Wedoany.com Report-Oct. 9, On October 5, 2025, Sungrow Power Supply, a leading Chinese manufacturer of inverters and energy storage systems, submitted an application to list on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor. The Hefei-based company, valued at over $46 billion, aims to issue 338 million shares to raise approximately HK$987 million ($126.7 million). The funds will support research and development of advanced photovoltaic and energy storage technologies, the establishment of overseas manufacturing facilities, digital transformation projects, and the enhancement of core technologies for grid-scale energy storage.

Sungrow string inverters at a PV project in Minnesota, USA

Sungrow’s 2025 semi-annual report highlighted robust financial growth, with total revenue increasing by 40.34% compared to the first half of 2024. Notably, energy storage system revenue reached CNY 17.803 billion, a 127.78% year-on-year increase, contributing 40.89% to total revenue. In contrast, power electronic conversion equipment generated CNY 15.327 billion, up 17.06% year-on-year, accounting for 35.21% of revenue. For the first time, overseas revenue of CNY 25.379 billion (58.3% of total revenue) surpassed mainland China’s CNY 18.155 billion (41.7%), reflecting an 88.32% and 3.48% year-on-year growth, respectively.

Established in 1997 and listed on the Shenzhen Stock Exchange since 2011, Sungrow seeks to bolster its global presence through this dual-listing strategy. The Hong Kong listing will enhance brand visibility, diversify funding channels, and strengthen its competitive edge in international markets. The move aligns with Hong Kong’s growing appeal for Chinese energy storage firms, as evidenced by CATL’s successful HK$35.6 billion ($4.6 billion) listing earlier in 2025. Other companies, such as Sunwoda and Hithium, are also exploring listings in Hong Kong to fund global expansion.

In October 2024, Sungrow announced plans to list on the Frankfurt Stock Exchange through Global Depositary Receipts, targeting up to CNY 4.88 billion. The company allocated nearly CNY 2 billion for a 20 GWh energy storage facility, CNY 1.76 billion for expanding overseas production, CNY 630 million for digital upgrades, and CNY 496 million for a new R&D center in Nanjing, Jiangsu province.

By June 30, 2025, Sungrow’s cumulative energy storage system shipments reached 70 GWh, with projections for annual shipments to range between 40 GWh and 50 GWh. The company’s strategic initiatives underscore its commitment to advancing renewable energy solutions and expanding its global footprint.