EV charging solutions firm eyes US$500m sale

Chinese electric-vehicle charging equipment provider StarCharge is considering an initial public offering in Hong Kong that could raise about US$500 million (HK$3.9 billion), according to people with knowledge of the matter.

The company, registered as Wanbang Digital Energy, is working with China International Capital Corporation (3908) and China Merchants Bank International on a first-time share sale that could take place as early as this year, they said.

Guotai Junan International (1788) and J P Morgan are also helping to arrange the deal, the people said, adding that the company could be seeking a valuation of US$5 billion in a listing.

Based in coastal Jiangsu province, StarCharge provides charging solutions for EVs, from large petrol station-like centers to smaller ones meant for residential use, according to its website. It competes with firms such as Qingdao TGood Electric and State Grid Corp of China.

Meanwhile, Indonesia's stock exchange expects new listings will stay at a high level this year after surpassing Hong Kong last year, and the bourse is actively seeking investors from Hong Kong.

The Southeast Asian country saw 79 IPOs in 2023, a record high, compared to 73 in Hong Kong, president director Iman Rachman told delegates at the Asia Financial Forum in Hong Kong.

Rachman said overseas investors currently account for 35 percent of the local stock market and the exchange is stepping up efforts to attract investors from Hong Kong and Thailand.

Speaking at the same event, Nicolas Aguzin, chief executive of the Hong Kong Exchanges and Clearing (0388), noted that the city's bourse needs to engage more investors. Otherwise, the pricing of new IPOs will be under pressure as there are too many enterprises but too few investors.