Distributed energy storage system (DESS) solutions provider Sigenergy debuted on the main board of the HKEX on 16 April, raising HKD4.4 billion (USD562.25 million). Davis Polk, Jia Yuan Law Offices, Linklaters and Jingtian & Gongcheng advised on the transaction.
Founded in 2022, Sigenergy completed its listing in just three years and 11 months, becoming the youngest Chinese company to go public in Hong Kong within the shortest time frame. The shares surged more than 80% on their trading debut, lifting the company’s market capitalisation to over HKD140 billion.
The offering was oversubscribed by nearly 800 times. The cornerstone investor line-up included Temasek, UBS, Goldman Sachs, BNP Paribas, Hillhouse and Boyu Capital. CITIC Securities and BNP Paribas acted as joint sponsors.
Davis Polk advised Sigenergy on Hong Kong and US law. The team was led by global partners He Li and Jason Xu, with senior counsel Kevin Zhang and Sabrina Ma also involved. Jia Yuan acted as PRC counsel to the issuer, with partners Wang Yuan and Fu Yangyuan leading the team, and partner Li Xin participating in the project.
On the underwriters’ side, Linklaters acted as Hong Kong and US counsel, led by partner and Greater China head of equity capital markets Christine Xu and capital markets partner Lipton Li, with counsel Queenie Tong providing support. Jingtian & Gongcheng advised on PRC law, with a team including partners Bai Wei, Gao Xiang, Xia Xue and He Pengcheng.
Sigenergy focuses on the stackable all-in-one DESS solutions market. According to Frost & Sullivan, in 2024 Sigenergy ranked first globally in shipment volume within this segment, with a market share of 28.6%, accounting for 0.6% of the DESS market and 0.2% of the overall energy storage systems market during the same period.
According to its prospectus, the company intends to use the IPO proceeds to expand its R&D team and enhance research facilities and technologies; strengthen marketing and after-sales services; increase production capacity; diversify its product portfolio; expand its commercial and industrial solar-storage-charging solutions; and for working capital and general corporate purposes.
