PV inverter manufacturer and energy storage system integrator Sungrow has re-filed its listing application to the Hong Kong Stock Exchange (HKEX).
According to HKEX documents, Sungrow filed its application on 24 April, with with China International Capital Corporation Limited (CICC) acting as the sponsor. Sungrow had previously submitted an application for a secondary listing on the HKEX Main Board on 5 October 2025, after announcing its intent to float the IPO in August of that year. That application expired automatically on 5 April 2026, after its six-month validity period lapsed.
At the time of the original filing, Sungrow’s market cap was around RMB330 billion (US$47 billion), with the company reportedly seeking to raise around US$126.7 million through the IPO. The company’s A-Shares have been listed on the ChiNext Board of the Shenzhen Stock Exchange since November 2011.
The company will establish an “A+H” share structure once it goes public on HKEX. As of 24 April 2026, the company’s total market capitalisation stood at approximately RMB277.4 billion.
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Sungrow said it intended to deepen its global footprint, enhance international brand awareness and build diversified financing channels when it announced the IPO last year. The move fits a broader trend of Chinese mainland exchange-listed companies pursuing secondary H-Share listings, as detailed in an ESN Premium article published in July last year.
According to Frost & Sullivan analysis, the company has ranked first in solar PV inverter shipments worldwide for ten consecutive years. Based on 2024 shipment volumes, it held a global market share of about 25.2% in PV inverters.
As of 30 June 2025, its cumulative battery energy storage system (BESS) shipments had reached 70GWh. In the first half of last year, Sungrow’s BESS revenues overtook its PV inverter segment’s, accounting for 40.89% of total revenue versus 35.21% in H1 2025. It was ranked as a global leader in BESS shipments for that period by analysis firm Rho Motion (now part of Benchmark Mineral Intelligence).
According to the company’s A-share report, Sungrow posted operating revenue of RMB89.184 billion in 2025, up 14.55% year-on-year. Gross margin came in at 31.83%, an increase of 1.89% from the previous year. Net profit attributable to shareholders was RMB13.46 billion, rising 21.97% year-on-year, while recurring net profit stood at RMB12.829 billion, up 19.98%.
Revenue from storage systems reached RMB37.287 billion, a 49.39% jump from a year earlier, though gross margin dipped slightly by 0.2% to 36.49%. Revenue from new energy investment and development fell 21.16% to RMB16.559 billion, with gross margin declining 4.9% to 14.5%. Revenue from PV inverters and other power electronic conversion equipment came in at RMB31.136 billion, up 6.9%, while gross margin for that segment rose 3.76 % to 34.66%.
SUNGROW POWER SUPPLY CO., LTD.
(A joint stock company incorporated in the People’s Republic of China)
| Item | Details |
| Number of [REDACTED] under [REDACTED]: | [REDACTED] H Shares (subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Hong Kong [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED]) |
| International [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Maximum [REDACTED]: | HK$[REDACTED] per H Share, plus 1.0% brokerage commission, 0.0027% SFC transaction levy, 0.00565% Hong Kong Stock Exchange transaction fee and 0.00015% Financial Services and the Treasury Bureau transaction levy (to be paid in full in Hong Kong dollars at the time of [REDACTED]; overpayments will be refunded) |
| Nominal Value: | RMB 1.00 per H Share |
| [REDACTED]: | [REDACTED] |
Additional reporting by Andy Colthorpe.
A version of this article aimed at solar industry readers was first published on PV Tech.
