The energy storage industry is emerging as a high-growth and high-profile sector in the Hong Kong capital market. Over 2025, numerous Chinese energy storage companies including Sungrow, Hithium, Envision AESC and Sigenergy have submitted plans for a Hong Kong listing, while Guoxia Technology is about to complete its listing.
According to the latest announcements from the Hong Kong Stock Exchange, energy storage system integrator Guoxia Technology has obtained approval for its main board listing. According to the announcement, Guoxia Technology launched its Hong Kong Initial Public Offering (IPO) subscription on 8 December 2025, and the subscription period ran through to 11 December (yesterday).
In connection with this listing, Guoxia Technology intended to issue 33.8529 million H-shares, with an offering price of HK$20.1 (US$2.58) per share. The company is slated to be officially listed on the main board of the Hong Kong Stock Exchange on December 16.
The prospectus indicates that the estimated net proceeds from this offering by Guoxia Technology are around HK$606 million (US$79 million). The raised funds are planned to be used for a mix of R&D, international expansion, capacity expansion as well as general working capital.
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Approximately 44% will be used to enhance R&D capabilities, which splits out into: 14% earmarked for strengthening artificial intelligence technology R&D, 15% for scaling up domestic R&D initiatives, and 15% for expanding overseas R&D footprint. This encompasses the phased rollout of testing and certification services related to new-generation energy storage batteries, inverters, and system products from 2026 to 2027.
Around 19% will be dedicated to establishing an overseas operational and service network to underpin the international growth strategy. Investments will prioritise operational support and sales infrastructure, with the rollout of these initiatives slated to commence in early 2026, with a primary focus on Europe and Africa.
The plan involves the phased establishment of eight overseas operations and service centres across Europe (including the UK, Italy, the Netherlands and Hungary) and Africa (including South Africa, Zambia, Zimbabwe and Nigeria) from 2026 to 2027, as well as the setup of brand experience centres in each of these countries.
Approximately 27% will be used to expand the manufacturing capacity for its large-scale, commercial & industrial (C&I) and residential energy storage system products.
Finally, approximately 10% will be used for working capital and other general corporate purposes.
Company background
According to data from the official website, Guoxia Technology was established in 2019. Headquartered in Wuxi City, Jiangsu Province, the company’s core business focuses on system integration for large-scale, commercial and industrial, and residential energy storage.
The company filed its listing application to the Hong Kong Stock Exchange on 3 November 2025 and secured approval in its listing hearing on 3 December, marking a faster listing process than that of other energy storage companies pursuing a Hong Kong listing.
Financial performance
In terms of performance, Guoxia Technology has registered robust revenue growth in recent years, surging from RMB142 million in 2022 to RMB314 million in 2023, and further to RMB1.026 billion (US$148 million) in 2024, representing a compound annual growth rate of 169%.
In H1 2025, its revenue reached RMB691 million, compared to RMB90.62 million in H1 2024, representing a year-on-year growth rate of approximately 659% to 663%.
For the full years 2022 to 2024, the company’s net profit stood at RMB24.277 million, RMB28.148 million and RMB49.119 million respectively. In H1 2025, the profit was RMB5.575 million, compared to a loss of RMB25.59 million in the same period the previous year. In terms of profitability, the company faces notable pressure, with its net profit margin having dropped consistently.
Guoxia Technology noted that this drop is primarily due to the company’s strategic shift in focus from residential to large-scale energy storage systems in the domestic market. This segment contributed to over 70% of the company’s revenue in H1 2025, which has exerted pressure on its gross margins. Furthermore, intensified market competition and volatility in raw material prices have impacted profits.
The prospectus also shows that Guoxia Technology’s revenue is primarily derived from intelligent energy storage system solutions, marketed under its ‘Hanchu ESS’ brand.
From 2022 to H1 2025, this segment consistently contributed over 90% of the company’s total revenue. This core business is further divided into large-scale, residential and C&I energy storage systems.
Large-scale energy storage has leapt from an ancillary sideline to the company’s mainstay, surging from 12.2% of revenue in 2022 to 76.6% in 2024 and staying at 74.2% in H1 2025.
In terms of production capacity, Guoxia Technology’s shipments reached 1,146 MWh in H1 2025, a nearly 20-fold surge compared to 2022. The company’s production capacity also jumped from 45.5MWh in 2022 to 1,561.2MWh in 2024
Wider trend of Hong Kong listings
As noted, Guoxia is the latest of several China-based battery and BESS integration firms pursuing listings in Hong Kong. We looked at the reasons for this in an ESN Premium article earlier this year.
Inverter and BESS firm Sungrow submitted its prospectus in August while battery and BESS company Hithium’s first attempt at a Hong Kong IPO lapsed in late September amidst a lawsuit from larger competitor CATL, forcing it to do a resubmission.
A Hithium spokesperson told Energy-Storage.news at the time that the lapsing “will not impact the overall progress of our listing plan”.
