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| Wednesday, 16 March 2016, 12:13 HKT/SGT | |
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HONG KONG, Mar 16, 2016 - (ACN Newswire) - (Quoted from media in China) The promise of lithium batteries has gained the attention of the whole world. According to Gasgoo's analysis, the total sales volume of global EVs in 2015 has risen 72.8% year-on-year. Closer to home, the EV sales in China has reached 207,382 units, beating the US to rank first world-wide. The rapidly rising popularity has propelled growth in the global lithium battery industry in multiples. Even conservative estimates have the global market for lithium batteries hitting US$100 billion in the coming decade.
China, with the combination of technology and production ability, is in a unique position of leading the world EV production and market. Analysts predict that by year 2020, even 100 1GWh battery factories would probably not fulfill the large needs of China's EV market alone, creating tremendous room for growth.
Not surprisingly, capital markets are eagerly eyeing the electric vehicle market in China. The explosive growth in 2015 has attracted intensive investment from listed companies. Reporters based in China are investigating leads about a few local lithium battery manufacturers engaged in substantial business activity. According to informed sources, two major global investment banks have contacted the leading EV cell provider Boston Power early this year pitching for the listing business, and have proposed an initial valuation in the range of US$8-13 billion. Other financial institutions are also following the situation closely with clear hopes to benefit before its IPO. With a valuation this large, a few skeptical investors regard the valuation as too high. However, as one expert puts it, the core value can be found in their technology edge, production capability and clientele. Following this logic, Boston Power is backed by its two research centers at Boston, Massachusetts US and Beijing, China and customer wins for over 30 types of EV models from likes of Dongfeng, Geely (Xindayang), Nanjing Golden Dragon, etc; coupled with its three production bases in Jiangsu, Taiwan and Lanzhou, China.
At the beginning of 2016, a government work report has clearly stated "the construction of more battery-charging facilities for new energy vehicles". In a similar vein, China's State Council has also proposed "assigning top priority to revolutionary battery technology as one of the five measures to support the new energy vehicle industry". If said were true, Boston Power's timing could not be better.
Reporters tried to contact Mr. Alex Pan, President of Boston Power, but did not receive any replies regarding to the IPO. However, a relevant source confirmed that Boston Power has set up an internal IPO team to manage the listing process; also, besides the US, Hong Kong is also one of the bourses being evaluated by the company.
Topic: Press release summary
Sectors: Daily News, Engineering
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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