the handling fee is completely acceptable, and if you don't, the fee will be refunded, so there is no loss. If there is no Panda account, small funds should honestly use cash. $SHUANGDENG(06960.HK)  **Disclaimer:**Investment involves risks, participation should be cautious. The targets mentioned in the article are only personal operation records and do not constitute investment advice. If losses are incurred due to this investment, no responsibility will be assumed! If this article is helpful to you, please like, read again, and share it with friends in need. Thank you very much! ### Related Stocks - [06960.HK](https://longbridge.com/en/quote/06960.HK.md)