REPT BATTERO, a new energy company based in Wenzhou was officially listed on the Hong Kong Stock Exchange on Dec 18.
Established in October 2017, REPT BATTERO is the first enterprise in the new energy sector invested in by Tsingshan Group, a Fortune Global 500 company. It mainly engages in the R&D, production, and sale of lithium-ion batteries for vehicles and energy storage.
The company, based in Wenzhou, was established in 2017. [Photo/WeChat account: wenzhoufabu]
The opening price was HK$18.6 ($2.38) per share, with a market value exceeding HK$40 billion, making it the first listed company under its parent company.
According to the company's prospectus, its annual total revenue increased from 907 million yuan ($126.9 million) in 2020 to 2.11 billion yuan in 2021, and further increased to 14.65 billion yuan in 2022, with its annual growth rate increasing threefold during the period.
Its production capacity has grown from 2.3GWh in early 2020 to 35.2GWh by the end of 2022.
The company's initial public offering (IPO) raised HK$ 2.1 billion, of which 80 percent will be used to further expand battery production capacity.
