The trend for mainland China-listed energy storage firms to seek secondary listings on the Hong Kong Stock Exchange shows no sign of abating, writes Carrie Xiao.
The IPO wave for energy storage firms in Hong Kong has gathered unprecedented momentum in 2026. A growing number of overseas-focused Chinese energy storage manufacturers are choosing to list on the Hong Kong Stock Exchange (HKEX) to access international capital for capacity expansion and the build-out of global sales networks.
HKEX recently released fresh filings for two more storage players. Shenzhen Cubenergy has formally submitted its main board IPO application, while Anker Innovation has passed its listing hearing. The two firms anchor two key export-focused segments: commercial and industrial (C&I) decentralised storage for Europe, and residential balcony storage systems sold worldwide.
Cubenergy files formal Main Board IPO application
HKEX filings dated 21 June 2026 show that Shenzhen-based Cubenergy Co., Ltd. (“Cubenergy”) formally submitted its Main Board listing application on 16 June, with Guotai Junan International as the sole sponsor. The move kicks off its push to access Hong Kong’s public capital markets.
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The prospectus reveals three straight years of robust revenue growth. Revenue reached RMB451 million (US$66.42 million) in 2023, RMB494 million in 2024, and a 42% year-over-year jump to RMB703 million in 2025. Net profit attributable to parent company shareholders ballooned from RMB12 million to RMB54 million, surging 62.23% year-on-year in 2025, underscoring consistent profitability gains. Gross margins ranged between 22% and 27% over the three-year period, while net margins rose from 2.73% to 7.66% — a clear sign of steady operational improvement.
The bulk of the company’s revenue comes from direct sales of decentralised storage systems. Its client base includes energy developers, grid distributors, C&I operators, renewable energy funds, and storage system integrators. Backed by a mature and comprehensive product portfolio, Cubenergy operates across mainland China and key overseas markets in Europe, Africa, and South America, with international business serving as its primary growth driver.
Per Frost & Sullivan industry research, Cubenergy captured a 5.5% share of Europe’s decentralized C&I storage market in 2025, ranking fifth among Chinese manufacturers. In the Nordic market specifically, its market share climbed to 22.3%.
Anker Innovation clears HKEX listing hearing
Another storage player, Anker Innovation, has officially cleared the Hong Kong Stock Exchange’s listing hearing, pushing its Hong Kong IPO into a pivotal phase.
The company first filed its initial HKEX application in December 2025, then refreshed its offering documents and resubmitted in June 2026. CICC, Goldman Sachs, and J.P. Morgan acted as joint sponsors.
According to its prospectus and industry data, Anker Innovation held the world’s second-largest sales volume for portable charging products between 2020 and 2024 and ranked as the globe’s top independent portable charging brand over that period.
Anker Innovation pursues a globally diversified channel strategy with a broad customer base; its top five clients account for just 8.6% of total revenue. Overseas markets make up the lion’s share of its turnover, consistently contributing over 96% of total income, with North America and Europe as its two core markets.
Through its dedicated energy storage brand, Anker SOLIX, the company has entered the balcony solar PV storage segment by rolling out plug-and-play solutions. Euromonitor data ranks Anker Innovation first globally across three product categories: plug-in balcony storage, PV storage, and residential storage.
Industry data shows the company holds a 14.6% share of the global balcony PV storage market. Its related storage products account for roughly half of worldwide shipments, while capturing a 50% market share in Germany alone.
The storage division generated more than RMB4.5 billion in revenue in 2025. The segment’s year-on-year growth topped 60% in Q1 2026, indicating strong momentum ahead.
