Restructuring Energy has launched an IPO, introducing Jiujiang State-owned Assets Fund as a cornerstone investor, and will be listed in Hong Kong on December 6.

Ryanben Capital · Nov 28, 2024 13:23

氢能科技企业重塑能源(02570.HK)，于今日(11月28日)起至下周二(12月3日)招股，预计2024年12月6日在港交所挂牌上市，中金公司独家保荐。

重塑能源，计划全球发售482.792万股H股(占发行完成后总股份的5.6%)，其中90%为国际发售、10%为公开发售，另有15%超额配股权，每股发售价介乎145港元~165港元，每手20股，最多募资约7.97亿港元。

假设每股发售价155港元(发售价区间中位数)，超额配股权悉数行使，重塑能源预计上市总开支约8736万港元，包括3%的承销佣金、1.5%的酌情费用、联交所上市费、证监会交易征费、联交所交易费、财汇局交易征费、法律及其他专业费用、印刷及其他开支等。

重塑能源此次IPO招股引入1名基石投资者，九江市国资委旗下九江鼎创认购人民币3亿元的发售股份。

重塑能源此次IPO，募资净额约6.66亿港元(按发售价中位数计)：约74.5%将用于氢燃料电池系统的研发活动及扩产提供资金；约15.3%将用于为氢能装备的扩产提供资金；约7.7%将用于海外市场业务拓展；约2.5%将用于营运资金及一般公司用途。

重塑能源此次IPO，中金公司为其独家保荐人、联席整体协调人、联席全球协调人，招银国际、法国巴黎证券为其整体协调人、联席全球协调人，中银国际、中国银河国际为其联席全球协调人，其他承销商包括农银国际、招商证券国际、利弗莫尔证券、东吴证券国际、老虎证券；法国巴黎证券为其财务顾问；安永为其审计师；天元、美迈斯分别为其公司中国律师、公司香港及美国律师；通商、贝克·麦坚时分别为其券商中国律师、券商香港及美国律师；弗若斯特沙利文为其行业顾问。

招股书显示，重塑能源在上市后的股东架构中，林琦先生持股13.74%，林先生控制的员工持股计划平台上海蔚清、上海蔚澜、上海蔚镜分别持股4.24%、1.39%、1.35%；中国石化(600028.SH,00386.HK)通过中石化资本持股13.53%；春阳资本，通过鹏凡之滨、春阳颂腾、京隆宝罗、春阳泓信分别持股3.48%、1.53%、1.16%、0.26%；张秀英女士持股4.49%；国家制造业基金持股4.34%；一汽解放(000800.SZ)持股4.18%；宇通客车(600066.SH)通过郑州云杉持股3.91%；万景照先生(宇通一致行动人)持股0.16%；挚信二期持股2.54%；挚信新经济持股0.85%；谦石禾润通过谦石晟新、谦石沣禾分别持股2.42%、0.35%；马晶楠女士持股2.05%；张家港博华持股1.99%；宇通客车持股1.73%；惠洋资本通过惠清京诺、鲁平京能分别持股1.66%、1.33%；君联通道通过君联成业、君联秉德分别持股1.41%、0.85%；全村创业通过谦石国新、谦石正新分别持股1.16%、1.15%；其他包括中津创新、红杉瀚辰、君泽三号、水木氢源、嘉元科技、丰田通商、东方电气、高瓴裕润等36名股东合计持股17.15%；其他公众股东持股5.60%。

重塑能源，成立于2015年，作为中国领先的氢能科技企业，专注于氢燃料电池系统、氢能装备及相关零部件的设计、开发、制造和销售，并提供氢燃料电池工程开发服务。根据弗若斯特沙利文的数据，按2023年已售重卡氢燃料电池系统的总输出功率、总销售输出功率、总销售额计，重塑能源均位居中国氢燃料电池系统市场第一，市场份额分别为23.8%、42.4%、29.4%。

重塑能源招股书链接：

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1128/2024112800012_c.pdf

hydrogen technology enterprise reshaping energy (02570.HK), will be listed from today (November 28) to next Tuesday (December 3), and is expected to be listed on the Hong Kong Stock Exchange on December 6, 2024, with china international capital corporation as the exclusive sponsor.

Reshaping energy plans to globally issue 4.82792 million H shares (accounting for 5.6% of the total shares after completion of the issue), with 90% for international offering and 10% for public offering, as well as an over-allotment option of 15%. The offering price per share is expected to range between HK$145 and HK$165, with 20 shares per board lot, raising approximately HK$0.797 billion.

Assuming an offering price of HK$155 per share (middle of the price range), with full exercise of the over-allotment option, Reshaping energy is expected to incur total listing expenses of approximately HK$87.36 million, including 3% underwriting commission, 1.5% discretionary expenses, Hong Kong Stock Exchange listing fee, China Securities Regulatory Commission trading fee, Hong Kong Stock Exchange trading fee, Financial Services and Treasury trading fee, legal and other professional fees, printing and other expenses.

