IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Breton 01333.HK	Auto Parts & Equipment	18	200	N/A	2025/04/30	2025/05/06	2025/05/07
Auntea Jenny 02589.HK	Beverages (Non-alcoholic)	95.57-113.12	30	3,428	2025/05/02	2025/05/07	2025/05/08
Drinda 02865.HK	Battery Products	20.4-28.6	100	2,889	2025/05/02	2025/05/07	2025/05/08

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Breton
01333.HK

Auto Parts & Equipment

200

N/A

2025/04/30

2025/05/06

2025/05/07

Auntea Jenny
02589.HK

Beverages (Non-alcoholic)

95.57-113.12

3,428

2025/05/02

2025/05/07

2025/05/08

Drinda
02865.HK

Battery Products

20.4-28.6

100

2,889

2025/05/02

2025/05/07

2025/05/08

Summary

We are a leading specialized manufacturer of PV cells. We have been continuously focusing on the R&D, production, and sales of high-efficiency PV cells. Leveraging our R&D innovation and key technologies, we maintained competitive position across different generations of mainstream 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, our N-type TOPCon cells’ market share reached approximately 24.7% and ranked first globally, and our PV cells’ market share reached approximately 17.9% and ranked second globally. In the same year, based on the shipment volume in 2024, among both specialized and integrated manufacturers, our N-type TOPCon cells’ market share was approximately 7.5%, and our PV cells’ market share was approximately 5.6%. Our Industry Industry Background Given growing public concern on the trend of global climate change and increasing depletion of fossil energy, vigorous development of renewable energy has become a global consensus. Solar power generation, i.e., the conversion of solar radiation into electrical energy using PV cells, has become the fastest-developing renewable energy source because of its environmental friendliness, cost efficiency, widespread distribution, and high safety. Compared with other renewable energy sources, such as wind power and hydropower, solar power is more suitable for different scales, has widely available resources and minimal geographical limitations. Therefore, it is expected to become the largest source of global renewable energy in terms of cumulative installed capacity by 2027. Technological Evolution To more effectively harness solar power, different generations of PV cells have been manufactured, popularized and improved, leading to, most recently, the transition of mainstream product from P-type PERC cells to N-type cells (the “P-N transition”). Such change of mainstream product can take place every several years, which poses both challenges and opportunities for industry players given the competing technological development routes that exist at the same time. For example, in the era of polycrystalline PV cells, which lasted until 2017, our subsidiary’s predecessor was the first in the industry to launch black silicon PV cells with a conversion efficiency significantly higher than the industry average, enabling it to become one of the world’s largest supplier of black silicon PV cells at that time. Subsequently, the era of monocrystalline P-type PERC cells started in 2018. In this era, we kept pace with industry technology upgrades and developed high-efficiency monocrystalline P-type PERC cells. We also led the industry in promoting the industry upgrade from small to large-sized PV cells. In the era of N-type cells that dawned in 2022, we were among the world’s first specialized PV cell manufacturers to conduct R&D and achieve large-scale mass production of N-type TOPCon cells. N-type TOPCon cells: Expected Market Mainstream Until at Least 2030 Among the various types of N-type cells, TOPCon cells lead N-type cell commercialization and are expected to continue being a main beneficiary of the P-N transition. This is because they are relatively mature as they have achieved large-scale mass production, and have lower investment costs than other N-type cells, such as HJT and N-type xBC cells. As the mainstream N-type cell in the industry in terms of shipment volume as of December 31, 2023, N-type TOPCon cells are rapidly supplanting P-type PERC cells and have become the mainstream in the market since 2024, and is expected to continue holding its market mainstream position until at least 2030 due to, among others, the higher investment costs required for other N-type cells. See “Industry Overview — Global PV Cell Market — Global PV Cell Market in the P-N Transition” for detailed explanation on the reasons of N-type TOPCon cells’ expected continued mainstream position. Source: Drinda (02865) Prospectus (IPO Date : 2025/04/28)
Listing Market	MAIN
Industry	Battery Products
Background	H Shares
Major Business Area	China

Corporate Information

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