Shares of Sigenergy Technology, a Chinese residential energy storage manufacturer, surged more than 100% during its Hong Kong trading debut on Thursday, reports Caixin. This pushes the startup’s valuation to HK$162.8 billion ($20.8 billion).
The Shanghai-based company raised HK$4.4 billion by offering 13.6 million shares in its initial public offering (IPO), with the stock closing at HK$659.5—up 103% from its issue price. The total fundraising could increase to HK$5.1 billion if the overallotment option is exercised.
The strong debut underscores global investor interest in green technology companies that leverage artificial intelligence to enhance consumer renewable energy products. This is especially evident as demand for residential solar and energy storage solutions grows in international markets.