Strategic Impact Analysis of Penghui Energy's H-share Listing: Valuation, Globalization, and Financing Capability Assessment

Based on current data and industry case studies, I will comprehensively analyze the far-reaching impact of Penghui Energy’s H-share issuance and listing in Hong Kong from multiple dimensions.

According to the latest data, Penghui Energy (300438.SZ) currently presents the following characteristics:

Indicator	Value	Assessment
Market Capitalization	~$27.09 billion [0]	Mid-sized lithium battery enterprise
Current Stock Price	$53.82 [0]	-
P/E Ratio (TTM)	-136.54x [0]	Profit Pressure
P/B Ratio (TTM)	5.20x [0]	High Valuation
ROE	-3.90% [0]	Profitability Needs Improvement
Net Profit Margin	-2.01% [0]	In Loss Status

• The company is currently in
  loss status
  ; negative P/E indicates profit pressure
• 52-week stock price increase exceeds 100%, cumulative growth is significant, but volatility is as high as
  80.64%
  [0]
• Current ratio is 0.99, short-term debt repayment pressure is relatively large

Technical analysis shows [0]:

• Trend Judgment:
  Sideways consolidation, no clear trend direction
• Key Support Level:
  $25.42 [0]
• Key Resistance Level:
  $30.27 [0]
• Technical Indicators:
  KDJ shows oversold opportunities; RSI is also in the oversold zone

Based on brokerage API data and web searches, the current AH premium index is approximately

[3], meaning A-shares are generally 30% more expensive than H-shares. However, the new energy industry shows :

Company Type	AH Premium Performance	Typical Cases
New Energy Leaders	H-shares Premium	CATL (H-shares premium 11-30% over A-shares) [2]
Lithium Battery Industry Chain	Partial Premium	BYD (H-shares premium 3.8%) [2]
Traditional Industries	H-shares Significant Discount	Banking, aviation, etc., discount over 30% [3]

• CATL’s Hong Kong listing showed a
  rare premium phenomenon
  , with H-shares 11-30% more expensive than A-shares [2]
• This breaks the traditional perception that “H-shares must be discounted”
• Foreign Capital Pricing Power
  has significantly increased in the new energy sector

1. Sentiment Boost:
   H-share listing plans are usually interpreted as positive by the market, which may drive A-share prices upward in the short term
2. Valuation Reference:
   H-share pricing will provide an international valuation anchor for A-shares
3. Liquidity Diversion:
   Some funds may shift to H-shares, causing short-term volatility in A-shares

Impact Dimension	Expected Direction	Driving Factors
Valuation Convergence	H-shares may converge toward A-shares	If company performance improves, foreign capital recognition increases
Premium/Discount	Depends on Fundamentals	Similar to CATL, exceeding performance expectations may bring H-share premium
Pricing Power Transfer	Partial Internationalization	Increased participation of foreign institutional investors promotes alignment of valuation systems

• If the company continues to lose money, H-shares may face
  significant discount
• Current P/B ratio has reached 5.20x; H-share investors may
  require higher risk compensation

Based on web search research [1], the core strategic motivations for lithium battery enterprises to list in Hong Kong include:

• Raised funds can be directly used for: Overseas production base construction, technical R&D center establishment, international marketing network expansion
• Case: Sunwoda clearly stated in its H-share announcement that it was to “further advance the company’s internationalization strategy and build an international capital operation platform” [1]

and Credit Endorsement

• Listing in Hong Kong, an international financial center, is itself a strong certification of corporate governance, transparency, and brand reputation
• Helps gain
  trust from international customers, partners, and investors
  , strengthening the position to win global orders [1]

• New energy vehicle competition is already
  global competition
• Chinese lithium battery enterprises are among the world’s leading in technical strength and production capacity scale
• The next key step is to deeply participate and
  lead the global market

Strategic Direction	H-share Listing Support	Specific Manifestations
Overseas Production Capacity Layout	Provide international financing channels	Funding support for building factories in Europe, America, Southeast Asia
Internationalization of R&D	Attract international talents and technical cooperation	Establish overseas R&D centers
Customer Structure Optimization	Enhance international brand recognition	Enter the supply chain of international automobile enterprises

Based on web search research [1,3], the Hong Kong stock market has the following advantages over A-shares:

• Systems like
  lightning placement
  provide fast financing channels
• Suitable for continuous and convenient capital replenishment of lithium battery enterprises in the rapid expansion stage
• Respond to huge investment needs for technological iteration and production capacity construction

• Attract global long-term funds, sovereign funds, and professional investment institutions
• Diversified shareholder structure improves stock liquidity
• Helps stabilize company market capitalization and reduce single-market volatility risks

Financing Dimension	A-share Current Status	Post H-share Listing Expectations
Investor Base	Mainly mainland investors	Participation of global institutional investors
Financing Tools	Private placement, rights issue, etc.	More refinancing tools
Capital Cost	Depends on A-share market sentiment	May obtain lower-cost international capital
Financing Efficiency	Approval cycle is relatively long	Hong Kong stock refinancing mechanism is more flexible

