Shenzhen RelyEZ Energy Storage Technology (RelyEZ) has listed on the Main Board of The Stock Exchange of Hong Kong Limited, becoming the latest Chinese energy storage system solution provider to list in Hong Kong.
Shares listed from 9 November. RelyEZ offered 57.5405 million H shares in its global offering, for gross proceeds of approximately HK$563 million and net proceeds of about HK$502 million (US$71.76 million).
Proceeds will be used primarily for software R&D and intelligent platform development, manufacturing capacity expansion, and overseas market expansion; roughly 45% will go toward software and hardware technology R&D, about 25% toward localized overseas operations, and around 20% toward building a new plant in Wuzhen, Zhejiang, with an annual capacity of 10GWh.
On its first day of trading, the stock opened sharply higher at HK$21, up 114.72% from the offer price, and touched an intraday high of HK$22.40. Gains narrowed in the afternoon, and it closed at HK$15.55, up 59%, for a market capitalisation of about HK$6.37 billion and full-day turnover of roughly HK$238 million.
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Public disclosures show that RelyEZ Energy Storage was founded in Shenzhen in 2019 and is headquartered in Nanshan. The company operates in large-scale and commercial & industrial (C&I) energy storage, offering integrated energy storage system (ESS) solutions, hardware products, software systems and platforms, full-lifecycle operation and maintenance (O&M), and power trading services on a commission basis.
The move is in step with a broader trend among Chinese battery and energy storage companies to add HKEX listings alongside listings on mainland China exchanges, enabling them to raise additional capital and attract overseas investment, including institutional investors.
The most prominent first-mover was CATL, with the world’s largest lithium-ion battery OEM also hosting Hong Kong’s largest IPO to date in May 2025. Many have followed suit, although the listing process has required more than one attempt for some.
RelyEZ CEO Naomi Zhang spoke about the listing and the company’s strategy towards it in an ESN Premium interview in August.
“The planned listing in Hong Kong is part of our long-term institutionalisation process. International expansion to the overseas market requires more than capital,” Zhang told the site.
“Capital is important, but it requires more than capital. It requires transparency, governance, international talents, customers’ confidence, and diversified financing channels.”
Zhang noted that RelyEZ is transitioning from “pure hardware supply” to a full spectrum of lifecycle services, which she said underlines a shift in the market to consider energy storage as a long-term infrastructure investment, rather than “simply equipment.”
“Every battery storage project is actually project-driven, and it is becoming more and more a financial asset, which is bankable, operational, and can generate long-term revenue,” Zhang said.
‘Springboard into new growth phase’
According to Frost & Sullivan, RelyEZ shipped 5.4GWh of energy storage systems in 2025, ranking 10th in China’s ESS solution market with a 2.1% share. The company serves markets in China and overseas, including Hungary, Poland, Spain, the United States, Japan, Chile, Kenya, and Burkina Faso, with its European business growing rapidly.
Per the prospectus, revenue rose from RMB435 million (US$65.21 million) in 2023 to RMB1.868 billion in 2025, while net profit grew from RMB40.74 million to RMB154 million. In the first four months of 2026, revenue reached RMB280 million, with large-scale ESS solutions accounting for more than 70% of the total; O&M and power trading services have emerged as new high-margin business lines.
According to the prospectus, of the net proceeds, about 45% will be allocated to energy storage software and hardware R&D—covering liquid cooling, long-duration energy storage, energy management and power trading platforms—about 25% to localized operations in overseas markets such as Europe, the Americas, and Southeast Asia, about 20% to the construction of a new production base in Wuzhen, Zhejiang, with an annual capacity of 10GWh, and the remaining 10% to working capital.
“The successful listing on the HKEX is an important milestone in RelyEZ Energy Storage’s development and a springboard into a new growth phase,” said Wang Yu, Chairman of the company, at the listing ceremony, adding that the company will continue to expand its footprint in the energy storage sector and actively embrace the energy transition.
Analysts noted that, against the backdrop of the rollout of new-type power systems, reforms to the revenue mechanism for large-scale energy storage in China, and strong growth in overseas energy storage demand, a window of opportunity is opening for energy storage system integrators to list in Hong Kong.
RelyEZ Energy Storage’s first-day surge, followed by a retreat, also signals that Hong Kong investors are optimistic about the case for energy storage globalisation and the software-driven shift in power trading, but remain cautious about customer concentration, gross margin volatility, and concentrated shareholding.
