$GUOXIA TECH(02655.HK) First-day listing performance: "AI + Energy Storage" concept ignites the market, closing up 117.9%

On December 16, 2025, Guoxia Technology officially listed on the main board of the Hong Kong Stock Exchange. With its unique "AI + Energy Storage" positioning, the stock performed strongly on its first day, maintaining a high upward trend throughout. The company's issue price was HKD 20.1, opening 89.05% higher at HKD 38. It reached a high of HKD 49.30 during the session, up over 145% at one point, and a low of HKD 37.84, eventually closing at HKD 43.8, a 117.9% increase from the issue price, with a total market cap exceeding HKD 22.1 billion.                                                                                                                   

In terms of market enthusiasm, Guoxia Technology's public offering was oversubscribed by 1,890.73 times, attracting approximately 161,000 valid applications, with a one-lot winning rate of just 10%. The international placement was also oversubscribed by 3.63 times, with participation from globally renowned long-term funds, highlighting institutional and retail investors' enthusiasm for its "AI + Energy Storage" innovative model. As the first solution provider to develop an energy storage industry model based on technology and AI algorithms, the company has achieved intelligent upgrades in energy storage systems through its "Cloud-Edge-Device" architecture, covering multiple application scenarios. Its revenue CAGR over the past three years reached 168.9%, becoming a core driver of the stock's strong performance. However, it is worth noting that the company's current rolling P/E ratio is 139x, far exceeding the industry's reasonable level, and risks such as valuation bubbles and profit pressures also bring uncertainty to future performance.

Looking at Guoxia Technology (02655.HK)'s grey market performance

Guoxia Technology (02655.HK)'s Phillip grey market opened high at HKD 24.16, surged briefly, then fluctuated, reaching a high of HKD 40.00 before slightly retreating to close at HKD 37.80, up 88.06%, with a range of 78.81% and turnover of HKD 67 million.

Guoxia Technology (02655.HK)'s buy-side seats included 0085, 9614, 9646, 9633, etc., while the top sell-side seat was 9617, with 0950 and 0945 in the second and fourth sell-side seats, respectively.

Check out Guoxia Technology (02655.HK)'s placement details!

Guoxia Technology (02655.HK) priced its IPO at HKD 20.10, raising HKD 783 million, with a total market cap of HKD 10.289 billion, H-share market cap of HKD 7.816 billion, and a free float market cap of HKD 708 million at listing, representing an issuance ratio of 7.61%. 

Placement details: 161,076 subscribers, public offering oversubscribed by 1,890.73 times. Due to the implementation of Allocation Mechanism B, there was no clawback. The international placement was oversubscribed by 3.63 times, with a one-lot winning rate of 10.00%. Subscribing to 2,500 lots guaranteed one lot. Meanwhile, 9,749 applicants in the B group, including 665 top bids, with allocation rates of 0.01%-0.07%.

Guoxia Technology (02655.HK)'s officially disclosed B-group allocation list:

2,411 people were allocated 100 shares, 6,673 people were allocated 200 shares, 161 top bids were allocated 100 shares, and 504 top bids were allocated 200 shares.

The B group had 9,749 successful applicants, with a total allocation of approximately 1.6926 million shares, worth about HKD 34.02 million. Top bids were valued at HKD 2,010-HKD 4,020, with potential profits of up to HKD 3,540 if sold at the grey market close.

Now, let's look at the international placement situation:

Guoxia Technology (02655.HK)'s international placement had a total of 157 participants, with subscriptions oversubscribed by 3.63 times.

Guoxia Technology (02655.HK)'s international placement was relatively concentrated, with the top 25 placees holding 6.00% of the total issued shares post-listing. The stabilising agent for Guoxia Technology (02655.HK) is Livermore, with a greenshoe of HKD 117 million.