Chinese energy storage firm RelyEZ jumps on Hong Kong debut

Chinese company RelyEZ Energy Storage Technology jumped in its Hong Kong market debut on Monday after raising HK$562.7 million in an initial public offering.

• The stock traded at HK$22.4, up 129 percent from its HK$9.78 offer price, after opening at HK$21. Hong Kong's Hang Seng Index was up 1 percent
• RelyEZ priced its 57.54 million shares at HK$9.78 each, near the middle of a marketed range. The retail portion was oversubscribed nearly 1,389 times, while the international offering was 1.3 times covered
• RelyEZ plans to use proceeds to develop its energy storage hardware and software, expand overseas, build a factory in Wuzhen in eastern China and fund working capital
• Cornerstone investor CDH Global Frontier Ventures was allocated 3.21 million shares, worth about HK$31.4 million at the offer price

Reuters

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