Sunwoda is one of the world's largest power battery makers, and its EV battery business was valued at RMB 35.56 billion in its last funding round in June.
Chinese battery maker Sunwoda has officially started the process of listing its EV battery business, Sunwoda Electric Vehicle Battery Co Ltd (Sunwoda EVB), in China, which would value it at tens of billions of yuan.
Sunwoda EVB has filed an application for an initial public offering (IPO) with China's securities regulator, the China Securities Regulatory Commission (CSRC), and signed an IPO advisory agreement with CITIC Securities on October 15, according to a filing posted on the CSRC website yesterday.
Sunwoda EVB was established in Shenzhen on October 29, 2014, and its controlling shareholder, Sunwoda, directly owns 39.69 percent of the shares, according to the filing, which did not disclose further information.
On July 14, Shenzhen-listed Sunwoda said it plans to spin off Sunwoda EVB and have it listed on the ChiNext stock market, China's Nasdaq-style board for growth enterprises.
Sunwoda EVB last raised money in June, when eight institutional investors contributed RMB 1.65 billion ($226 million) for a 4.64 percent stake in it.
Sunwoda EVB was valued at RMB 35.56 billion at the time, surpassing parent company Sunwoda -- which currently has a market capitalization of RMB 31.8 billion.
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 generated revenue of RMB 12.7 billion in 2022, up 332.56 percent year-on-year, contributing 24 percent of its revenue.
Its consumer battery business generated revenue of RMB32 billion in 2022, up 18.65 percent year-on-year, contributing 61 percent of revenue.
Sunwoda has become one of the largest power battery makers with 0.89 GWh installed in China in September, ranking 8th with a 2.43 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
In the global market, Sunwoda's January-August installations were 4.7 GWh, ranking 10th with a 1.4 percent share, according to South Korean market researcher SNE Research.
($1 = RMB 7.3128)
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