双登股份 06960 Prospectus Information

IPO Timeline

Broker Deadline

2025-08-21

Morning deadline

HKEX Deadline

2025-08-21

Noon deadline

Broker Results (T-2)

2025-08-22

Some brokers release in afternoon

Grey Market (T-1)

2025-08-25

Afternoon

HKEX Allotment (T-1)

2025-08-25

Evening

Registrar Allotment (T-1)

2025-08-25

Evening

Listing Day (T)

2025-08-26

First day of trading

Company Overview

Stock Name	双登股份
Stock Code	06960
Company Full Name	双登股份
Industry	New Energy
Principal Activities	我们是大数据及通信领域能源存储业务的领先公司。我们专注于设计、研发、制造和销售储能电池及系统。
Listing Date	2025-08-26
Listing Rules Era	New Rules (after Aug 2025)
Listing Rules Chapter	To be extracted
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	中國江蘇省泰州市姜堰經濟開發區天目西路999號
Business Address (Hong Kong)	To be extracted
Place of Incorporation	To be extracted
Listing Method	To be extracted
Listing Board	Main Board
Website	shuangdeng.com.cn
Share Registrar	卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact	(852)2862 8628
A-Share/US Dual Listing	No

Offering Information

Offering Mechanism	Mechanism B
Offer Price	HK$ 14.51 / shares
Offer Price Range	Final offer price only, no range
Lot Size	500 shares
Entry Threshold	HK$ 7,255
Par Value	RMB 1.0 / shares
Offer Period	2025-08-18 to 2025-08-21
Global Offering Shares	5,856,000 shares
HK Public Offer Shares (Initial)	585,600 shares (10.0%)
Public Offer Lots (Initial)	1,171lots (585lots, 586lots)
International Placing Shares (Initial)	5,270,400 shares (90.0%)
Offer Ratio	~1.4%
Total Shares Post-IPO	416,826,000 shares
Greenshoe (Over-allotment Option)	Yes
Stabilizing Manager (Greenshoe)	To be extracted
Cornerstone Share	28.1%
Clawback Tiers	To be extracted
Reallocation Option	No
Total Global Offering Size	HK$ 84,970,560

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
1 lots	500	HK$ 7,255
2 lots	1,000	HK$ 14,510
3 lots	1,500	HK$ 21,765
4 lots	2,000	HK$ 29,020
5 lots	2,500	HK$ 36,275
6 lots	3,000	HK$ 43,530
7 lots	3,500	HK$ 50,785
8 lots	4,000	HK$ 58,040
9 lots	4,500	HK$ 65,295
10 lots	5,000	HK$ 72,550
12 lots	6,000	HK$ 87,060
14 lots	7,000	HK$ 101,570
16 lots	8,000	HK$ 116,080
18 lots	9,000	HK$ 130,590
20 lots	10,000	HK$ 145,100
30 lots	15,000	HK$ 217,650
40 lots	20,000	HK$ 290,200
50 lots	25,000	HK$ 362,750
60 lots	30,000	HK$ 435,300
70 lots	35,000	HK$ 507,850
80 lots	40,000	HK$ 580,400
90 lots	45,000	HK$ 652,950
100 lots	50,000	HK$ 725,500
120 lots	60,000	HK$ 870,600
140 lots	70,000	HK$ 1,015,700
160 lots	80,000	HK$ 1,160,800
180 lots	90,000	HK$ 1,305,900
200 lots	100,000	HK$ 1,451,000
400 lots	200,000	HK$ 2,902,000
600 lots	300,000	HK$ 4,353,000

Pool B

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
800 lots	400,000	HK$ 5,804,000
1,000 lots	500,000	HK$ 7,255,000
1,200 lots	600,000	HK$ 8,706,000
1,400 lots	700,000	HK$ 10,157,000
1,600 lots	800,000	HK$ 11,608,000
1,800 lots	900,000	HK$ 13,059,000
2,000 lots	1,000,000	HK$ 14,510,000
3,000 lots	1,500,000	HK$ 21,765,000
4,000 lots	2,000,000	HK$ 29,020,000
5,856 lots	2,928,000	HK$ 42,485,280

Valuation & Financials

Market Cap (at Offer Price)	HK$ 6,048,145,260
Pre-IPO Valuation (Last Round)	To be extracted
P/E Ratio	To be extracted
Profit/Loss Status	To be extracted
Period-End Cash Balance	To be extracted
Listing Expenses	To be extracted
Listing Expenses / Funds Raised	To be extracted
Total Pre-IPO Investment	To be extracted

First Day Performance

First Day Close	HK$ 19.05
First Day Open	HK$ 22.5
First Day Change	31.29%
First Day Volume	43416200.0
First Day Turnover	939611000.0

Use of Proceeds

Use of Proceeds	1、約40.0%或302.6百萬港元將用作于東南亞興建一個鋰離子電池生產設施； 2、約35.0%或264.7百萬港元擬用于資助于泰州建立一個研發中心，重點研究及開發：(i)提高儲能電池壽命；(ii)固態電池；(iii)鈉離子電池；及(iv)BMS技術； 3、約15.0%或113.4百萬港元擬用作加強海外銷售及營銷，以便能夠增強我們的全球影響力、更好地服務海外客戶并促進我們的國際； 4、約10.0%或75.6百萬港元擬用作撥付營運資金及其他一般企業用途。

