Great Power, Sunwoda, and Deye Technology File Hong Kong IPO Applications

Why It Matters

The filings signal accelerating capital‑raising by China’s energy‑storage sector via Hong Kong, boosting global expansion and investor access.

Key Takeaways

• Great Power aims RMB10 bn 2025 revenue, profit turnaround
• Sunwoda updates HKEX prospectus, reports RMB56 bn 2024 revenue
• Deye’s HK listing funds overseas storage capacity expansion
• All three firms join wave of Chinese energy‑storage IPOs
• HKEX offers international visibility and diversified financing for sector

Pulse Analysis

The Hong Kong Stock Exchange has become a preferred gateway for mainland Chinese energy‑storage firms seeking global capital. Recent filings by Great Power, Sunwoda and Deye Technology illustrate a broader shift as more than a dozen Chinese battery and inverter manufacturers pursue Main Board listings. HKEX’s reputation for regulatory transparency, deep liquidity and access to international investors makes it attractive for companies that need to fund rapid expansion and R&D in a market driven by renewable‑energy mandates. This trend also reflects Beijing’s encouragement of overseas financing to support the country’s clean‑energy transition.

Great Power’s IPO aims to underpin a RMB 10 billion revenue target for 2025, turning a previous loss into a projected net profit of up to RMB 230 million. Sunwoda, after updating its prospectus, reported 2024 revenues of roughly RMB 56 billion and a profit surge to RMB 534 million, underscoring the strength of its lithium‑battery portfolio across consumer, power‑battery and storage segments. Deye Technology, the world’s leading residential inverter supplier, seeks HK proceeds to expand overseas storage capacity, having grown revenue 50 % year‑on‑year to RMB 11.2 billion in 2024.

The influx of Chinese energy‑storage listings on HKEX offers investors diversified exposure to a high‑growth sector while providing companies with a platform to tap foreign capital at competitive valuations. For the industry, the additional funding is likely to accelerate capacity upgrades, drive cost reductions and intensify competition among global battery and inverter players. Moreover, the visibility afforded by a Hong Kong listing can enhance corporate governance standards, making these firms more attractive partners for international utilities and renewable‑project developers as the world pivots toward decarbonisation.

Deal Summary

Chinese energy storage firms Great Power, Sunwoda, and Deye Technology have filed listing applications on the Hong Kong Stock Exchange, signaling upcoming IPOs on the Main Board. Great Power submitted its application on 30 January, Sunwoda updated its prospectus on 30 January, and Deye filed on 27 January, with joint sponsors China International Capital Corporation, CITIC Securities and CMB International Capital.