Eve Energy has formally submitted an application for a listing on the Hong Kong Stock Exchange, as the Chinese battery manufacturer looks to raise funds for international expansion, particularly in Hungary and Malaysia.
CITIC Securities is acting as the sole sponsor for the offering, according to the preliminary prospectus published on Sunday. The company has not yet disclosed the number of shares to be issued or the expected fundraising target.
Founded in 2001 and listed on China’s ChiNext board in 2009, Eve Energy has become one of the country’s major battery suppliers, serving customers such as Xiaomi, BMW, Mercedes-Benz, GAC Group, FAW, and Changan. Its product portfolio includes consumer batteries, power batteries for electric vehicles, and energy storage systems.
According to the prospectus, Eve Energy recorded revenue of RMB 36.3 billion, RMB 48.8 billion, and RMB 48.6 billion in 2022, 2023, and 2024, respectively, with corresponding gross profits of RMB 5.8 billion, RMB 8.1 billion, and RMB 8.5 billion. The company reported a compound annual growth rate (CAGR) of 43.9% in revenue and 36.4% in net income between its initial listing and the end of 2024.
In the first quarter of 2025, the company’s power battery shipments reached 10.2 GWh, a 57.6% increase year-on-year, while energy storage battery shipments grew 80.5% to 12.7 GWh.
The proceeds from the Hong Kong listing will help finance two major international projects. One is a planned battery production facility in Hungary, announced in June 2023, with an estimated investment of RMB 9.97 billion and a four-year construction timeline. The other is a new energy storage battery plant in Malaysia, announced this month, with an investment not exceeding RMB 8.65 billion and a planned construction period of 2.5 years.