New stock news: JinSheng New Energy submits application to Hong Kong Stock Exchange, focusing on the recycling and reuse of lithium batteries.

According to the disclosure by the Hong Kong Stock Exchange on December 20th, Guangdong Jinsheng New Energy Co., Ltd. (Jinsheng New Energy) has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC and CMB International as its joint sponsors. The company focuses on the recycling and reuse of lithium batteries, providing a range of recycled products, mainly including lithium carbonate, nickel sulfate, cobalt sulfate, and graphite. As of the six months ended June 30, 2024, the sales of lithium and nickel recycling products accounted for over 70% of the company's total revenue. Its recycling business covers mainstream battery systems such as ternary lithium batteries and lithium iron phosphate batteries, with products widely used downstream in electric vehicles, energy storage systems, and consumer electronics products, among other mainstream applications of lithium batteries. According to a Frost & Sullivan report, based on the sales revenue from recycling in 2023, the company is the second largest lithium battery recycling and reuse enterprise globally, and also the largest third-party company in this field. As one of the earliest enterprises in mainland China engaged in the recycling of lithium batteries, since 2014, with a strong first-mover advantage and comprehensive strength, the company has built an integrated, closed-loop ecological system for the recycling of lithium batteries, including "full-element" recovery, "full-component" recovery and reuse, and "full-system" layout. In terms of finances, the revenue of Jinsheng New Energy is estimated to be approximately RMB 1.133 billion, RMB 2.905 billion, RMB 2.892 billion, and RMB 995 million for the fiscal years 2021, 2022, 2023, and the six months ended June 30, 2024, respectively. During the same periods, the company's annual profits are estimated to be approximately RMB 69.393 million, RMB 151 million, -RMB 473 million, and -RMB147 million, respectively.