Guoxia Technology (02655) proposed to sell 338.529 million H shares globally from December 8 to December 11 to introduce Huikai Hong Kong and other cornerstone investors

According to the Zhitong Finance App, Guoxia Technology (02655) will raise shares from December 8, 2025 to December 11, 2025. The company plans to sell 338.529 million H shares globally, of which the Hong Kong public sale accounts for about 10%, international sales account for about 90%, and 15% over-allotment rights. The offering price is HK$20.1 per share. Each lot is 100 H shares. It is expected that H shares will start trading on the Stock Exchange at 9:00 a.m. on December 16, 2025 (Tuesday).

As a renewable energy solution and product provider for China's energy storage industry, the Group focuses on developing and providing energy storage system solutions and products to the Group's customers and end users. The Group's energy storage system solutions and products are widely used in large-scale power supply side and power grid side, industrial, commercial and household scenarios in the Chinese market and overseas markets. According to Insight Consulting, the Group is one of the earliest participants in the industry to implement Internet cloud integration of energy storage system solutions and/or products and develop a panoramic Internet cloud platform for digital energy management.

The Group has entered into cornerstone investment agreements (hereinafter referred to as cornerstone investment agreements) with Xiahuikai Hong Kong Economic Development Co., Ltd. (Dream'ee HK Fund), and Wusong Capital Limited (Wusong Capital). Based on this, Cornerstone investors have agreed to subscribe for a certain number of shares at the offering price or facilitate their designated entities to subscribe for a certain number of shares for sale (rounded down to the nearest 100 H shares per lot) Units). The total amount available for subscription is HK$74.25 million (assuming a sale price of HK$20.1), and does not include brokerage commissions, SFC transaction levies, Financial Services Council transaction levies, and SEHK transaction fees (cornerstone placement). Based on the offering price of HK$20.1 per share offered, the total number of shares to be subscribed by Cornerstone investors will be 3.694 million H shares.

The Group estimates that, assuming the sale price is HK$20.1 per H share, and that the right to adjust the sale volume and over-allotment rights are not exercised, the Group will collect about HK$606 million in net proceeds from the global sale after deducting underwriting commissions, fees payable by the Group in connection with the global offering, and estimated expenses. The Group intends to use the net proceeds from the global sale for the following purposes: 1. Approximately 44.0%, which will be used to enhance the Group's R&D capabilities. Of this, about 14.0% will be used to enhance the Group's artificial intelligence R&D capabilities; about 15.0% will be used to enhance the R&D efforts of the Group's domestic business; and about 15.0% will be used to promote R&D in overseas business. 2. Approximately 19.0% will be used to build overseas operations and service networks to support international growth strategies. 3. Approximately 27.0% will be used to expand the production capacity of the Group's large-scale energy storage system products, industrial and commercial energy storage system products, and household energy storage system products. 4. Approximately 10.0% will be used as working capital and other general corporate purposes.

After years of intensive cultivation, the Group achieved rapid growth during the track record period. The Group's revenue increased from RMB 142 million for the year ended December 31, 2022 to RMB 314 million for the year ended December 31, 2023, and further increased to RMB 1,026 million for the year ended December 31, 2024, with a compound annual growth rate of 168.9%. The Group's revenue increased from RMB 90.6 million for the six months ended June 30, 2024 to RMB 691 million for the six months ended June 30, 2025. The Group's gross profit increased from RMB 35.6 million for the year ended December 31, 2022 to RMB 84 million for the year ended December 31, 2023, and further increased to RMB 155 million for the year ended December 31, 2024, with a compound annual growth rate of 108.6%. The Group's gross profit increased from RMB 11.8 million for the six months ended June 30, 2024 to RMB 86.3 million for the six months ended June 30, 2025. The Group's gross margins for the year ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025 were 25.1%, 26.7%, 15.1%, 13.0% and 12.5%, respectively.