"New Stocks" Sigenergy starts its subscription today, entry fee is HKD 32,746.96, net fundraising is HKD 4.19 billion, with Temasek, Hillhouse, and others as cornerstone investors

In 2024, based on product shipment volume, China's largest stackable distributed solar storage integrated solution provider, SiGe New Energy (06656.HK), announced its listing plan in Hong Kong. It plans to issue 13.5739 million shares, of which 10% will be publicly offered in Hong Kong, with an offering price of HKD 324.2 per share, and a minimum investment of HKD 32,746.96 for 100 shares.

The subscription period starts today (8th) and ends on April 13th, with shares expected to begin trading on April 16th. CITIC Securities and BNP Paribas are the joint sponsors and overall coordinators.

The company is expected to net approximately HKD 4.189 billion from this listing, with about 38% intended for further expanding the R&D team and enhancing R&D equipment and technology; about 32% will be used to strengthen marketing and after-sales services; about 12% will be allocated for capacity expansion; about 9% will be used for diversifying the product portfolio and expanding commercial and industrial solar storage charging solutions; and about 9% will be for working capital and general corporate purposes.

Cornerstone investors have agreed to subscribe for or facilitate the subscription of nearly USD 280 million of the offered shares at the international offering price. Cornerstone investors include Singapore sovereign wealth fund Temasek's wholly-owned subsidiary Aranda, Shanghai Lujiazui (Group) Co., Ltd. (with Guotai Junan Securities Investment (Hong Kong) Co., Ltd. for OTC swap transactions), Goldman Sachs Asset Management (Hong Kong) (GSAM), Hillhouse Group, UBS AM Singapore, AXA IM, CPE Energy, ORIX (8591.JP) subsidiary OAAM, Barings, Charoen Pokphand, China Pacific Insurance Investment Management (Hong Kong), Franklin Templeton Hong Kong and Franklin Templeton, Hong Kong Jinglin, Huadeng Technology, ICBC Credit Suisse Asset Management, Perseverance Asset Management, Scene Cloud, Boyu Capital, and 3W Fund