Shares of Shuangdeng Group, one of China’s largest makers of batteries and energy-storage systems, soar in their Hong Kong trading debut on Tuesday, as the city’s buoyant initial public offering (IPO) market continues to mint successful listings, especially for companies in the electric vehicle boom.
Trading under the stock sign 6960, Shuangdeng first changed hands at HK$22.50, a premium of 55 per cent to its offer price of HK$14.51 per share.
“We are lucky to be riding two tremendous waves amid these turbulent times: the first is the wave of artificial intelligence, and the second is the goal of expanding overseas,” said Shuangdeng’s chairman Yang Rui, before striking a ceremonial gong to mark the start of trading. “We will leverage our first-mover advantage in manufacturing and make use of the demand in Southeast Asia and the Middle East regions to build a globally competitive busines].”
