IPO Newsflash | Deloitte China assists listing of Drinda on SEHK
1st photovoltaics A+H IPO in HK
Deloitte China supported the listing of Hainan Drinda New Energy Technology Co. (Drinda, stock ticker: 02865.HK, 002865.SZ) on the Stock Exchange of Hong Kong (SEHK) on 8 May 2025. This marks the 1st photovoltaics (PV) A+H IPO in Hong Kong and the 2nd mainland company to complete an A+H new listing in 2025.
Drinda offered about 63.43 million shares at HKD22.15 each, raising around HKD1.405 billion.
(From left) Jerame Zhu, Deloitte China’s Technical manager; Ernest Lee, Deloitte China's Technical partner and a member of the Listing Committee of the SEHK; Alvin Tse, Eastern Region HK offering service leader of Capital Market Services Group(CMSG); Tommy Chan, CMSG's Eastern Region Offering Services partner; Tony Tang, Audit & Assurance (A&A) Chief Growth Leader; Xiaohui Zhou, Deputy General Manager of Jietai Technology, a subsidiary Drinda; Manliang Zhang, Drinda's Executive Director and General Manager; Hongwei Zheng, Drinda's Executive Director and Deputy General Manager; Falian Huang, Drinda's CFOl; Dick Kay, CMSG's National Offering Services leader of Deloitte China; Alice Zhu, lead client service partner of the Drinda IPO engagement of Deloitte China; Pingxian Chen, Chief Marketing Officer of Drinda; Cliff Zhao, CMSG's Eastern Region Offering Services partner of Deloitte China; Vivienne Zhang and Nora Chen, A&A managers; Christy Chen, A&A senior auditor, attend Drinda's listing ceremony in Hong Kong Stock Exchange.
(From left) Nora Chen, Vivienne Zhang, Jerame Zhu, Alvin Tse, Tommy Chan, Tony Tang, Hongwei Zheng, Manliang Zhang, Falian Huang, Dick Kay, Cliff Zhao, Ernest Lee, Alice Zhu and Christy Chen, attend Drinda's listing ceremony in Hong Kong Stock Exchange.
Client overview
Drinda is a specialized manufacturer of PV cells including both N-type TOPCon cells and P-type PERC cells. According to Frost & Sullivan, based on the shipment volume in 2024, among specialized manufacturers, N-type TOPCon cells’ market share of Drinda reached approximately 24.7% and ranked first globally, and PV cells’ market share reached approximately 17.9% and ranked second globally.
Source: Drinda’s IPO prospectus published on 28 April 2025
Deloitte’s role
Drinda is the 1st A+H listing which Deloitte China has assisted in 2025. As a core service institution, Deloitte China has been deeply involved in the entire process of offering reporting, fundraising and listing of this client. This successful listing demonstrates Deloitte's professional service capabilities in serving clients in different, diverse capital markets.
Drinda commenced its Hong Kong IPO on the Main Board of the SEHK in September 2023. Our engagement team worked closely with various professional parties and assisted Drinda in its Hong Kong IPO filing to the SEHK and listing on the Main Board of the SEHK in May 2025.
Deloitte China congratulates Drinda on its successful listing on the SEHK. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit & assurance, consulting, financial advisory, risk advisory, tax and business advisory services.
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