According to an announcement by the Hong Kong Stock Exchange on October 5, Sungrow Power Supply has officially submitted its application for listing on the mainboard, with China International Capital Corporation (CICC) serving as the sole sponsor.
The Chinese inverter and battery storage giant – valued at more than $46 billion – plans to issue 338 million shares and raise around HK$987 million ($126.7 million). Proceeds will be spent on the R&D of next-generation photovoltaic and energy storage products, the construction of overseas manufacturing bases, digital transformation initiatives and the further development of core technologies, especially in network-scale energy storage.
The move was expected after a mention in Sungrow’s 2025 half-year reportwhich also reflected strong financial performance. Revenue increased by 40.34% compared to the first half of 2024, with a notable business shift: for the first time, energy storage revenues exceeded those from power electronics conversion equipment.
Sales of power electronics conversion equipment reached CNY 15.327 billion, a year-on-year increase of 17.06%, accounting for about 35.21% of total sales; Energy storage system revenue reached CNY 17.803 billion, a year-on-year increase of 127.78%, accounting for about 40.89% of total revenue.
At the same time, Sungrow’s overseas revenues also surpassed those of mainland China for the first time. In the first half of 2025, mainland Chinese revenues reached CNY 18.155 billion, up 3.48% year-on-year and accounting for 41.7% of total revenues, while foreign revenues amounted to CNY 25.379 billion, up 88.32% year-on-year and accounting for 58.3%.
Founded in 1997 and listed on the Shenzhen Stock Exchange since 2011, Sungrow’s strategy is designed to support global expansion, increase international brand visibility, diversify financing sources and strengthen competitiveness.
Hong Kong continues to attract Chinese battery and energy storage companies, buoyed by strong investor demand. HK listings – usually denominated in foreign currency (HKD/USD) – allow companies to raise capital for overseas expansion, mergers and acquisitions and factory construction, while avoiding foreign exchange restrictions.
Earlier this year, China CATL, the world’s largest battery maker, raised about HK$35.6 billion ($4.6 billion) on its first day of trading in Hong Kong. making it the largest global listing by 2025. Other major energy storage players such as Sunwoda and Hithium also keep an eye on Hong Kong for their stock exchange listings.
Sungrow’s ambitions in Hong Kong follow its previously announced plan in October 2024 to list on the Frankfurt Stock Exchange via Global Depositary Receipts (GDRs), with the aim of raising up to CNY4.88 billion.
The plan was to invest nearly CNY2 billion in a 20 GWh advanced energy storage facility and allocate another CNY1.76 billion to expand overseas production of inverters and energy storage products. It also planned to earmark an additional CNY630 million for digital upgrades to its operations, while CNY496 million would be used for a new R&D center in Nanjing, Jiangsu province.
According to the filing, Sungrow’s cumulative energy storage system deliveries had reached 70 GWh as of June 30. The company expects total shipments for the year to be between 40 and 50 GWh.
