Hong Kong IPO Wave: Over 15 Chinese Battery and Energy Storage Firms Seek Listings in 2026

According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

Currently, over 50 listed companies in the battery and new energy industry chain have disclosed performance forecasts, with more than 60% delivering impressive results. Several companies have explicitly stated that the core driver of their performance growth is the continued recovery of the global power battery market, the explosive growth in energy storage demand, coupled with the strong rise of emerging sectors. Enterprises in the battery and new energy chain are once again standing at the forefront of development opportunities, ushering in a new round of growth prospects.

Among them, the latest data from the China Automotive Battery Industry Innovation Alliance shows that in 2025, China’s cumulative exports of power and energy storage batteries reached 305.0 GWh, a year-on-year increase of 50.7%, accounting for 17.9% of the total annual sales volume.

In terms of export scale, recent data from the China Industrial Association of Power Sources indicates that China’s cumulative lithium battery export value in 2025 was $76.746 billion, a year-on-year increase of 25.55%. The cumulative export volume of lithium batteries was 4.679 billion units, up 19.52% year-on-year.

Looking ahead, EVTank’s “White Paper on the Development of China’s Lithium-ion Battery Industry (2026)” predicts that global lithium-ion battery shipments will reach 3,016.3 GWh and 6,012.3 GWh in 2026 and 2030, respectively. The forecast for 2026 global shipments has been raised by 17.3% compared to the 2025 version of the white paper, primarily driven by demand for energy storage batteries.

Statistics show that in 2025, the total scale of overseas orders for Chinese energy storage enterprises reached nearly 284.26 GWh, equivalent to 3.49 times the newly installed capacity of overseas new-type energy storage in 2024. However, it is undeniable that changes in the international trade environment brought about by policies such as the U.S. Inflation Reduction Act and the EU’s Net-Zero Industry Act are also evolving simultaneously. Consequently, Chinese battery and new energy enterprises are compelled to gradually transition from “product export” to “capacity export.”

Against this backdrop, to support overseas factory construction and technological R&D, battery and new energy enterprises have an unprecedented strong demand for international financing platforms. As a springboard connecting global capital, the Hong Kong capital market has made a strong comeback as a “dark horse” in the global IPO center. Relevant data shows that in 2025, 19 A-share listed companies landed in Hong Kong, a surge of 533% compared to 2024, raising a total of HKD 139.993 billion, accounting for over 50% of the total funds raised by Hong Kong IPOs. Among them, the battery and new energy industry leader CATL raised HKD 41.006 billion, ranking second globally in terms of funds raised.

Entering 2026, this wave of enthusiasm for Hong Kong listings continues to heat up with even stronger momentum. Not only is the number of companies pursuing dual “A+H” capital market layouts steadily increasing, but new forces aiming for Hong Kong IPOs are also emerging one after another. According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

**A+H! Penghui Energy Plans to List on the Main Board of the Hong Kong Stock Exchange**

On January 5, Penghui Energy (300438) announced that the company intends to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). As of the date of this announcement, aside from the relevant proposals approved by this board meeting, other specific details regarding this offering and listing have not been finalized.

In a research activity in December 2025, when replying to investors’ questions about the current production scheduling of its large-scale storage products, Penghui Energy stated that the company is currently basically at full production capacity, with main product scheduling extending until the first half of next year; overseas large-scale storage orders are in the process of ramping up, showing a significant increase compared to previous years. “Mostly cells are supplied domestically, while systems are mainly supplied overseas.” Penghui Energy expects domestic growth next year to be similar to this year, while overseas growth will accelerate further, with more user-side energy storage projects overseas.

**A-share Chint Electric Announces Hong Kong Listing Plan; Energy Storage Business Covers Various Scenarios**

On the evening of January 6, Chint Electric (601877) announced that to meet business development needs, further advance its internationalization strategy, actively leverage international capital markets to broaden diversified financing channels, and further enhance the company’s comprehensive competitiveness, it plans to issue overseas shares (H shares) and list on the HKEX. Chint Electric stated that the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized yet.

As a global smart energy solutions provider and a subsidiary of the Chint Group, Chint Electric is a leading enterprise in China’s low-voltage electrical appliance industry, with its energy storage business covering various scenarios. According to its 2025 interim report information, Chint Power (25.880, 2.35, 9.99%) builds a leading technology product system covering photovoltaic inverters and energy storage fields with core patented technology. It continues to deepen its global strategic layout, with localized operations as the core driving force, comprehensively enhancing the international competitiveness of its photovoltaic inverter and energy storage system businesses, and continuously leading industry technological upgrades and value innovation.

