Hiconics Drive Tech Co

He Kang New Energy's 1.652 billion yuan private placement application has been accepted by the Shenzhen Stock Exchange, and the company's 2026 issuance of A-shares to specific investors has officially entered the review stage. The indirect controlling shareholder Midea Group will subscribe in full with cash, with the number of shares issued not exceeding 288 million. After completion, Midea Group's direct and indirect shareholding ratio will further increase. The funds raised will focus on the two core business segments of electrical equipment and new energy. Approximately 439 million yuan will be invested in the high-voltage frequency converter research and industrialization project. The photovoltaic grid-connected inverter and residential energy storage system research project will leverage Midea Group's global brand and channel resources. The distributed photovoltaic benchmark power station project will promote the company's transformation into a smart energy operator, and the remaining funds will be used to supplement working capital. Acceptance by the Shenzhen Stock Exchange means the subsequent review process for this private placement has entered a clear and predictable time window. Subsequent approval and registration with the China Securities Regulatory Commission will be key milestones for realizing the value of this private placement.

Hiconics Eco-energy has disclosed a revised draft of its plan to issue A-shares to a specific target, proposing to issue shares to its indirect controlling shareholder Midea Group, with total funds raised not exceeding 1.652 billion yuan. Midea Group will subscribe in full for all shares in this offering in cash, and upon completion its controlling shareholder status will be further strengthened, while the actual controller remains He Xiangjian. The raised funds will be allocated to five projects: the high-voltage inverter R&D and industrialization project will receive 439 million yuan, the photovoltaic grid-connected inverter R&D and industrialization project will receive 437 million yuan, the household energy storage system R&D and industrialization project will receive 292 million yuan, the distributed photovoltaic benchmark power station construction and R&D project will receive 184 million yuan, and 300 million yuan will be used to replenish working capital. The company stated that this move aims to enhance the controlling shareholder's position, promote the strategic transformation into a smart energy operator, and optimize the capital structure. This issuance still requires review and approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission.

Hiconics announced a partnership with the Shanghai Nuclear Engineering Research and Design Institute under State Power Investment Corporation to officially launch a joint project for the domestic development of the high-voltage inverter for the Guohe One reactor main pump. Previously, Hiconics had worked with State Nuclear Power Beijing Nuclear Power Conventional Island and Power Engineering Research Center, a subsidiary of State Power Investment Corporation, to complete the development of an intelligent high-voltage inverter system for nuclear power, which has been applied in conventional island equipment and main helium fans. This collaboration focuses on the core drive devices of the nuclear island, establishing a new domestic substitution model of state-owned capital top-level design plus private enterprise achievement transformation, with State Power Investment Corporation serving both as a technology co-builder and a core purchaser. As nuclear power construction accelerates during the 15th Five-Year Plan period, the value of high-voltage inverters and supporting equipment for a single unit is approximately 80 million to 100 million yuan, and the nuclear island main pump inverter, as a core category accounting for over 50 percent of the value, has broad market potential.