1、約40.0%或302.6百萬港元將用作于東南亞興建一個鋰離子電池生產設施； 2、約35.0%或264.7百萬港元擬用于資助于泰州建立一個研發中心，重點研究及開發：(i)提高儲能電池壽命；(ii)固態電池；(iii)鈉離子電池；及(iv)BMS技術； 3、約15.0%或113.4百萬港元擬用作加強海外銷售及營銷，以便能夠增強我們的全球影響力、更好地服務海外客戶并促進我們的國際； 4、約10.0%或75.6百萬港元擬用作撥付營運資金及其他一般企業用途。

Underwriting Syndicate

Joint Sponsors (3)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225

Sponsor cum Overall Coordinator (3)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225

Overall Coordinators (3)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225

Joint Global Coordinators (3)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225

Joint Bookrunners (7)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225 工银国际证券有限公司 CE ARO299 农银国际融资有限公司 CE AWL249 利弗莫尔证券有限公司 CE BJN764 中国银河国际证券（香港）有限公司 CE AXM459

Joint Lead Managers (7)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225 工银国际证券有限公司 CE ARO299 农银国际证券有限公司 CE ACX411 利弗莫尔证券有限公司 CE BJN764 中国银河国际证券（香港）有限公司 CE AXM459

Capital Market Intermediaries (8)

中国国际金融香港证券有限公司 CE AEN894 华泰金融控股（香港）有限公司 CE AOK809 建银国际金融有限公司 CE AJO225 工银国际证券有限公司 CE ARO299 农银国际融资有限公司 CE AWL249 农银国际证券有限公司 CE ACX411 利弗莫尔证券有限公司 CE BJN764 中国银河国际证券（香港）有限公司 CE AXM459

Service Providers

Role	Institution
Legal Advisor to Company	美迈斯律师事务所泰和律师事务所霍金路伟律师行
Legal Advisor to Sponsors/Underwriters	瑞生国际律师事务所中伦律师事务所
Auditor and Reporting Accountant	安永会计师事务所
Industry Advisor	弗若斯特沙利文（北京）咨询有限公司上海分公司
Receiving Banks	中国工商银行（亚洲）有限公司中国农业银行股份有限公司香港分行中国银行（香港）有限公司

Cornerstone Investors

#	Investor Name	Investment Amount	Shares Subscribed	% of Offer Shares	% of Total Shares	Lock-up Period	Est. Unlock Date
1	三水创业投资有限公司	238,740,285 HKD	—	28.10%	—	6 months	2026-02-26

Directors & Management

Chairman	杨锐
Company Secretary	賀蓉,譚家龍

執行董事 (3)

#	Name	English Name	Type
1	杨锐	—	執行董事
2	杨宝峰	—	執行董事
3	贺蓉	—	執行董事

非執行董事 (1)

#	Name	English Name	Type
1	钱善高	—	非執行董事

獨立非執行董事 (6)

#	Name	English Name	Type
1	殷俊明	—	獨立非執行董事
2	王进	—	獨立非執行董事
3	王熹	—	獨立非執行董事
4	楼志强	—	獨立非執行董事
5	孙彩云	—	獨立非執行董事
6	黄学工	—	獨立非執行董事

Major Shareholders

Major Shareholders & Holdings	截至最后实际可行日期，杨先生可行使本公司约78.29%的投票权。紧随全球发售完成后（假设超额配股权未获行使），杨先生将直接及间接有权行使本公司约64.66%的投票权。

AI AI Analysis

Market Sentiment

The IPO saw extraordinary demand with an oversubscription ratio of 3876.25 times, reflecting intense market enthusiasm for the energy storage battery sector. The overall hit rate of just 5.37% indicates a highly competitive allocation, leaving the vast majority of applicants empty-handed. With no clawback triggered and the offer price set at HK$14.51, the pricing suggests strong institutional support. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Tier Analysis

The allocation across tiers reveals a stark anomaly: A-tail applicants committing 300,000 lots expected only 0.35 lots, while B-head subscribers with 400,000 lots saw an even lower 0.13 lots expected, implying a disproportionate disadvantage for larger retail bids. This suggests that the international tranche absorbed nearly all shares under the no-clawback mechanism, penalizing oversized applications with near-zero allocations. Broker fee efficiency for these high-tier applications is exceptionally poor, as costs far exceed the fractional lot expectations. (This is AI-generated commentary based on historical data. Broker fee structures vary; actual costs may differ. Not financial advice.)

Demographics

The provided data lacks demographic details—no breakdown by geography, gender, or age is available for the 217,990 applicants. Without mainland China participation rates or regional concentration data, it is difficult to profile the applicant base. The absence of such granularity limits insights into the investor composition. (This is AI-generated commentary based on limited data. Data may contain errors; verify against official sources. Not financial advice.)

Offering Structure

Subscription Tiers

IPO Timeline

双登股份 06960Prospectus Information

Market Sentiment

Tier Analysis

Demographics