WeLion New Energy, NIO’s semi-solid battery supplier, files for IPO

If all goes well, WeLion New Energy could become the first listed solid-state battery company on the A-share market.

Recently, Beijing WeLion New Energy Technology Co., Ltd. has officially initiated its IPO process.

The official website of the China Securities Regulatory Commission shows that the company has completed its tutoring and filing registration with the Beijing Securities Regulatory Bureau, planning to list on the ChiNext (Growth Enterprise Market).

If all proceeds smoothly, WeLion New Energy may become the “first solid-state battery stock” on the A-share market.

Founded in August 2016, WeLion New Energy focuses on the research, development, and production of hybrid solid-liquid electrolyte lithium-ion batteries and all-solid-state lithium batteries. Its products are applied in various fields such as new energy vehicles, energy storage, 3C consumer electronics, and low-altitude power. It is the sole industrialization platform for the solid-state battery technology of the Institute of Physics, Chinese Academy of Sciences.

In terms of technology, WeLion New Energy has consistently been a leading enterprise in domestic lithium battery research, achieving breakthroughs in multiple solid-state lithium battery technology areas:

• In 2017, WeLion New Energy introduced the concept of “semi-solid-state batteries,” addressing the interface contact issue between solid-state electrolytes and electrode materials through “in-situ solidification” technology.
• In 2019, the company’s solid-state battery products reached world-leading levels in energy density, power density, and safety.
• In 2023, WeLion New Energy successfully mass-produced semi-solid-state battery cells with an energy density of 360Wh/kg, which were applied in models like the NIO ET7, achieving a breakthrough of over 1,000 kilometers of range on a single charge.

Currently, WeLion New Energy has applied for over 400 national patents, with more than 100 authorized.

Public information shows that WeLion New Energy has completed 9 rounds of financing. On June 26, 2025, the Hurun “2025 Global Unicorn List” was released, and WeLion New Energy ranked 455th on the list with an enterprise valuation of 18.5 billion RMB.

Public data indicates that the company’s shareholder lineup is highly impressive, including state-owned capital (e.g., China Chengtong Mixed-Ownership Reform Fund, SDIC Chuangyi, CITIC Securities Investment) and industrial capital (e.g., NIO Capital, Xiaomi Yangtze River Industry Fund, Huawei Hubble Investment, Geely Holding).

As of now, WeLion New Energy has over 48 shareholders.

In terms of industrialization, WeLion New Energy has established four major industrial bases in Beijing Fangshan, Jiangsu Liyang, Zhejiang Huzhou, and Shandong Zibo. Its current annual production capacity reaches 28.2GWh, with a planned total capacity exceeding 100GWh.

Additionally, the Pingshan base, as a pilot site for all-solid-state batteries, plans to achieve mass production of all-solid-state batteries around 2027.

Behind WeLion New Energy’s push to become the “first solid-state battery stock” is the concentrated breakthrough and technological surge in addressing the fundamental challenges of solid-state batteries by Chinese scientific research forces in 2025. This effort also presents an opportunity to accelerate the evolution of global power battery technology routes.