Lead Intelligent, a Chinese supplier of lithium battery manufacturing systems, debuted on the HKEX on 11 February, raising HKD4.93 billion (USD630 million) and completing its dual listing in the Chinese mainland and Hong Kong, following its 2015 debut on the ChiNext board of the SZSE. Clifford Chance, AllBright Law Offices, Taylor Wessing, Linklaters and Jingtian & Gongcheng provided legal support.
Frost & Sullivan said Lead Intelligent was the world’s largest lithium battery intelligent equipment supplier by revenue in 2024, with a 15.5% share of the global market. Its clients include CATL, Tesla, Volkswagen, Toyota and BYD.
The company issued 107 million H-shares at HKD45.8 each. CITIC Securities and JP Morgan acted as joint sponsors.
Clifford Chance advised Lead Intelligent on Hong Kong and US law, led by partners Tim Wang, Xiang Tianning and Jean Thio, with support from counsel Lorna Lyu. AllBright Law Offices acted as Lead Intelligent’s PRC counsel, with a team led by senior partners Xu Jun, Zhang Xia and partner Gu Haitao. Taylor Wessing counselled on German law.
Linklaters advised the underwriters on Hong Kong and US law, with a team led by partners Christine Xu and Lipton Li, supported by counsel Samson Chan, while counsel Michael Lamson advised on export control and US outbound investment regulations. Jingtian & Gongcheng acted as the underwriters’ PRC legal counsel, with partners Bai Wei, Xia Xue, Ye Yusheng and Jiang Tao leading the team.
Headquartered in Wuxi, Lead Intelligent was founded in 2002. It is the third company in Wuxi, after Guolian Minsheng Securities and WuXi AppTec, to be listed on both the A-share and H-share markets. The company has overseas branches in Japan, South Korea, Southeast Asia, Turkey, Europe, the US and Mexico.
The prospectus stated that the proceeds from the listing would be used to expand its global R&D, sales and service networks, and to further enhance its product portfolio in the field of new energy intelligent equipment.
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