Ningde Times (03750.HK) (300750.SZ) has announced a Hong Kong listing plan to launch an international distribution book and is expected to be listed on the main board of the Hong Kong Stock Exchange on Tuesday (20th) and begin listing on the main board of the Hong Kong Stock Exchange, said in a statement released by the International Exchange. The maximum issue price per share is HK$263 per share, a discount of only about 6% from the closing price of Ningde Era A (300750.SZ) on May 13 (RMB258.77). The underlying issue of H shares for this global offering is 0.118 billion shares, calculated at the cap price, with a total capitalization of approximately USD 4 billion, with a maximum of no more than 0.156 billion shares issued (subject to exercise of issue volume adjustments and excess allotments). The issued shares represent approximately 2.6% to 3.4% of the Company's current issued share capital, per Share earnings dilution is limited. Cornerstone investors, including Petrochemicals, GCC, and the Kuwaiti Investment Authority, have collectively subscribed for HK$20.371 billion (approximately US$2.628 billion), accounting for 66% of the total amount raised. The Ningde era, with its high pricing close to the A-share price and the subscription of cornerstone investors in excess of HK$20 billion, reflect the recognition of the value of the Ningde era by global investors.
The bank pointed to the continued strengthening of shareholder feedback during the Ningde era, leading the industry to lead the sector by 50% in 2023 and 2024. On April 7 this year, the Company issued a share repurchase notice, intending to use RMB 4 billion to 8 billion yuan to repurchase shares with a maximum repurchase price of RMB392.32 per share. Under this repurchase cap, it is expected to repurchase 10.2 million to 20.39 million shares, representing approximately 0.23% to 0.46% of the company's previous total share capital. The share repurchase progress is significant. As of April 30, the company has cumulatively repurchased 6.64 million shares, representing 0.1508% of the company's current total share capital, for a total transaction amount of RMB 1.55 billion.
Exchange-International considers Ningde's globalised layout to be a leader in the era and looks forward to long-term development. Following the Hong Kong Stock Market, Ningde will become an A/H dual-platform listing company, attracting both Mainland and overseas capital to support overseas capacity expansion and technological R&D, while further consolidating its global leadership position in the field of batteries with the help of localised production in Europe. National enterprises set a new benchmark for offshore companies. Ningde's battery technology and globalized layout lead the industry, and layout switching expands the business, which benefits the company's long-term development. The current market capitalization of Ningde Era (300750.SZ) corresponds to 18 times the 2025 market rate, and the valuation is attractive, maintaining a “buy” and target price of RMB 314.11.
Ningde Times (03750.HK) plans to open a public offering of 0.118 billion shares, with a Hong Kong IPO of about 7.5% and an international offering of about 92.5%. The IPO price was up to $263. 100 shares per hand and entry fee of $26,565.24 per hand. The share capital starts on Monday (12) and closes at noon on Thursday (15) and is expected to be listed next Tuesday (20). Co-sponsors are US Securities, China Central Securities, CITIC Investment International and Morgan General.
