XianDao Intelligent Launches Hong Kong Stock IPO to Build an "A+H" Dual Capital Platform

On February 3, the leading lithium battery equipment company in China’s A-shares, Wuxi Lead Intelligent Equipment Co., Ltd. (hereinafter referred to as “Lead Intelligent”), officially launched its initial public offering, planning to globally issue 93.616 million H-shares. Among them, 9.3616 million shares are to be sold in Hong Kong, and 84.2544 million shares internationally.

The announcement shows that the maximum offering price for Lead Intelligent’s H-shares is HKD 45.80 per share. Based on this price cap, assuming the over-allotment option is not exercised, the expected net funds raised are approximately HKD 4.166 billion. Of these, about 40% will be used to expand the global R&D, sales, and service network to advance the globalization strategy; about 30% will be used to deepen the platform strategy; about 10% will fund R&D for product design, manufacturing processes, and smart equipment technology optimization; another 10% will be allocated to digital infrastructure enhancement and process improvements; and the remaining 10% will serve as working capital and for general corporate purposes.

Lead Intelligent specializes in the R&D, design, production, and sales of high-end non-standard intelligent equipment, focusing on “New Energy + High-End Equipment,” and is a global leader in providing intelligent manufacturing solutions for new energy. Its business covers smart equipment for lithium batteries, photovoltaic modules, 3C electronics, intelligent logistics systems, hydrogen energy equipment, and laser precision processing equipment, offering customers integrated “smart manufacturing + services” solutions for smart factories.

On May 18, 2015, Lead Intelligent officially listed on the A-shares market on the ChiNext board. Initially, its stock abbreviation was Lead Shares, which was changed to Lead Intelligent on December 9 of the same year. As a leading global provider of new energy intelligent manufacturing solutions, the company had already built a diversified business landscape at the time of listing, leveraging the capital market platform to continuously strengthen core competitiveness and achieve leapfrog development.

According to the prospectus, based on Frost & Sullivan data and projected 2024 revenue, Lead Intelligent is the world’s largest supplier of lithium battery intelligent equipment, with a market share of 15.5%; it is also the largest supplier in China for lithium battery intelligent equipment, with a market share of 19.0%.

On January 26, Lead Intelligent released its 2025 performance forecast, estimating net profit attributable to shareholders of the listed company to be between 1.5 billion and 1.8 billion yuan, a year-on-year increase of 424.29% to 529.15%. The net profit after deducting non-recurring gains and losses is expected to be between 1.48 billion and 1.78 billion yuan, up 310.83% to 394.11% year-on-year.

Lead Intelligent stated in the announcement that the performance growth is mainly due to the global recovery of the power battery market and surging demand in the energy storage sector. The operating rate of leading domestic battery companies has increased, and the pace of capacity expansion has accelerated, driving a rapid rebound in order volume, with delivery and acceptance also speeding up, significantly enhancing profitability.

On February 3, Lead Intelligent’s A-shares closed at 59.92 yuan per share, up 7.56%, with a market value exceeding 93 billion yuan. According to the issuance plan, the H-share offering period is from February 3 to February 6, 2026, with an expected listing date of February 11, marking a new stage of development on the “A+H” dual-capital platform.

Vice Chairman of the Investment Professional Committee of the China Securities Investment Association, Zhi Peiyuan, told Securities Daily that dual listing on “A+H” has multiple positive impacts on long-term corporate development, mainly reflected in comprehensive improvements in financing ability, corporate governance, and brand influence. From a financing perspective, it broadens access to capital, enabling bidirectional connection between mainland and global markets, and creates valuation complementarities to prevent company value from being undervalued in a single market. In terms of governance, it promotes alignment with international standards, enhances corporate credibility through Hong Kong listing compliance, and gains international credit endorsement, while also increasing international cooperation discourse power and reducing cross-border transaction trust costs. Regarding brand influence, leveraging Hong Kong’s status as an international financial center can enhance the company’s global brand credibility, serve as a “passport” for international expansion, and strengthen competitiveness in international markets.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, told Securities Daily that as the number of “A+H” listed companies increases, cooperation between regulatory agencies in both regions will deepen. This cooperation model has multiple positive implications for capital market development, including optimizing resource allocation, improving market efficiency, attracting more international capital into China’s capital markets, and promoting international integration of Chinese markets to enhance global competitiveness. It also helps create a more stable and predictable regulatory environment, boosts companies’ confidence in listing in Hong Kong, and further promotes the development of the “A+H” listing model, supporting China’s capital market toward diversified and internationalized growth.

(Source: Securities Daily)