**A-share Huasheng Lithium Plans Hong Kong Listing; Additive Annual Output 14,000 Tons**

On the evening of January 8, Huasheng Lithium (688353) issued an announcement stating that to accelerate its international strategic layout, enhance its overseas financing capability, and further improve its capital strength and comprehensive competitiveness, the company is planning to issue overseas shares (H shares) and list on the HKEX based on its overall development strategy and operational needs.

Information shows that Huasheng Lithium is an advanced supplier of lithium battery electrolyte additives, with an annual output of 14,000 tons. Its products are widely used in new energy vehicles, electric two-wheelers, power tools, UPS power supplies, mobile base station power supplies, photovoltaic power stations, 3C products, and other fields. The company has long maintained its leading position as a supplier of VC and FEC, with high product coverage in the Chinese domestic market. It also exports to Japan, South Korea, the United States, Europe, Southeast Asia, and other countries and regions. Its main customers include well-known international and domestic lithium battery industry chain manufacturers such as Mitsubishi Chemical, BYD (91.810, -0.82, -0.89%), Tinci Materials (41.600, -1.81, -4.17%), Guotai Huarong, and Shanshan Co., Ltd. (13.510, -0.41, -2.95%).

**A-share Putailai Plans Hong Kong Listing; 2025 Net Profit Expected to Double Year-on-Year**

On January 9, Putailai (603659) announced that the company is planning to issue overseas shares (H shares) and apply for listing on the Main Board of the HKEX. As of now, the company is discussing related work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

On January 20, Putailai announced that based on preliminary calculations by the company’s finance department, it is estimated that the net profit attributable to shareholders of the listed company in 2025 will be RMB 2.3 billion to RMB 2.4 billion, a year-on-year increase of 93.18% to 101.58%. The company stated that the wet-process separator and coating processing businesses saw significant synchronous growth in volume. The self-sufficiency rate of base film increased, continuously consolidating the synergistic advantages of “materials + equipment + processes.” The introduction of new base film products and new coating processes effectively matched customer product upgrade needs. The graphite anode material business strengthened various measures for process cost reduction, focusing on mainstream customer demands for new products such as fast charging, long cycle life, and high capacity. Silicon carbon anode entered mass production, the business bottomed out and recovered, with operations gradually improving. Functional materials such as PVDF, PAA, and ceramic coating materials saw rapid sales growth, effectively contributing to performance increment. Through diversified product portfolios and industry chain synergy to empower customers, the company achieved significant improvement and increase in profitability.

**A-share Inovance Technology Plans Hong Kong Listing; Xi’an Energy Storage Base Has Annual Design Capacity of 50GW**

On January 19, Inovance Technology (300124) announced plans to issue H shares and list on the HKEX to promote its internationalization strategy, enhance its global brand influence, and broaden financing channels.

It is reported that Inovance Technology has developed into a leading domestic industrial automation enterprise, with products involving servo systems, PLCs, industrial robots (18.740, -0.42, -2.19%), and new energy vehicle electric drive systems. In recent years, the company has increased investment in the energy storage field, positioning it as the “second growth curve.” In 2025, the company launched multiple new energy storage products and won major orders. The Xi’an energy storage base involves a total investment of approximately RMB 10 billion, with an annual design capacity of up to 50GW, positioning it to become a top-tier global standalone PCS factory for energy storage.

**”Partnership” with CATL; A-share Tianhua New Energy Rushes to Hong Kong Market**

On the evening of January 21, Tianhua New Energy (300390) issued an announcement stating that the company is planning to issue overseas shares (H shares) and list on the HKEX. Currently, the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

Information shows that Tianhua New Energy’s main businesses include new energy lithium battery materials, anti-static ultra-clean technology products, and medical device products. Among them, new energy lithium battery materials are the core business segment. As one of the main domestic lithium salt producers, its comprehensive capacity for lithium hydroxide and lithium carbonate reaches 165,000 tons. Currently, the company has established long-term and stable cooperative relationships with many domestic and foreign leading vehicle manufacturers, power battery manufacturers, and mainstream lithium battery cathode material producers. It also has a deep equity-level binding with CATL.

**The First GEM-Listed Company Also Plans Hong Kong Listing! Products Assist in Projects of CATL/BYD, etc.**

On the evening of January 23, Tgood (28.050, -0.57, -1.99%) (300001) issued an announcement stating that to further advance the company’s global strategic layout, accelerate overseas business development, build an international capital operation platform, and enhance its international brand image and comprehensive competitiveness, the company plans to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of the HKEX. The company will fully consider the interests of existing shareholders and the conditions of domestic and foreign capital markets, and choose an appropriate timing and issuance window to complete this issuance and listing within the validity period of the shareholders’ meeting resolution (i.e., within 24 months from the date of approval by the company’s shareholders’ meeting or other extended periods as agreed).

