AsianFin -- Shuangdeng Group (06960.HK) on Monday launched its global offering, targeting approximately HK$756 million ($96.8 million) in net proceeds. If successful, Shuangdeng will become the first AIDC (Artificial Intelligence Data Center) energy storage stock listed in Hong Kong, marking a historic moment both for the company and the broader energy storage industry.
The market response has been overwhelmingly positive. According to market data, by around 9 a.m. on launch day, multiple brokerages had extended a combined margin of nearly HK$22.42 billion ($2.87 billion) in support of the IPO. The public portion, aiming to raise HK$84.97 million ($10.9 million), was oversubscribed by approximately 262.9 times, reflecting investor confidence in both Shuangdeng’s growth trajectory and the broader energy storage market.
Founded in Taizhou, Jiangsu in 2011, Shuangdeng Group has specialized in the design, R&D, manufacturing, and sales of energy storage batteries and systems. Over the years, the company has cultivated strong technological and market barriers in telecommunications and data center energy storage, establishing itself as a leading player in these niche yet high-growth sectors.
Financially, Shuangdeng has demonstrated steady growth. Revenue climbed from RMB 4.072 billion ($584 million) in 2022 to RMB 4.499 billion ($645 million) in 2024. In the first five months of 2025, the company recorded RMB 1.867 billion ($268 million) in revenue, a 33.9% year-on-year increase. Profitability has remained stable, providing a solid foundation for future expansion.
The company’s business layout spans telecom energy storage, data center energy storage, and power energy storage. Its client roster includes five of the world’s top ten telecommunications operators and equipment vendors, nearly 30% of the world’s top 100 telecom companies, all five major Chinese telecom operators, and leading data center operators both domestically and internationally. Notable clients include China Mobile, China Unicom, China Telecom, Ericsson, Vodafone, Telenor, Alibaba, and Baidu.
The IPO also attracted strategic support from Taizhou’s local state-owned capital, with Sanshui Venture Capital, a subsidiary of Taizhou Sanshui Investment Development Co., participating as a cornerstone investor. The firm will subscribe to shares totaling RMB 220 million ($31.6 million) at the offering price.
Industry experts note that the involvement of a state-owned investor not only signals recognition of Shuangdeng’s industry status but also strengthens regional energy storage development, enhancing Taizhou’s role as an emerging hub for the sector.
Shuangdeng’s competitive edge stems from a dual strategy of technological innovation and global market expansion. The company has built a diversified product matrix spanning lead-acid, lithium-ion, and sodium-ion batteries. Lead-acid batteries offer reliability and cost efficiency for telecom base stations, lithium-ion batteries provide high energy density and long cycle life for data centers, and sodium-ion batteries represent a cutting-edge, low-cost, high-safety technology for emerging applications.
These technological advantages have translated into tangible results. The company’s data center energy storage business has become its main growth engine. Revenue from this segment rose from RMB 765 million ($110 million) in 2022 to RMB 1.392 billion ($200 million) in 2024, representing a compound annual growth rate of 34.9% and increasing its share of total revenue from 18.8% to 31%. In the first five months of 2025, data center energy storage revenue surged nearly 120% year-on-year to RMB 873 million ($125 million), surpassing telecom base station energy storage for the first time.
Globally, Shuangdeng has pursued an aggressive “go global” strategy since 2018. Its overseas footprint spans Southeast Asia and the Middle East, with operational projects in Malaysia, Cambodia, Mongolia, and Guinea. A recently established Malaysian factory achieved mass production within its first year, demonstrating the company’s ability to scale quickly to meet local demand. Overseas revenue increased from RMB 680 million ($97.5 million) in 2022 to RMB 890 million ($128 million) in 2024.
To support international expansion, Shuangdeng has cultivated a pipeline of young, globally minded talent, combining local technical expertise with international management experience. This strategy ensures the company can navigate different regulatory and market landscapes while sustaining growth.
The Shuangdeng IPO comes amid what analysts call the “golden age” of energy storage. Driven by the global energy transition and AI computing demand, energy storage is central to renewable energy integration and stable grid operations. Frost & Sullivan projects global cumulative energy storage capacity to grow from 746.8 GWh in 2024 to 6,810.1 GWh by 2030, a 44.3% CAGR. Telecom energy storage is expected to rise from 43.9 GWh to 100.2 GWh, while data center energy storage could surge from 16.5 GWh to 209.4 GWh, underscoring massive growth opportunities.
Policy support further bolsters the sector. China’s 14th Five-Year Plan sets clear targets for large-scale energy storage development by 2025, while overseas frameworks like the EU Green Deal and the U.S. Inflation Reduction Actincentivize renewable energy and storage deployment.
Shuangdeng plans to deploy the HK$756 million ($96.8 million) raised through its IPO across multiple strategic areas: 40% for lithium-ion battery production facilities in Southeast Asia; 35% for an R&D center in Taizhou focused on battery lifespan, solid-state batteries, sodium-ion batteries, and BMS technology; 15% for overseas sales and marketing; and 10% for working capital and general corporate purposes.
The listing not only strengthens the company’s capital position but also enhances international visibility, supporting global expansion and corporate governance improvements.
As the first AIDC energy storage stock in Hong Kong, Shuangdeng Group’s IPO represents more than a corporate milestone. It signals the growing influence of Chinese energy storage enterprises on the global stage, combining technological innovation with market foresight and strategic capital backing.
With dual advantages in technology and market positioning, and bolstered by significant funding, Shuangdeng is poised to achieve exponential growth in the global energy storage sector. The company’s successful listing is expected to inspire confidence across the industry, attracting investment, encouraging innovation, and advancing the globalization of “Made-in-China” energy storage technology.
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