In this IPO, Reshaping energy introduced 1 cornerstone investor, Jiujiang Dingchuang under Jiujiang State-owned Assets Supervision and Administration Commission subscribed to RMB 0.3 billion worth of issued shares.

In this IPO of Reshaping energy, the net proceeds are approximately HK$0.666 billion (based on the median offering price): about 74.5% will be used for research and development activities and expansion of hydrogen fuel cell systems; about 15.3% will be used to provide funds for the expansion of hydrogen equipment; about 7.7% will be used for overseas business expansion; about 2.5% will be used for working capital and general corporate purposes.

In this IPO of Reshaping energy, China International Capital Corporation is the exclusive sponsor, joint global coordinator, and joint global coordinator, while China Merchants Securities International and BNP Paribas Securities are joint global coordinators. , China international, China Galaxy International are joint global coordinators, other underwriters include Agricultural Bank International, China Merchants Securities International, Liffmore Securities, Soochow International, Tiger Securities; BNP Paribas Securities is its financial advisor; Ernst & Young is its auditor; Tianyuan, Mayer Brown respectively serve as its corporate lawyers in China and Hong Kong and the United States; Tongshang, Baker McKenzie respectively serve as its brokerage lawyers in China and Hong Kong and the United States; Frost & Sullivan serves as its industry consultant.

According to the prospectus, in the shareholder structure after the listing of Reshaping energy, Mr. Lin Qi holds 13.74% of the shares, with Shanghai Wei Qing, Shanghai Wei Lan, and Shanghai Wei Jing on the employee shareholding platform controlled by Mr. Lin holding 4.24%, 1.39%, and 1.35% respectively; China Petroleum & Chemical Corporation (600028.SH,00386.HK) holds 13.53% through Sinopec Capital; Chunyang Capital, through Pengfan Zhibin, Chunyang Songteng, Jinglong Baoluox, Chunyang Hongxin holding 3.48%, 1.53%, 1.16%, 0.26% respectively; Ms. Zhang Xiuying holds 4.49%; National Manufacturing Fund holds 4.34%; FAW Jiefang (000800.SZ) holds 4.18%; Yutong Bus (600066.SH) holds 3.91% through Zhengzhou Yunsan; Mr. Wan Jingzhao (consolidated acting person of Yutong) holds 0.16%; Zhixin Phase II holds 2.54%; Zhixin New Economy holds 0.85%; QS He Run holds 2.42% through QS Shengxin, QS Fenghe holds 0.35%; Ms. Ma Jingnan holds 2.05%; Zhangjiagang Bohua holds 1.99%; Yutong Bus holds 1.73%; Huiyang Capital holds 1.66% through Huiqing Jinnuo, Lujing Jinneng holding 1.33%; Jun Liantongdao holds 1.41% through Jun Lianchengye, Jun Lin Bijinde holds 0.85%; the whole village start-up holds 1.16% through QS Guoxin, QS Zhengxin holds 1.15%; others including China Jinchuang Innovation, Sequoia Han Chen, Junze No. 3, Shuimu Hydrogen Source, Jiayuan Technology, Toyota Commerce, Dongfang Electric Corporation, Gaoling Yurun, etc. a total of 36 shareholders hold 17.15%; other public shareholders hold 5.60%.

Reshaping Energy, established in 2015, as a leading hydrogen technology enterprise in China, focuses on the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen equipment, and related components, and provides hydrogen fuel cell engineering development services. According to Frost & Sullivan data, in terms of total output power of heavy-duty hydrogen fuel cell systems sold in 2023, total sales output power, and total sales revenue, Reshaping energy ranks first in the Chinese hydrogen fuel cell system market, with market shares of 23.8%, 42.4%, 29.4% respectively.

Reshaping Energy Prospectus Link:

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1128/2024112800012_c.pdf

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重塑能源启动招股，引入九江国资基金为基石投资者，12月6日香港上市

Restructuring Energy has launched an IPO, introducing Jiujiang State-owned Assets Fund as a cornerstone investor, and will be listed in Hong Kong on December 6.

氢能科技企业重塑能源(02570.HK)，于今日(11月28日)起至下周二(12月3日)招股，预计2024年12月6日在港交所挂牌上市，中金公司独家保荐。

重塑能源此次IPO招股引入1名基石投资者，九江市国资委旗下九江鼎创认购人民币3亿元的发售股份。

hydrogen technology enterprise reshaping energy (02570.HK), will be listed from today (November 28) to next Tuesday (December 3), and is expected to be listed on the Hong Kong Stock Exchange on December 6, 2024, with china international capital corporation as the exclusive sponsor.

In this IPO, Reshaping energy introduced 1 cornerstone investor, Jiujiang Dingchuang under Jiujiang State-owned Assets Supervision and Administration Commission subscribed to RMB 0.3 billion worth of issued shares.

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