Yuanxin Energy Storage (09621) opens its IPO subscription from October 30 to November 4, planning a global offering of 57,540,500 H shares and introducing CDH Global as a cornerstone investor.

Yuanxin Energy Storage (09621) opens its IPO subscription from October 30, 2026 to November 4, 2026, planning a global offering of 57,540,500 H shares, of which approximately 10% will be offered under the Hong Kong public offering and approximately 90% under the international offering. The offer price is HK$8.54 to HK$11.1 per share, with a board lot of 500 H shares, and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. (Hong Kong time) on Monday, November 9, 2026. The Group is a Chinese integrated energy storage system solutions provider, focusing on providing comprehensive energy storage system solutions, hardware products, software systems/platforms and supporting services, covering all key stages of an energy storage project from energy storage asset development and delivery to operation and management. The Group is engaged in the research and development, manufacturing and sales of energy storage system solutions and products, and provides supporting services to customers in China and overseas. The Group's energy storage system solutions and products can be applied to various scenarios, including large-scale energy storage power stations and commercial and industrial applications. According to Frost & Sullivan, the Group ranked tenth in China's energy storage system solutions industry in 2025 with shipments of 5.4 GWh and a market share of 2.1%. The Group has entered into a cornerstone investment agreement with CDH Global (the cornerstone investor), pursuant to which the cornerstone investor has agreed, subject to certain conditions, to subscribe for the number of offer shares (rounded down to the nearest whole board lot of 500 H shares) that may be purchased for an aggregate amount of approximately HK$31.4 million (excluding brokerage commission, SFC transaction levy, AFRC transaction levy and Stock Exchange trading fee) (the cornerstone investment). Based on the offer price of HK$9.82 per offer share (being the mid-point of the indicative offer price range set out in this prospectus), the total number of offer shares to be subscribed for by the cornerstone investor will be 3,196,500 H shares, representing approximately 5.56% of the offer shares under the global offering and approximately 0.78% of the total issued share capital of the Company immediately following completion of the global offering (assuming no options that may be granted under the pre-IPO share option incentive plan are exercised). After deducting the underwriting commissions, fees and estimated expenses payable by the Group in connection with the global offering, and assuming an offer price of HK$9.82 per H share (being the mid-point of the indicative price range of HK$8.54 to HK$11.10 per H share for the global offering), the Group estimates that the net proceeds from the global offering will be approximately HK$504 million. The Group intends to apply the net proceeds from the global offering as follows: (1) approximately 45.0% of the net proceeds will be used to enhance the Group's technical capabilities to optimize its hardware product matrix and software research and development and operations. (2) approximately 25.0% of the net proceeds will be used to expand the Group's overseas business. (3) approximately 20.0% of the net proceeds will be used for construction, equipment procurement and laboratory expenses relating to the construction of the Group's Wuzhen factory, with an estimated designed annual capacity of approximately 10 GWh. (4) approximately 10.0% will be used as working capital and for other general corporate purposes. During the track record period, the Group generated revenue from the following businesses: (i) large-scale energy storage system solutions, (ii) commercial and industrial energy storage system solutions, (iii) sales of energy storage system products, and (iv) provision of full life-cycle operation and maintenance and entrusted power trading services. During the track record period, the majority of the Group's revenue was generated from China. In the second half of 2024, the Group began to explore overseas markets and began to generate revenue from such markets in 2025. The Group achieved rapid financial growth during the track record period. The Group's revenue increased significantly from RMB435 million in 2023 to RMB1.144 billion in 2024, and further increased to RMB1.868 billion in 2025. For the four months ended April 30, 2025 and 2026, the Group's revenue was RMB8.5 million and RMB280 million, respectively. The Group recorded net profit of RMB40.7 million, RMB96.3 million and RMB154 million in 2023, 2024 and 2025, respectively, while for the four months ended April 30, 2025 and the four months ended April 30, 2026, the Group recorded a net loss of RMB28.9 million and net profit of RMB23.1 million, respectively.