IPO News | Yuanxin Energy Storage, a "provider of energy storage system solutions," has launched its IPO subscription, with listing scheduled for November 9. The minimum subscription lot size is HK$5,605.97.

Futu News, October 30:$RELYEZ ENERGY (09621.HK)$Announcement released: The IPO subscription period is from October 30 to November 4. The company plans a global offering of approximately 57.5405 million shares and expects to list on November 9.

Company Overview

The company is an integrated energy storage system solution provider in China, focusing on delivering comprehensive energy storage system solutions, hardware products, software platforms, and supporting services. It covers all key stages of energy storage projects, from asset development and delivery to operation and management. The company engages in the R&D, manufacturing, and sales of energy storage system solutions and products, providing supporting services to customers in China and overseas.

The company's energy storage system solutions and products can be applied in various scenarios, including large-scale energy storage stations and commercial/industrial applications. According to Frost & Sullivan, the company ranked 10th in China's energy storage system solutions industry in 2025, with shipments of 5.4 GWh and a market share of 2.1%.

Financial Overview

The company's revenue increased significantly from RMB 434.6 million in 2023 to RMB 1,144.1 million in 2024, and further rose to RMB 1,867.6 million in 2025. For the four months ended April 30, 2025, and April 30, 2026, the company's revenues were RMB 8.5 million and RMB 279.9 million, respectively.

In 2023, 2024, and 2025, the Company's gross profit was RMB 93.8 million, RMB 203.9 million, and RMB 300.6 million, respectively, with corresponding gross profit margins of 21.6%, 17.8%, and 16.1%. For the four months ended April 30, 2025, the Company reported a gross loss of RMB 0.9 million, with a gross loss margin of 10.9% for the same period.

Use of Proceeds

Regarding the use of proceeds, Yuanxin Energy Storage expects the net proceeds from the global offering to be approximately HK$504 million (assuming the over-allotment option is not exercised and based on the mid-point of the indicative offer price range of HK$9.82). According to the prospectus, Yuanxin Energy Storage intends to allocate the funds raised from the global offering for the following purposes:

Approximately 45.0% of the net proceeds will be used to enhance the Company's technological capabilities to optimize its hardware product matrix as well as software R&D and operations; approximately 25.0% of the net proceeds will be used to expand the Company's overseas business; approximately 20.0% of the net proceeds will be used for construction, equipment procurement, and laboratory expenses related to the construction of the Company's Wuzhen factory, with an estimated annual design capacity of approximately 10 GWh; and approximately 10.0% will be used for working capital and other general corporate purposes.

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Edited by Vincent

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