Shuangdeng’s 55% Pop on Hong Kong Debut Signals Battery IPO Appetite

Shuangdeng’s H shares began trading well above the offer price under ticker 6960, with heavy retail and institutional interest pushing early gains. The company raised roughly HK$850 million through the sale of about 58.6 million shares, with net proceeds near three-quarters of a billion Hong Kong dollars after fees. The debut also narrowed the valuation gap between its new Hong Kong line and its onshore listing, a signal that offshore investors want exposure to Chinese energy-storage suppliers as power grids, data centers and telecom networks expand backup capacity.

Management has framed the fundraising as fuel for capacity expansion, product R&D and working capital to support larger orders across stationary storage and industrial applications. The order book benefited from Hong Kong’s deeper institutional base and the ability to tap U.S. dollar-pegged liquidity, which can be attractive for capital-intensive manufacturers with global customers. The listing adds to a cohort of hardware names that have chosen Hong Kong to diversify their investor mix while staying close to mainland suppliers and clients.

The bigger question is durability. Shuangdeng’s first-day jump reflects a tide lifting battery-adjacent issuers, but aftermarket performance will depend on margin discipline, technology road maps and the pace of downstream demand from EVs and grid projects. If execution keeps pace with the growth narrative—especially on cost per kilowatt-hour and reliability metrics—the stock’s debut could mark the start of a broader rerating rather than a one-day pop.