By the end of 2022, Rept had a production capacity of 35.2 GWh, and by 2025 it is expected to have a capacity of more than 150 GWh.
(Image credit: Rept Battero Energy)
Rept Battero Energy Co Ltd, a power battery maker backed by Chinese stainless steel and nickel giant Tsingshan Industry, plans to list in Hong Kong, set to become the latest local battery maker to tap the capital markets.
Rept filed an offshore listing filing with the China Securities Regulatory Commission (CSRC) and plans to issue up to 828,307,800 ordinary shares and list them on the Hong Kong Stock Exchange, according to an announcement on the CSRC's website today.
The company's 24 shareholders plan to convert their aggregate 191,307,938 domestic unlisted shares into overseas listed shares and list them on the Hong Kong Stock Exchange, according to the filing.
Rept should update the filing if it does not complete the offshore listing within 12 months if it plans to move forward at that time, according to the announcement.
The CSRC's announcement did not disclose further information.
Chinese companies were not originally required to report their offshore listings to mainland regulators, but the CSRC's new rules, introduced at the end of 2021 in the wake of Luckin Coffee's financial fraud and Didi's US IPO farce, impose that requirement.
It's worth noting that these announcements only mean that the CSRC has received an offshore listing filing from a local company, it does not mean that their application has been approved.
Rept was founded in 2017 and is mainly engaged in the research and development, production and sales of lithium-ion batteries, providing solutions for new energy vehicle (NEV) power and energy storage, information on its website shows.
The company has R&D centers in Shanghai, Wenzhou and Jiaxing, and production bases in Wenzhou, Jiaxing, Liuzhou, Foshan and Chongqing.
As of the end of 2022, Rept's production capacity was 35.2 GWh, and by 2025 it is expected to have more than 150 GWh of production capacity, a profile on its website reads.
For the full year 2022, Rept ranked in the top 10 in China for installed power batteries and third for energy storage battery shipments, it said.
Over the past year, Rept has been one of the top 15 companies in terms of monthly power battery installations, according to the China Automotive Battery Innovation Alliance (CABIA).
In September, Rept's installed base of power batteries in China was 0.39 GWh, placing it in 11th place with a 1.07 percent share, according to the CABIA.
Earlier this week, another Chinese battery maker, Sunwoda, officially started the process of getting its EV battery business, Sunwoda Electric Vehicle Battery Co Ltd (Sunwoda EVB), listed in Shenzhen.
Sunwoda EVB was established in Shenzhen on October 29, 2014, with its controlling shareholder Sunwoda holding a direct 39.69 percent stake. The company was valued at about RMB 31.8 billion ($4.35 billion) in its last funding round in June.
Among China's biggest power battery makers, CATL, Eve Energy and Gotion High-tech are all listed on the Chinese mainland, while CALB is already listed in Hong Kong.
($1 = RMB 7.3170)