Sungrow initiates Hong Kong listing, targets $126.7 million raise

According to a disclosure by the Hong Kong Stock Exchange on October 5, Sungrow Power Supply has officially submitted its application to list on the main board, with China International Capital Corporation (CICC) serving as sole sponsor.

The Chinese inverter and battery storage giant – valued at more than $46 billion – plans to issue 338 million shares and raise approximately HK$987 million ($126.7 million). Proceeds will be directed toward the R&D of next-generation photovoltaic and energy storage products, the construction of overseas manufacturing bases, digital transformation initiatives, and further development of core technologies, particularly in grid-scale energy storage.

The move had been anticipated following a mention in Sungrow’s 2025 semi-annual report, which also reflected strong financial performance. Revenue rose 40.34% compared to H1 2024, with a notable business shift: for the first time, energy storage revenue surpassed that of power electronic conversion equipment.

The revenue from power electronic conversion equipment was CNY 15.327 billion, a year-on-year increase of 17.06%, accounting for approximately 35.21% of total revenue; revenue from energy storage systems reached CNY 17.803 billion, a year-on-year increase of 127.78%, accounting for approximately 40.89% of total revenue.

At the same time, Sungrow’s overseas revenue also surpassed that of mainland China for the first time. In H1 2025, its mainland China revenue was CNY18.155 billion, up by 3.48% year-on-year and accounting for 41.7% of its total revenue, while its overseas revenue amounted to CNY25.379 billion, up by 88.32% year-on-year and accounting for 58.3%.

Founded in 1997 and listed on the Shenzhen Stock Exchange since 2011, Sungrow’s dual-listing strategy is designed to support its global expansion, enhance its international brand visibility, diversify funding sources, and strengthen competitiveness.

Hong Kong continues to attract Chinese battery and energy storage companies, buoyed by strong investor demand. Listings in HK – typically denominated in offshore currencies (HKD/USD) – enable companies to raise capital for overseas expansion, M&A, and factory construction, while avoiding onshore foreign exchange constraints.

Earlier this year, China’s CATL, the world’s leading battery manufacturer, raised around HK$35.6 billion ($4.6 billion) on its first trading day in Hong Kong, making it the largest global listing in 2025. Other major energy storage players like Sunwoda and Hithium are also eyeing Hong Kong for their stock listings.

Sungrow’s Hong Kong ambitions follow its previously announced plan in October 2024 to list on the Frankfurt Stock Exchange via Global Depositary Receipts (GDRs), aiming to raise up to CNY 4.88 billion.

Its plan was to invest nearly CNY 2 billion in a 20 GWh advanced energy storage facility and to allocate an additional CNY 1.76 billion to expand overseas production of inverters and energy storage products. It also intended to earmark an additional CNY 630 million for digital upgrades to its corporate operations, while CNY 496 million would be used for a new R&D center in Nanjing, Jiangsu province.

As of June 30, Sungrow’s cumulative energy storage system shipments had reached 70 GWh, according to the filing. The company projects total shipments for the year to reach between 40 GWh and 50 GWh.