Gua Xia Technology (02655) will conduct its IPO from December 8th to December 11th, aiming to globally issue 33.8529 million H shares and introduce cornerstone investors from Hong Kong and other places.

Guoxia Technology (02655) began its initial public offering from December 8, 2025 to December 11, 2025, intending to globally sell 33.8529 million H shares, with approximately 10% for public sale in Hong Kong and approximately 90% for international sale, with an additional 15% over-allotment option. The offer price is HK$20.1 per share. Each lot consists of 100 H shares, and it is expected that trading of the H shares will commence on December 16, 2025 at 9:00 a.m. on the Stock Exchange of Hong Kong. As a renewable energy solutions and products provider in the Chinese energy storage industry, the company focuses on researching and developing energy storage system solutions and products for its customers and end users. The company's energy storage system solutions and products are widely used in large-scale power and grid-side applications, as well as in industrial, commercial, and residential settings in both the Chinese and international markets. According to Zhoushi Consulting, the company is one of the early participants in the industry to achieve the integration and development of energy storage system solutions and/or products through an internet cloud platform for digital energy management. The company has entered into cornerstone investment agreements with Huikai Hong Kong Economic Development Co., Ltd. (Huikai Hong Kong), Dream'ee (Hong Kong) Open-ended Fund Company (Dream'ee HK Fund), and Wusong Capital Limited (Wusong Capital), under which the cornerstone investors have agreed to subscribe for or procure the subscription of a certain amount of offer shares at the offer price, subject to certain conditions and restrictions. The total amount available for subscription is HK$74.25 million (assuming an offer price of HK$20.1) and does not include underwriting commissions, Securities and Futures Commission trading fees, Inland Revenue Department trading fees, and Stock Exchange trading fees (cornerstone allocation). Based on an offer price of HK$20.1 per share, the total number of offer shares to be subscribed by the cornerstone investors will be 3.694 million H shares. The company estimates that, assuming an offer price of HK$20.1 per H share and no exercise of the over-allotment option or the additional allotment option, after deducting underwriting commissions, expenses related to the global offering, and estimated expenses, the net proceeds to be received by the company from the global offering will be approximately HK$606 million. The company intends to use the net proceeds from the global offering for the following purposes: 1. Approximately 44.0% to enhance the company's research and development capabilities, including approximately 14.0% for enhancing the company's artificial intelligence research and development capabilities, approximately 15.0% for enhancing the company's domestic business research and development efforts, and approximately 15.0% to promote overseas business research and development work. 2. Approximately 19.0% for constructing overseas operations and service networks to support international growth strategies. 3. Approximately 27.0% to expand the company's production capacity of large-scale energy storage system products, commercial energy storage system products, and household energy storage system products. 4. Approximately 10.0% for working capital and other general corporate purposes. After years of development, the company has achieved high growth during the past financial periods. The company's revenue increased from RMB 142 million in the financial year ending December 31, 2022 to RMB 314 million in the financial year ending December 31, 2023, and further increased to RMB 1.026 billion in the financial year ending December 31, 2024, with a compound annual growth rate of 168.9%. The company's revenue increased from RMB 90.6 million in the six months ending June 30, 2024 to RMB 691 million in the six months ending June 30, 2025. The company's gross profit increased from RMB 35.6 million in the financial year ending December 31, 2022 to RMB 84 million in the financial year ending December 31, 2023, and further increased to RMB 155 million in the financial year ending December 31, 2024, with a compound annual growth rate of 108.6%. The company's gross profit increased from RMB 11.8 million in the six months ending June 30, 2024 to RMB 86.3 million in the six months ending June 30, 2025. The company's gross profit margin for the financial years ending December 31, 2022, 2023, and 2024, as well as the six months ending June 30, 2024 and 2025, were 25.1%, 26.7%, 15.1%, 13.0%, and 12.5%, respectively.