Shulou(Shulou.com)11/24 Report--

CTOnews.com November 21 news, November 18, Honeycomb Energy Technology Co., Ltd. (referred to as "Honeycomb Energy") Science and Technology Innovation Board IPO was accepted by the Shanghai Stock Exchange, CITIC Securities as its sponsor, plans to raise 15 billion yuan. This also means that the only unlisted company among the top ten power battery companies in the world has officially entered the capital market.

According to the official website, Honeycomb Energy, which originated from Great Wall Automobile, is a new energy high-tech company specializing in the development and manufacture of automotive power batteries and energy storage systems. The company was incorporated in 2018 and is headquartered in Changzhou, Jiangsu Province. According to the prospectus, Honeycomb Energy is a professional provider of lithium-ion battery systems, focusing on the research, development, production and sales of power batteries and energy storage battery systems for new energy vehicles. The main products include batteries, modules, battery packs and energy storage battery systems, and can provide overall solutions for power batteries and energy storage products according to customer needs.

According to the prospectus, the company's operating income from 2019 to 2021 was 929 million yuan, 1.736 billion yuan and 4.474 billion yuan respectively, with a compound growth rate of 119.42%. Honeycomb Energy plans to issue 25 per cent of its shares and raise 15 billion yuan. Based on this calculation, Honeycomb Energy has a corresponding valuation of 60 billion yuan, making it a new power battery super unicorn.

CTOnews.com learned that according to SNE Research,2022, a South Korean market research institute, the cumulative installed capacity of Honeycomb Energy reached 2.6GWh in the first half of the year, an increase of 160% over the same period last year, ranking 10th in the world. According to the prospectus, Honeycomb Energy has reached cooperation relations with vehicle companies such as Great Wall Automobile, Geely Motor, Zero running Automobile, Dongfeng Automobile, Lanto Automobile, Xiaopeng Automobile, ideal Automobile, Beam Automobile, Sailis Automobile, Hezhong New Energy vehicle, Niu Innovation Energy vehicle, etc., and has also carried out business cooperation with well-known international automobile manufacturers such as PSA (Stellantis Group).

As of June 30, 2022, there were 2360 honeycomb energy R & D and technical personnel, accounting for 19.58% of the total staff. Among its R & D and technical personnel, there are 527 people with master's degree or above, including 36 with doctoral degree.

In terms of R & D investment, according to the prospectus, the R & D expenditure of Honeycomb Energy reached 724 million yuan in 2021, an increase of 90.43% over the same period last year, accounting for 16.18% of the operating income. The R & D expenditure reached 572 million yuan in the first half of 2022 alone, which has reached nearly 79% of the annual R & D expenditure in 2021. According to the prospectus, honeycomb energy R & D investment far exceeds Science and Technology Innovation Board's requirements for R & D investment (R & D investment accounts for more than 5% of operating income in the past three years, or more than 60 million yuan in the past three years).

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