• 2025 Hong Kong IPO raised approximately
  HK$41 billion
  [2]
• Book cash exceeds
  RMB 300 billion
  , still chose to list in Hong Kong [2]
• Raised over
  RMB 100 billion
  through equity financing since listing [2]

1. Regulatory Endorsement:
   Accept strict supervision from the Hong Kong Securities and Futures Commission and HKEX
2. Information Disclosure:
   Conduct financial disclosure and corporate governance in accordance with international standards
3. Investor Relations:
   Establish long-term relationships with top global institutional investors

Based on web search cases [1], the governance issues of Ganfeng Lithium show:

• Compliant operation becomes a lifeline
  ; illegal acts like insider trading may lead to a significant downgrade of ESG ratings
• International capital has stricter requirements for ESG frameworks
• A+H dual-listed enterprises will directly undergo
  review by internationally accepted ESG frameworks

• H-share listing will force the company to accelerate alignment with international standards in
  environmental protection, social responsibility, and corporate governance
• This improvement in “soft power” is crucial for deep integration into the global system

Risk Category	Specific Performance	Impact Level
Valuation Risk	H-shares may be issued at a discount, dragging down A-share valuation	High
Liquidity Risk	Hong Kong stock liquidity may be lower than A-shares	Medium
Regulatory Risk	Need to meet both mainland and Hong Kong regulatory requirements	Medium
Exchange Rate Risk	Fluctuations in HKD and RMB exchange rates	Medium
Fundamental Risk	Current loss status affects H-share subscription willingness	High

1. Improve Fundamentals:
   Increase R&D investment, enhance product competitiveness, and turn losses into profits as soon as possible
2. Reasonable Pricing:
   H-share issue price needs to balance financing needs and investor acceptance
3. Investor Communication:
   Strengthen communication with international investors

1. Performance Delivery:
   Use sustained growth performance to prove the correctness of H-share investment
2. Globalization Implementation:
   Truly use raised funds for overseas layout, not domestic expansion
3. Corporate Governance Improvement:
   Fully align with international standards and improve ESG ratings

Impact Dimension	Rating	Key Reasons
A-share Valuation	⚠️ Neutral to Positive	Short-term volatility risk, long-term expected improvement
Globalization Strategy	✅ Positive	Establish international capital platform to support overseas layout
Financing Capability	✅ Significantly Positive	Hong Kong stock financing mechanism is flexible, capital cost may be lower
Brand Influence	✅ Positive	International certification effect, enhance global recognition

1. Fundamental Improvement is Fundamental
   • Current P/E is negative; must turn losses into profits as soon as possible
   • Raise ROE and net profit margin to reasonable industry levels

2. Globalization Strategy Must Be Substantially Advanced
   • Raised funds must be truly used for overseas layout
   • Cannot just be a “financing supplement for the A-share market”

3. Corporate Governance Must Meet International Standards
   • Avoid compliance issues similar to Ganfeng Lithium [1]
   • ESG ratings need to be continuously improved

• Short-term:
  Pay attention to H-share issuance progress and pricing; there may be trading opportunities
• Long-term:
  Focus on observing company performance improvement and globalization progress
• Risk:
  Current valuation is high (P/B 5.20x); need to be alert to correction risks

• Pay attention to the company’s
  path and timeline to turn losses into profits
• Evaluate the specific use and return rate of raised funds
• Consider the margin of safety under the current AH premium level

---

Penghui Energy’s H-share listing is an important strategic move in the company’s development history. Against the background of intensified competition in the lithium battery industry and accelerated globalization, this decision . However, the key to success lies in , not simple capital operation. Investors should closely monitor the company’s performance inflection point and overseas layout progress, which will be the core factors determining the final success or failure of the H-share listing.

[0] 金灵API数据 - 鹏辉能源(300438.SZ)公司概况、实时报价、财务分析、技术分析

[1] 低碳网 - “锂电企业’A+H’ 布局升温赴港上市助全球化扩张” (http://www.ditan.com/industry/energy/9675.html)

[2] 21财经 - “宁德时代港股较A股溢价30%！港股估值逻辑生变” (https://www.21jingji.com/article/20250709/herald/4d9c63f6ab1b168669721e2284b3a71b.html)

[3] 新浪财经 - “港股的战略地位与价值” (https://finance.sina.com.cn/roll/2026-01-05/doc-inhfezix2294109.shtml)

[4] 证券时报 - “手握3000亿现金，年躺赚40亿利息，宁德时代赴港上市！” (https://stcn.com/article/detail/1837928.html)

[5] 网通社 - “港股成新战场？锂电巨头为何集体’南下’” (https://www.news18a.com/news/storys_219713.html)