Aulton New Energy Co Ltd, a Chinese provider of third-party battery swap solutions, has filed for an initial public offering in Hong Kong, seeking to raise funds to expand investment in battery swapping and related technologies, according to a Hong Kong Stock Exchange filing.
CMB International is acting as the sole sponsor for the IPO. Aulton did not disclose the number of shares to be offered or the size of the fundraising. Headquartered in Guangzhou, the company counts Nio Capital among its major shareholders, with a 5.53% stake.
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Aulton positions itself as China’s largest independent third-party battery swap solution provider by revenue from battery swap station operations in 2024. “Based on revenue generated from battery swap station operations in 2024, we are the largest independent third-party battery swap solution provider in China,” the company said in its prospectus, citing China Insights Consultancy. Unlike Nio Inc, whose battery swap services are limited to its own vehicles, Aulton provides services to multiple automakers and operators.
As of June 30, Aulton’s energy service platform was connected to 521 battery swap stations, including 267 company-owned sites, 62 operated for partners and 192 integrated through its platform. The company reported more than 130,000 registered vehicles and over 160,000 batteries connected to its system. By comparison, CATL’s Choco-Swap network had reached 925 stations as of Dec. 10, while Nio operated 3,613 battery swap stations in China serving its own models.
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Financially, Aulton reported revenue of RMB 324 million ($45.9 million) in the first half of this year, down 31.7% from a year earlier, while its net loss narrowed to RMB 157 million from RMB 283 million. Net losses totaled RMB 656 million in 2023 and RMB 419 million in 2024. The company said it plans to use IPO proceeds to upgrade battery swap solutions, advance technology research and development, and develop unmanned battery swap station operations.