IPO updates from Chinese firms: EVE Energy re-files for HKEX, Fox ESS updates prospectus

EVE Energy has been listed on the Chinese A-share market since 30 June 2015. As of the close of trading on January 6, 2026, the company had a total market capitalisation of approximately RMB144.3 billion (US$20.6 billion).

Per the details outlined in the prospectus, the proceeds from this offering will be primarily allocated to the construction of the company’s Hungary-based production plant. Key expenditures will cover construction costs for production facilities and procurement of machinery and equipment associated with the project.

Construction on the factory complex in Hungary is already underway, with commercial production slated for 2027 and a designed annual capacity of 30GWh. The facility will mainly manufacture power batteries, with a primary focus on the 46-series large-format cylindrical cells.

EVE Energy operates across three core business segments: consumer batteries, power batteries, and energy storage batteries. The firm boasts full-chain R&D capabilities spanning from materials and cells to battery management systems (BMS) and complete battery energy storage system (BESS) solutions. Its products are widely deployed across smart living, green mobility, energy transition and other key application areas.

EVE Energy’s 2025 interim results show that during the reporting period, the company recorded operating revenue of RMB28.17 billion, representing a year-on-year increase of 30.06%; its net profit attributable to shareholders of the listed company stood at RMB1.605 billion, a year-on-year decline of 24.90%; its non-recurring profit and loss (non-GAAP) net profit came in at RMB1.157 billion, falling by 22.82% year-on-year.

In terms of shipment volumes, power battery shipments reached 13.54GWh, up 7.03% year-on-year, securing the company the second position in the commercial vehicle battery segment. Energy storage battery shipments surged 133.18% year-on-year to 20.95GWh. The cumulative deliveries of the 46-series large-format cylindrical cells have exceeded 21,000 units, while the product line has been upgraded to the company’s Omnicell integrated battery solution.

Notably, the energy storage segment has emerged as EVE Energy’s primary growth driver to date. The 133.18% year-on-year surge in energy storage battery shipments in H1 2025 has been a key driver behind the company’s rising market share.

Fox ESS updates prospectus for ChiNext listing

Per the official website of the Shenzhen Stock Exchange (SZSE), on 30 December 2025, Fox ESS Co., Ltd. (hereinafter referred to as Fox ESS) updated and re-submitted its prospectus, offering sponsorship letter, listing sponsorship letter and other relevant documents. This marks Fox ESS’s second application for listing on the ChiNext Board of the Shenzhen Stock Exchange.

The company’s first listing application was initiated on 12 May 2025, when Fox ESS held its 2025 Second Extraordinary General Meeting (EGM) to review proposals related to its IPO and listing—five shareholders voted against the proposals. On 30 September 2025, the SZSE notified Fox ESS that the financial data in its IPO application documents had lapsed and required supplementation.

In response, Fox ESS completed the required documents, including the addition of supplemental information on 30 December, which enabled the resumption of its listing process.

Per the prospectus, Fox ESS intends to list on the SZSE ChiNext Board with a total fundraising target of RMB1.661 billion. The sponsoring institution is Guotai Haitong Securities Co., Ltd. The proceeds from the offering will be allocated to four key areas: the construction of an industrial park with an annual production capacity of one million smart energy storage units, the development of an R&D centre, the establishment of a marketing and technical service system, and the replenishment of working capital.

Fox ESS noted in the prospectus that, per S&P Global data, it held a 7% global market share in the residential storage segment in H1 2025. Its grid-tie single-phase PV inverters accounted for approximately 7.9% of the global market in 2024, with both rankings among the top tier.

In the reporting period (2022-2024, H1 2025), it recorded operating revenues of approximately RMB2.486 billion in 2022, RMB2.9 billion in 2023, RMB3.392 billion for 2024, and RMB2.242 billion for the first half of last year, respectively, alongside net profits attributable to the parent company of approximately RMB199 million, RMB149 million, RMB267 million, and RMB242 million.

The prospectus reveals that overseas revenue accounted for 95.24%, 93.85%, 97.54%, and 99.16% of Fox ESS’s total revenue during the reporting period, with overseas sales approaching 100% in H1 2025. Europe serves as its core target market, with Germany, the UK, and Poland collectively contributing over 60% of total sales.

Fox ESS explained that high electricity prices in Europe and clear subsidies for residential storage have driven explosive growth in demand for inverter-battery all-in-one systems. The company has also capitalised on the window period when PV and energy storage costs are declining in tandem.

Fox ESS’s main business revenue consists of energy storage system products, grid-tied inverters and smart loads & other products. Among these, energy storage batteries and battery modules account for the largest share. Its cell suppliers, as disclosed in its procurement information, are mainly Rept Battero, Xingheng Power, HiTHIUM and Great Power.