China’s leading company “A+H” has made a significant move in the battery sector. On May 8, 2025, at 10:48 AM, it was reported that the battery company has successfully transitioned to the “A+H” market.
The company, known by its stock symbols 02865.HK and 002865.SZ, made its debut on the market today at the Hong Kong Stock Exchange, officially marking its entry into the Chinese A+H market.
At 10:05 AM on May 8, the company’s stock price surged by 3.39%, trading at 22.9 HKD, with a total market capitalization of approximately 67 billion HKD.
On May 7, the company confirmed that the H-share offering price was set at 22.15 HKD. By this time, the offering reached 6,343.23 million HKD, with the Hong Kong offering accounting for 10% of the total and the mainland offering for 90%.
The final offering amount has been set at around 12.92 billion HKD. Based on previous reports, 75% of the funds raised will be used for the construction of a new offshore battery production base with an annual capacity of 5 GW, specifically targeting the establishment of a high-efficiency battery production facility.
The company has indicated that it will continue to promote its offshore projects and enhance its cash flow management, aiming to establish a stable construction timeline for the projects to commence by the end of 2025.
Additionally, around 8% of the raised funds will be allocated for the research and development of N-type TOPCon technology, while 7% will be directed towards strengthening offshore sales and distribution channels, with 10% reserved for operational adjustments.
By 2024, the company is expected to debut on the market again. However, it has faced scheduling issues, resulting in missed deadlines. In October of the following year, the company plans to relaunch its stock offering.
This year, the company has seen remarkable growth in its vehicle accessories division, indicating an upward trend in its operations.
Since the beginning of this transition, the company has identified the need for new energy sources and is actively seeking to diversify its operations, targeting a 51% share in the new energy market by acquiring a battery company.
In May 2022, the company planned to spin off its vehicle accessories division, shifting its focus towards becoming a specialized battery producer, with production and sales operations centered around batteries.
Subsequently, the company has made substantial progress in acquiring a 49% share of the battery production landscape, further solidifying its position in the industry.
As of this year, the company reported a significant increase in revenue, with expectations of continuing to grow in the competitive market.
For 2024, the company anticipates a battery production output of 33.74 GW, marking an increase of 12.62%, while its N-type battery production is expected to reach 30.99 GW, reflecting a 90% increase.
With a combined production capacity of 44GW, the company is currently positioned as a leading player in the offshore battery market.
As a result, the company’s stock is viewed positively, positioning it for future growth in the offshore market.
In a recent annual report, the company projected a total revenue of 99.52 billion HKD for 2024, a decrease of 46.66% compared to the previous year.
As part of its strategy, the company aims to maintain a consistent presence in key international markets, enhancing collaboration with global clients and ensuring a stable supply chain.
Looking ahead, the company plans to expand its footprint in the international battery market, targeting increased sales and market share.
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