Sigen New Energy (06656) has announced a public offering period from April 8, 2026, to April 13, 2026. The company intends to globally issue 13.5739 million H shares, with the Hong Kong public offering comprising approximately 10% and the international offering accounting for about 90%. An additional over-allotment option of approximately 15% is also available. The final offer price has been set at HKD 324.20 per share. Each board lot consists of 100 shares, and trading on the Stock Exchange is expected to commence at 9:00 a.m. on April 16, 2026.
The company is a global leader in providing Distributed Energy Storage System (DESS) solutions. It strategically focuses on the market for stackable, integrated solar and storage solutions, a segment that represented approximately 0.7% of the overall energy storage system market in 2024. According to a Frost & Sullivan report, within two years of its establishment, the company became the world's leading provider of stackable distributed solar-storage all-in-one solutions by product shipment volume, capturing a 28.6% market share in this segment in 2024. This represented 0.6% of the distributed energy storage system market and 0.2% of the total energy storage system market during the same period.
Sigen New Energy develops and supplies innovative renewable energy solutions for households and businesses. As of the latest practicable date, the company's products are primarily used in residential settings, with lesser application in commercial, industrial, and utility-scale scenarios. Its flagship product, SigenStor, features a modular, stackable design that seamlessly integrates a photovoltaic inverter, DC charging module, power conversion system (PCS), battery storage, and an energy management system (EMS). This design allows users to customize capacity through simple stacking or module replacement, addressing a range of energy needs for both residential and commercial use with significant flexibility and scalability. Sales of the SigenStor product consistently contributed over 90% of the company's total revenue during the track record period.
The product's superior scalability and convenience have attracted a global customer base. The company has established an extensive distribution network, collaborating with 172 distributors across 85 countries and regions as of December 31, 2025. It has become a preferred partner for leading distributors in all major markets, including top distributors in Australia, the UK, Ireland, Sweden, South Africa, and the United States, across the Asia-Pacific, Europe, and Africa regions. The total energy capacity sold for the flagship SigenStor product was 18 MWh, 447 MWh, and 3,947 MWh in 2023, 2024, and 2025, respectively.
Assuming the over-allotment option is not exercised, the net proceeds from the global offering are estimated to be approximately HKD 4.1899 billion, based on the offer price of HKD 324.20 per share. The allocation of net proceeds is planned as follows: approximately 38.0% will be used to expand the research and development team and enhance R&D facilities and technology; about 32.0% is earmarked for strengthening marketing and after-sales services to drive the expansion of the global customer base and business coverage; roughly 12.0% will be allocated for production capacity expansion; approximately 9.0% is intended for diversifying the product portfolio and expanding commercial and industrial solar-storage-charging solutions; and the remaining 9.0% will be used for working capital and general corporate purposes.
Furthermore, the company has entered into cornerstone investment agreements with several cornerstone investors. These investors have agreed, subject to certain conditions, to subscribe, or procure their designated entities to subscribe, for a total of USD 279.9 million worth of offer shares at the international offer price. The list of cornerstone investors includes Aranda Investments Pte. Ltd.; Shanghai Lujiazui (Group) Co., Ltd. (with an OTC swap involving Guotai Junan Securities Investment (HK) Ltd.); Goldman Sachs Asset Management (Hong Kong) Limited; HHLR Advisors, Ltd.; Hillhouse Investment Management, Ltd.; UBS Asset Management (Singapore) Ltd.; AXA Investment Managers UK Limited; CPE Energy Investment Limited; Lazurite Hime L.P.; Baring Asset Management (Asia) Limited; Zhengda Robot Co., Ltd.; China Pacific Insurance (Group) Co., Ltd. Investment Management (HK) Ltd.; Wells Fargo Asset Management (Hong Kong) Limited; Wells Fargo Funds Management, LLC; Greenwoods Asset Management Hong Kong Limited; Huadeng Technology Space Ventures Ltd; ICBC Wealth Management Co., Ltd.; Perseverance Asset Management International (Singapore) Pte. Ltd.; Scene Cloud Global Limited; Tropical Terrain Limited; and 3W Fund Management Limited.
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