Wuxi Lead Intelligent Equipment began retail book building for its Hong Kong listing on Tuesday, attracting about HK$579 million in margin financing orders and oversubscribing the retail tranche by around 1.35 times.
Wuxi Lead plans to issue 93.62 million H-shares, with 10 percent offered to the public in Hong Kong, at a maximum offer price of HK$45.80 per share, raising up to HK$4.29 billion. Shares are offered in board lots of 100, with an entry cost of about HK$4,626 per lot.
Shares in the Shenzhen-listed smart equipment maker closed at 55.71 yuan on Monday, giving it a market capitalisation of 87.25 billion yuan. Based on the latest indicative offer price, its H-shares are priced at a discount of about 26.9 percent to the A-shares, implying an A-share premium of roughly 36.7 percent.
Wuxi Lead is an intelligent equipment manufacturer providing automated machinery and integrated solutions across a range of emerging industries, including lithium-ion batteries, photovoltaic cells, consumer electronics, smart logistics, hydrogen production and fuel cells, automotive manufacturing and laser precision processing.
The company ranked as the world’s second-largest supplier of new energy intelligent equipment by revenue in 2024, with a global market share of 2.9 percent, according to Frost & Sullivan. It was also the world’s largest supplier of lithium battery intelligent equipment, holding a 15.5 percent global share, and the largest in China with a market share of 19 percent.
For the first nine months of 2025, Wuxi Lead reported revenue of 10.39 billion yuan, up 14.9 percent year on year, while profit surged 97.8 percent to 1.16 billion yuan, according to its listing documents.
Wuxi Lead said proceeds from the listing will be mainly used to expand its global research and development, sales and service networks, selectively pursue strategic initiatives, and deepen its platform-based strategy.
