Image: Sungrow
Chinese inverter and energy storage manufacturer Sungrow Power Supply Co., Ltd. has officially submitted its application to list on the main board of the Hong Kong Stock Exchange, according to an exchange disclosure. China International Capital Corporation (CICC) will act as the sole sponsor of the listing.
Valued at more than $46 billion, Sungrow plans to issue 338 million shares and raise approximately HK$987 million ($126.7 million). The proceeds will be used to fund R&D of next-generation photovoltaic and energy storage technologies, the construction of overseas manufacturing bases, digital transformation initiatives, and the development of core grid-scale storage technologies.
The filing follows Sungrow’s strong performance detailed in its 2025 semi-annual report, which hinted at the company’s intention to pursue a Hong Kong listing. Revenue in the first half of 2025 rose 40.34% year-on-year, with a major business milestone — for the first time, Sungrow’s energy storage revenue exceeded that of power electronic conversion equipment.
Revenue from power electronic conversion equipment reached CNY 15.33 billion, up 17.06% year-on-year and accounting for 35.21% of total revenue. Meanwhile, energy storage system revenue surged 127.78% to CNY 17.80 billion, making up 40.89% of total revenue.
Sungrow also reported that its overseas revenue surpassed domestic revenue for the first time. In H1 2025, mainland China revenue totaled CNY 18.16 billion (+3.48% YoY), representing 41.7% of the total, while overseas revenue reached CNY 25.38 billion (+88.32% YoY), or 58.3%.
Founded in 1997 and listed on the Shenzhen Stock Exchange since 2011, Sungrow’s dual-listing strategy aims to accelerate its global expansion, enhance international brand visibility, diversify funding sources, and reinforce competitiveness in the global clean energy market.
Hong Kong continues to attract Chinese renewable energy and battery companies, supported by strong investor appetite. Listings denominated in offshore currencies (HKD/USD) allow firms to raise capital for overseas projects, M&A, and factory construction while avoiding onshore foreign exchange restrictions.
