Sunwoda is set to become the third Chinese power battery company—after CATL and EVE Energy—to achieve dual A-share and H-share listings.
On July 30, Sunwoda submitted an application to the Stock Exchange of Hong Kong (SEHK) to issue overseas-listed foreign shares (H shares) and be listed on the Main Board of the SEHK. On the same day, the company published the relevant application documents on the SEHK website.
If the listing proceeds successfully, Sunwoda will become the third domestic power battery manufacturer to achieve a dual listing on both the A-share and H-share markets, following CATL and EVE Energy.
According to the prospectus, funds raised from the IPO will be primarily allocated across five key areas: expanding overseas production facilities and global sales networks, strengthening R&D in lithium battery technologies, advancing digital and intelligent operations, potential upstream and downstream M&A, and supplementing working capital. These initiatives reflect Sunwoda’s core strategy of “deepening global reach.”
The announcement also elaborates on the company’s progress in various business segments.
In the consumer electronics sector, Sunwoda held a 34.3% global market share for mobile phone batteries in 2024, ranking first worldwide. It also had a 21.6% share in laptop and tablet batteries, placing second globally. Its client base includes all top ten global smartphone manufacturers as well as major brands like Xiaomi, Lenovo, and OPPO. This segment contributed 54.3% of the company’s total revenue.
In the new energy vehicle (NEV) segment, Sunwoda supplies power batteries to automakers such as Li Auto, XPeng, Renault, and Nissan, with revenue from this business accounting for 27.0% in 2024. In April 2025, the company launched an ultra-fast-charging battery solution for heavy-duty trucks, capable of charging from 10% to 80% in just 15 minutes. Targeting a heavy-duty NEV market with penetration below 5%, Sunwoda aims to capture a 5% share within two years.
In the energy storage systems segment, storage-related revenue accounted for only 3.4% in 2024. However, it posted the highest gross margin among all business units at 20.4%. By the end of 2024, Sunwoda had shipped 9.3 GWh in energy storage systems. In Q1 2025 alone, shipments surged to 4 GWh. Major projects such as the 400 MWh standalone storage system in Yancheng have been signed, making energy storage the company’s fastest-growing business line.
This Hong Kong listing will not only provide crucial funding for Sunwoda’s overseas facilities in Thailand and Hungary, but also help the company extend its technological frontiers into solid-state battery and ultra-fast charging systems.
As of March 2025, Sunwoda has established 25 manufacturing bases worldwide. Of these, 19 are located in China’s major manufacturing hubs such as Guangdong and Zhejiang, while 6 are situated overseas in India, Vietnam, Thailand, and Hungary—forming a capacity network spanning Asia and Europe.
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