Sunwoda's power battery installations in China amounted to 0.73 GWh in June, placing it at No. 6 with a 2.21 percent share.
Battery maker Sunwoda plans to spin off Sunwoda Electric Vehicle Battery Co Ltd (Sunwoda EVB) and have it listed in Shenzhen to support further expansion of its power battery business unit.
Sunwoda plans to spin off Sunwoda EVB and list it on the ChiNext stock market, China's Nasdaq-style board for growth enterprises, according to the Shenzhen-listed company's July 14 exchange announcement.
After the completion of the spin-off, Sunwoda's shareholding structure will not change and it will still have absolute control of Sunwoda EVB, the announcement said.
The plan has been approved at the board of directors' meeting on July 14, but still needs to be submitted to the shareholders' meeting for consideration as well as regulatory approval, according to the announcement.
The plan is still in the preliminary stage, and the exact size of the financing has not yet been determined.
Sunwoda's main business is consumer batteries, but its power battery business has grown rapidly in recent years.
Sunwoda's revenue in 2022 was RMB 52.2 billion ($7.28 billion), up 39.63 percent year-on-year. Its power battery business will generate revenue of RMB 12.7 billion in 2022, up 332.56 percent year-on-year, contributing 24 percent of its revenue.
Its consumer battery businesses generated revenue of RMB 32 billion in 2022, an increase of 18.65 percent year-on-year, contributing 61 percent of revenue.
Sunwoda has become one of the largest power battery makers in China, with an installed capacity of 0.73 GWh in June, placing it at No. 6 with a 2.21 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
The company installed 2.34 GWh in the second quarter, up 38.46 percent year-on-year and up 67.14 percent from the first quarter, data monitored by CnEVPost showed.
A total of 19 companies plan to increase their capital to Sunwoda EVB by RMB 2.43 billion, which will give them a 19.5495 percent stake in the company after the capital increase is completed, Sunwoda said in an announcement on February 24 last year.