On April 8, the pace of new energy companies seeking public listings in Hong Kong continued to accelerate. Two leading enterprises in the fields of energy storage and solid-state batteries achieved new milestones in capitalization on the same day.
Among them, Sigenergy announced that it will list on the Main Board of the Hong Kong Stock Exchange (HKEX) on April 16, expecting to raise over HK$4.4 billion. Meanwhile, QingTao Energy officially submitted its IPO prospectus to the HKEX Main Board, planning to further expand its production capacity and advance the commercialization of its technologies.
Sigenergy: Soon to Debut on the HKEX Main Board
On April 8, Sigenergy announced that its H-shares are expected to officially commence trading on the Main Board of the Stock Exchange of Hong Kong on April 16, 2026.
It is reported that a total of 13,573,900 H-shares will be offered globally, comprising 1,357,400 shares for the Hong Kong public offering and 12,216,500 shares for the international offering. The offer price has been set at HK$324.20 per share. Calculated on this basis, and excluding the over-allotment option (the "green shoe"), the company is set to raise more than HK$4.4 billion through this IPO, bringing its IPO market capitalization to over HK$80 billion.
According to the fundraising plan, approximately 38% of the proceeds will be allocated to further expand the R&D team and upgrade research equipment and technologies. About 32% will be used to strengthen marketing and after-sales services, driving the expansion of its global customer base and business footprint. Roughly 12% will be utilized for expanding production capacity. Around 9% will be dedicated to enriching its product portfolio and expanding commercial and industrial (C&I) energy storage solutions. The remaining approximately 9% will serve as working capital and be used for general corporate purposes.
Notably, this IPO has attracted an "all-star" lineup of cornerstone investors. Top-tier domestic and international institutions—including Temasek, Goldman Sachs Asset Management (Hong Kong) Limited, Hillhouse Capital, UBS, BNP Paribas, AXA Investment Managers, CPE Energy Investment, Boyu Capital, Greenwoods Asset Management, Fullgoal Fund, CPIC, CT Robot Co., Ltd., and ICBC Wealth Management—have participated in this offering as cornerstone investors.
Founded in May 2022, Sigenergy is a Distributed Energy Storage System (DESS) enterprise headquartered in Shanghai, specializing in stackable, distributed solar-plus-storage all-in-one solutions. According to a report by Frost & Sullivan, based on product shipment volume in 2024, Sigenergy ranked first globally among providers of stackable all-in-one distributed energy storage system solutions, commanding a 28.6% market share.
In terms of production capacity, Sigenergy operates factories in Lingang and Jinqiao of Shanghai, as well as in Nantong, Jiangsu province. By the end of 2025, its designed annual production capacity reached nearly 360,000 inverters and over 5.6 GWh of energy storage batteries. Furthermore, the company has completed the construction of a new production base in Nantong, Jiangsu, which is expected to be fully put into commercial production in 2027.
QingTao Energy: Officially Files IPO Prospectus for Hong Kong Listing
On the same day, QingTao Energy submitted its listing application to the HKEX Main Board, with Guotai Junan Capital Limited, China International Capital Corporation Hong Kong Securities Limited (CICC), and China Merchants Securities (HK) Co., Limited acting as joint sponsors.
Founded in June 2016, QingTao Energy’s core business revolves around the research, development, manufacturing, and sales of solid-liquid hybrid (semi-solid) batteries and all-solid-state batteries. Its products are primarily applied in electric vehicle (EV) powertrain systems and energy storage systems.
Currently, the company operates five battery production bases located in Kunshan, Jiangsu (two facilities); Yichun, Jiangxi; Chengdu, Sichuan; and Taizhou, Zhejiang. Together, these facilities provide an existing combined annual capacity of 6.8 GWh for solid-liquid hybrid and all-solid-state batteries. In addition, it has strategically established material production bases in Huaian, Jiangsu, and Wuhai, Inner Mongolia, alongside an equipment production base in Huizhou, Guangdong. With the commissioning of the 3.5 GWh production line in Taizhou in March 2026 and the completion of Phase I of the Wuhai Zero-Carbon Industrial Park, the company's planned total capacity has exceeded 55 GWh.
According to data from Frost & Sullivan, based on shipment volume in 2025, QingTao Energy ranked first in the global solid-liquid hybrid and all-solid-state battery market, holding a 33.6% global market share and a 44.8% market share in China.
In terms of financial performance, benefiting from substantive progress in the commercialization of solid-state batteries, QingTao Energy's revenue has demonstrated a rapid expansion trend. From 2023 to 2025, the company recorded operating revenues of RMB 248 million, RMB 405 million, and RMB 943 million, respectively. However, because the solid-state battery industry is still in a phase of capacity ramp-up and early high investment, the company has yet to turn a profit and currently records a gross loss.
Regarding the use of proceeds from this Hong Kong listing, QingTao Energy stated in its prospectus that the raised funds will primarily be directed toward two core initiatives. First, the capital will be used to build new facilities and expand existing production bases to further increase the capacity for solid-liquid hybrid and all-solid-state batteries, with a target of boosting total capacity to 98.2 GWh by 2030. Second, the company will continuously invest in R&D to enhance the performance of its current solid-state battery products and accelerate the commercialization of next-generation all-solid-state batteries. The remaining funds will be allocated for general working capital.
Source：EnergyTrend