Information shows that Tgood was founded in 2004 and listed in 2009, being the first company listed on the Growth Enterprise Market (GEM). The company is mainly engaged in three areas: high-end box-type power equipment manufacturing, automotive charging ecosystem network, and new energy microgrid. It is worth mentioning that, under the “dual carbon” background, Tgood also customizes and offers power system solutions for large industrial clients in the battery industry chain. The company’s products are widely used in the construction of battery industry chain industrial park projects for companies such as CATL, BYD, EVE Energy (64.200, -1.58, -2.40%), LanKe Lithium, GEM Co., Ltd. (9.470, -0.34, -3.47%), Dofluoride (29.460, -1.68, -5.39%), and Shanshan New Materials.

**A-share EVE Energy Files Application with HKEX; Intends to Raise Funds for 30GWh Large Cylindrical Battery Construction in Hungary**

On January 2, EVE Energy (300014) submitted a second application to the HKEX. This time, the company intends to use the net proceeds solely for the continued construction of its production base in Hungary, as well as for working capital and general corporate purposes, not involving the third-phase construction of its production base in Malaysia.

The filing documents show that EVE Energy has obtained the land use right for the site of the Hungarian production base, and the Hungarian project has started construction, expected to be operational in 2027, with a planned capacity of 30GWh. The main products planned for production are power batteries, primarily the 46-series large cylindrical batteries. The project site is strategically located near the factories of major automotive customers to better meet their needs, thereby consolidating long-term strategic cooperative relationships with these customers.

**Wanbang Digital Switches to Hong Kong IPO; Sub-brand Star Charge Spun Off**

On January 4, Wanbang Digital Energy Co., Ltd. (referred to as “Wanbang Digital”), the parent company of Star Charge, officially submitted a listing application to the HKEX, launching its fourth “IPO campaign.” However, unlike the previous three times, Wanbang did not include the “gas station” Star Charge in this listing. Instead, it sold it off, planning to go public as a “slimmed-down” entity.

According to Frost & Sullivan data, based on revenue and sales volume in 2024, Wanbang Digital Energy is the world’s largest supplier of smart charging equipment, with global sales exceeding 470,000 units that year. It is also a smart charging equipment supplier in China certified by premium international OEMs (such as Volkswagen, Mercedes-Benz, etc.).

**Yuanxin Energy Storage Rushes for Hong Kong IPO; Recently Completed Hundreds of Millions in Equity Financing**

On January 9, Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (hereinafter referred to as “Yuanxin Energy Storage”) officially submitted a listing application to the Main Board of the HKEX, with China Merchants Bank International acting as the sole sponsor. According to Frost & Sullivan data, in the first three quarters of 2025, Yuanxin Energy Storage added 1.3 GWh of standalone energy storage installed capacity, ranking first among global energy storage asset full lifecycle solution providers. In 2024, based on energy storage system shipments, the company ranked fifth among global energy storage asset full-lifecycle solution providers with shipments of 3.7 GWh.

On January 9, Yuanxin Energy Storage also announced the completion of hundreds of millions of RMB in equity financing. This round of financing was led by the well-known investment institution Cowin Capital, with follow-on investments from institutions such as Zhenghai Capital and Zhuoyuan Lantu.

**Bestar Files Application with HKEX; Has Achieved Scale Supply in Separator Sub-market**

On January 12, Zhenjiang Bestar New Material Co., Ltd. (abbreviated: Bestar) submitted a listing application to the HKEX, aiming for a main board IPO in Hong Kong.

Information shows that Bestar is a company focused on electronic function enhancement materials, with a strong market position in the fields of acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. Among them, the company’s electronic ceramic materials business has taken the lead in achieving technological breakthroughs and scale supply in the application field of ultrafine coating materials for new energy lithium battery separators. According to Frost & Sullivan statistics based on revenue for the first half of 2025, Bestar ranked second in the global LIB separator coating alumina ceramic materials market, with a market share of approximately 18.1%.

**Shared E-bike Supplier Pinecone Wisdom Files for Hong Kong IPO; Valuation Nearly $1 Billion**

On January 12, shared e-bike service provider Pinecone Wisdom Inc. (abbreviated: Pinecone Wisdom) submitted a listing application to the HKEX, planning to list on the Main Board, with Huatai International acting as the sole sponsor. The company plans to use the raised funds to strengthen R&D, explore e-bike sales commercialization, and overseas expansion.

