According to EnergyTrend, Sungrow Supply issued an update announcement on the progress of its application for the issuance and listing of overseas foreign capital shares (H-shares) on April 24.
The announcement stated that Sungrow submitted its listing application to the Hong Kong Stock Exchange (HKEX) on October 5, 2025. In compliance with the timetable for the proposed offering and listing, as well as relevant HKEX requirements, the company updated and resubmitted its application materials to the bourse on April 24.
As of April 25, 2026, Sungrow’s A-share market capitalization stood at approximately 277.4 billion yuan.
In accordance with the operating data disclosed in the prospectus, Sungrow achieved operating revenue of 88.914 billion yuan and a net profit of 13.533 billion yuan in 2025. Its overseas business delivered outstanding performance, accounting for over 60% of total revenue. The proceeds raised from the Hong Kong IPO will be mainly invested in overseas energy storage bases in Poland and Egypt, the R&D of solid-state batteries and next-generation energy storage technologies, as well as AIDC power supply and integrated solar-storage projects.
As of December 31, 2025, Sungrow’s cumulative energy storage system shipments exceeded 93 GWh. Strong financial and operational performance has laid a solid foundation for its Hong Kong listing.
In the first quarter of 2026, the company’s energy storage shipments rose 60% month-on-month, and inverter shipments increased by 30% month-on-month, with outstanding orders exceeding 35 billion yuan, reflecting a robust order backlog.
Beyond the Hong Kong listing progress, Sungrow is also accelerating technological layout. On April 22, Sunin New Energy, its subsidiary, signed a strategic cooperation agreement with Jinghe Energy. The two parties will focus on sulfide-based all-solid-state batteries to advance their industrial application in energy storage scenarios.
Jinghe Energy specializes in the R&D and production of sulfide all-solid-state batteries. Its self-developed 60Ah "Stellar Core" cell features an energy density of over 450 Wh/kg, boasting prominent technological advantages. The company has completed the construction of a pilot production line, with plans for small-batch delivery in 2026 and official mass production in 2027.
The partnership aims to forge a complete technical roadmap covering liquid batteries, solid-liquid hybrid batteries and all-solid-state batteries. Both sides will jointly develop solid-state energy storage systems tailored for energy storage scenarios and create integrated solutions combining solid-state batteries with solar-storage systems. In the future, they will promote the GW-scale commercial application of solid-state batteries, covering full application scenarios including photovoltaic power generation, residential energy storage, industrial and commercial energy storage, and charging stations.
Source：EnergyTrend
