Three Chinese energy storage companies have recently successively filed or updated their listing applications with the Hong Kong Stock Exchange (HKEX), planning IPOs on the Hong Kong Main Board.
The companies are Great Power, Sunwoda and Deye Technology Co, and they follow a recent trend for Chinese companies to seek HKEX listings of their shares, as reported by Energy-Storage.news. HKEX listings give market players greater visibility overseas and the ability to tap foreign investment.
Other Chinese mainland companies seeking to go public on the exchange in recent months include Hithium, Sungrow, Guixoan, EVE Energy and Fox ESS.
Great Power expects to achieve RMB10 billion revenue target
On the evening of 1 February 2026, Great Power announced that the company had submitted an application to the Hong Kong Stock Exchange on 30 January for the issuance of overseas listed foreign shares (H-shares) and the listing of these shares on the Main Board of the Hong Kong Stock Exchange. On the same day, the company also published the application materials for this issuance and listing on the website of the Hong Kong Stock Exchange.
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According to Great Power, the purpose of this IPO is to support the company’s global strategic layout, enhance its competitive strength in the international market, build an international capital operation platform, and strengthen its overseas financing capabilities.
It is worth noting that on 12 December 2025, Great Power issued an announcement regarding its plan to issue H-shares and list on the Stock Exchange of Hong Kong Limited (HKEX). From the announcement of its initial announcement of the intention to pursue an IPO in Hong Kong to the submission of its listing application, the company took only approximately 50 days.
According to the performance forecast disclosed by Great Power, the company expects to achieve net profit attributable to shareholders of the parent company ranging from RMB170 million (US$24.5 million) to RMB230 million in 2025, turning from a loss to a profit. The expected non-recurring net profit is between RMB80 million and RMB110 million, compared with a loss of RMB322 million in the same period last year.
Based on the current growth momentum, Great Power is expected to achieve its revenue target of RMB10 billion for 2025. The company stated that the main reasons for the changes in performance during the reporting period are the positive industry outlook, strong production and sales, increased sales orders and revenue growth.
According to market intelligence firm InfoLink, in H1 2025, Great Power ranked among the top three globally in shipments of small-scale residential and commercial storage cells (including residential and telecom storage).
Sunwoda refiles updated HKEX prospectus
On 30 January, Sunwoda updated its listing application with the Stock Exchange of Hong Kong Limited (HKEX), supplementing the latest corporate information and financial data. It simultaneously published the updated documents on the bourse’s website, formally refiling its prospectus for a Hong Kong IPO.
Notably, Sunwoda initially submitted its Main Board listing application to HKEX in August 2025. This submission marks a refiling following the update. There were market rumours regarding the “expiration” of Sunwoda’s prospectus. Under HKEX’s regulatory rules, an A1 prospectus is valid for six months. Upon expiration, updated financial data must be provided prior to resubmission. This is an industry standard practice and does not signal any irregularities in the company’s operations or IPO progress.
The prospectus reveals that Sunwoda’s core business encompasses the R&D, design, manufacturing and sales of lithium batteries. Its product portfolio spans three key segments: consumer batteries, power batteries, and storage systems. The company also offers full-lifecycle services ranging from cells and modules to system integration, as well as cell testing and recycling solutions.
In terms of financial performance, for the years ended 31 December, 2022, 2023 and 2024, and the nine months ended 30 September 2025, the company recorded revenues of approximately RMB52.162 billion, RMB47.862 billion, RMB56.021 billion and RMB43.534 billion, respectively.
Corresponding profits stood at approximately RMB763 million, RMB331 million, RMB534 million and RMB779 million, respectively.
Deye Technology seeks to expand overseas capacity
On 27 January, Deye Technology Co. filed a listing application with the Main Board of HKEX. China International Capital Corporation, CITIC Securities, and CMB International Capital act as the joint sponsors.
This proposed Hong Kong listing represents a pivotal step for Deye in advancing its “A+H-share” dual capital platform strategy, with A-shares representing those listed on the Shanghai (SSE) and Shenzhen (SZSE) Stock Exchanges.
The move aims to diversify Deye’s financing channels, strengthen its influence in overseas markets, and facilitate the globalisation of its energy storage business. However, escalating industry competition, cost volatility, and the need to optimise its debt structure continue to pose challenges to the stability of its performance.
Deye stated that the net proceeds from the Hong Kong listing will be primarily allocated to expanding overseas storage capacity, constructing industrial and commercial storage production lines, investing in R&D, and replenishing working capital.
Deye’s revenue and net profit have both achieved steady growth. The company maintains overall ample operating cash flow and cash reserves, with only a short-term moderation in growth rate. According to the prospectus, in 2023, the company recorded revenue of RMB7.479 billion and net profit of RMB1.791 billion.
In 2024, its revenue rose to RMB11.206 billion, representing a year-on-year increase of 49.82%, while net profit reached RMB2.960 billion, a year-on-year jump of 65.29%—with profit growth significantly outpacing revenue growth. For the first three quarters of 2025, the company achieved revenue and net profit of RMB8.846 billion and RMB2.346 billion respectively.
According to Frost & Sullivan, Deye ranked as the world’s leading provider of residential energy storage inverters by sales value in 2024. The research firm also noted that Deye topped the global rankings in shipments of 5-20kW low-voltage energy storage inverters for three consecutive years from 2022 to 2024, boasting a competitive edge in emerging markets such as South Africa and Pakistan.