It is worth mentioning that Pinecone Wisdom’s most recent financing round occurred in November 2025 (the D+ round did not involve new investment), with a post-investment valuation reaching $996 million, just one step away from unicorn status.

**A-share “Industrial Robot Leader” Estun Makes Second Attempt at Hong Kong IPO**

On January 15, Nanjing Estun Automation Co., Ltd. (abbreviated “Estun”) submitted a second application to the HKEX.

Information shows that based on its existing robot automated welding production lines, die-casting automation system solutions, and electric drive control power automation production lines, Estun deeply integrates the advantages of its series products and technologies such as Trio motion controllers, AC servo systems, industrial robots, and machine vision. It provides the new energy industry with high-speed, high-precision power battery module/PACK intelligent assembly production lines based on the company’s robots and motion control systems, and actively expands solutions for systems, establishing industry technology benchmarks and scale applications for the company’s automation core components and robot products to fully enter the new energy industry.

According to MIR statistics, in 2024, Estun once again became the domestic brand with the highest shipments of industrial robots and domestic multi-joint industrial robots in China, ranking first in domestic brand shipments in the Chinese market for seven consecutive years. It ranked second in terms of shipments in the Chinese industrial robot market, with its market share further increasing.

**A-share Cadi Scientific Files Application with HKEX; New Projects Including Charging/Swapping Systems Worth RMB 1.5 Billion Land in Hefei, Anhui**

On January 19, Cadi Scientific (300222) submitted a listing application to the HKEX, with Huatai International and Guoyuan International acting as joint sponsors. Information shows that facing the historical development opportunities brought by the accelerated advancement of new power system construction and the rapid expansion of new energy application scenarios, Cadi Scientific actively deploys core technology R&D in active distribution networks, energy storage, robot advanced control, and artificial intelligence with “digital energy” and “intelligent robot application” as two business carriers, creating integrated application scenarios for source-grid-load-storage.

According to news from “Hefei High-tech Release,” recently, the Cadi Scientific Digital Energy Industrial Base project settled in the Hefei High-tech Zone, Anhui, and completed land acquisition. The project has a total investment of RMB 1.5 billion and will focus on the R&D and production of core products such as smart circuit breakers, charging/swapping systems, and intelligent inspection robots upon completion.

**Passed Hearings**

**Lithium Battery Intelligent Equipment Leader Passes HKEX Hearing**

On January 25, Lead Intelligent (300450) passed the hearing for listing on the Main Board of the HKEX, with CITIC Securities (27.860, -0.21, -0.75%) and J.P. Morgan acting as joint sponsors. Information shows that the company’s core customers include global top battery manufacturers and vehicle manufacturers, including BYD, LG Energy Solution, Tesla, Volkswagen, etc. According to Frost & Sullivan data, based on 2024 revenue, Lead Intelligent is the world’s largest lithium battery intelligent equipment supplier, with a global market share of 15.5% and a Chinese market share of 19%.

On the same day, Lead Intelligent announced that it expects its 2025 net profit attributable to shareholders of the listed company to be RMB 1.5 billion to RMB 1.8 billion, a year-on-year increase of 424.29% to 529.15%. It stated that the recovery of the global power battery market and strong growth in energy storage demand, consolidation of its leading position, acceleration of order scale and delivery acceptance pace, coupled with new technology R&D and digital cost reduction and efficiency improvement, have significantly enhanced profitability.

**Conclusion**

After years of development, China’s battery industry chain has achieved self-sufficiency and control over all links from raw materials to core equipment: the global market shares of power batteries and energy storage batteries exceed 60% and 90% respectively; the self-sufficiency rates of key materials such as electrolytes, separators, and lithium salts have significantly improved; and the supporting capability across the entire chain has become increasingly mature.

Against the backdrop of largely completed import substitution, the collective overseas expansion of the aforementioned 15 companies has also prompted the market to ask a soul-searching question: Is the second half of the development of China’s battery and new energy industry about to officially enter a new journey of “international substitution”?

Undeniably, the significant improvement in import substitution has given Chinese battery enterprises the confidence to participate in global competition. Moreover, the intensive advancement of Hong Kong listing processes by 15 industry chain companies in less than a month at the beginning of the year further signals the acceleration of import substitution towards international substitution. And what is even more undeniable is that the Hong Kong stock market, as an important hub connecting Chinese enterprises with international capital, not only provides financing channels for enterprises but also promotes the establishment of corporate governance and standards in line with international practices, laying the foundation for international substitution.