IPO News | 'Intelligent Equipment Company' Lead Intelligent launches its public offering, with a planned listing on February 11. The minimum subscription amount is HKD 4,626.19.

Futu News reported on February 3 that $WUXI LEAD (00470.HK)$ An announcement was made for the public offering to be held from February 3 to February 6. The company plans to offer approximately 93.616 million shares globally and expects to be listed on February 11.

Company Overview

Lead Intelligent is an intelligent equipment company providing smart equipment and solutions for numerous emerging industries. The manufacturing equipment and solutions delivered by the company are widely used in diverse application areas including lithium batteries, photovoltaic cells, as well as computer, communication, and consumer electronics (3C) manufacturing, intelligent logistics, hydrogen production and fuel cell manufacturing, automobile production, and laser precision processing worldwide.

Lead Intelligent began its business with the research, development, and production of film capacitor equipment. Initially focusing on fully automatic winding machines, the company later developed a complete set of automated film capacitor production equipment. In this process, it mastered several core manufacturing technologies, including automatic winding technology, high-speed slitting technology, metallization spraying technology, and sorting empowerment technology. Since automatic winding and high-speed slitting technologies also form the core technologies of lithium battery equipment, the company successfully extended these technological capabilities to the lithium battery equipment manufacturing field, forming a rich product portfolio.

Unlike traditional and ordinary manufacturing equipment suppliers, Lead Intelligent emphasizes the role of digital intelligence transformation throughout the entire manufacturing process. It has developed comprehensive smart software solutions specifically aimed at promoting such transformation, featuring industrial control artificial intelligence IoT (AIoT) software, data management, and deep learning platforms that use data-driven algorithms to facilitate fully automated production processes while optimizing equipment management and manufacturing efficiency.

Financial Overview

For the fiscal years ended December 31, 2022, 2023, and 2024, as well as the nine months ended September 30, 2024, and 2025, revenues of Lead Intelligent Equipment were RMB 13,836.1 million, RMB 16,483.3 million, RMB 11,773.4 million, RMB 9,038.4 million, and RMB 10,387.5 million, respectively. The company's net profits for the year/period were RMB 2,318.1 million, RMB 1,770.8 million, RMB 268.0 million, RMB 587.0 million, and RMB 1,161.3 million, respectively.

Source: Prospectus

Industry Overview

Intelligent equipment refers to automated equipment integrated with software, possessing functions such as data collection, data analysis, data feedback, execution, and control. Compared with traditional equipment, intelligent equipment has a higher level of digitization and automation, achieving real-time optimization through embedded software rather than relying on mechanical or manual intervention. Intelligent equipment is widely used across various industries, including new energy, automotive manufacturing, and consumer electronics manufacturing.

Among various types of intelligent equipment, new energy intelligent equipment refers to intelligent equipment used in the new energy sector, including lithium battery intelligent equipment, photovoltaic intelligent equipment, hydrogen energy intelligent equipment, intelligent logistics equipment used in the new energy field, and others.

The global intelligent equipment industry is highly fragmented. Different market segments differ significantly in business models, core technologies, functional positioning, downstream customers, and supply chain structures. The new energy intelligent equipment market constitutes a major part of the intelligent equipment market. Lithium battery intelligent equipment refers to the intelligent equipment used in the production of lithium batteries. The production process of lithium batteries can be divided into three stages: the front-end production process, the mid-end production process, and the back-end production process.

Cornerstone Investor

Cornerstone investors have agreed to subscribe for, or cause their designated entities to subscribe for, an aggregate amount of approximately USD 275 million (or approximately HKD 2.144 billion) worth of shares at the offer price, subject to certain conditions. Assuming the offer price is HKD 45.80 per share (i.e., the maximum offer price), the total number of shares to be subscribed by cornerstone investors will be 46,806,600 shares. The cornerstone investors include Oaktree, Pinpoint, AMF, MY Asian, MSIP, Ouwanda Fund, QRT, Wuxi Jinchou, Guotai Haitong, Millennium, and Rome Garden.

Source: Prospectus

Use of Proceeds

In terms of use of proceeds, Lead Intelligent expects the net proceeds from the global offering to be approximately HKD 4.166 billion (assuming the over-allotment option is not exercised and calculated based on the maximum offer price of HKD 45.80). According to the prospectus, Lead Intelligent intends to use the proceeds from the global offering for the following purposes:

Approximately 40% will be used to expand the global R&D, sales, and service network, as well as selectively implement strategic initiatives as an important part of the company’s globalization strategy; about 30% will be used to deepen the company’s platform strategy, intending to further expand its product portfolio in the new energy intelligent equipment sector; around 10% will be used for R&D in product design and manufacturing processes, as well as optimization of intelligent equipment technology, to enhance performance and operational stability while reducing energy consumption to help customers improve production efficiency and product performance; about 10% will be used to enhance the company’s digital infrastructure and improve digital capabilities across business processes (such as supply chain management, R&D, production, quality control, sales, and operations) to boost operational efficiency; and approximately 10% will be allocated for working capital and general corporate purposes.

More reading:Lead Intelligent Prospectus

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