Chinese battery manufacturer Sunwoda Electronic has filed for an initial public offering (IPO) in Hong Kong, becoming the latest company in the sector to pursue a listing in the city following Eve Energy.
Goldman Sachs and CITIC Securities are acting as joint sponsors for Sunwoda’s proposed listing, according to the preliminary prospectus. Details regarding the number of shares to be issued and the timeline of the listing have not yet been disclosed.
Founded in 1997 and listed on the Shenzhen Stock Exchange in 2011, Sunwoda expanded its international presence in November 2022 with the issuance of Global Depository Receipts (GDRs) on the Swiss Exchange. It was the seventh Chinese company to do so.
Originally focused on consumer batteries, Sunwoda has diversified into power and energy storage batteries. In the consumer segment, it supplies major smartphone brands such as Xiaomi, Oppo, Vivo, and Honor. Its power battery customers include Li Auto, Xpeng, Leapmotor, SAIC Motor, and Nissan. The company reported in its prospectus that it currently supplies eight of the top ten new energy vehicle (NEV) manufacturers globally.
As of the end of March 2025, Sunwoda had 25 major production bases either operational or under construction, with 19 located in China and six overseas in India, Vietnam, Thailand, and Hungary. For the full year 2024, the company reported revenue of RMB 56 billion and a gross profit of RMB 8.2 billion.
In June, Sunwoda’s power battery installations in China reached 2.17 gigawatt-hours (GWh), giving it a 3.72% share of the domestic market, according to data from the China Automotive Battery Innovation Alliance (CABIA).
The company follows peers such as Eve Energy, CATL, CALB, Zenergy, and Rept Battero Energy in listing or applying to list in Hong Kong, as Chinese battery makers continue to seek overseas capital to support global expansion.