- Eve Energy plans to use the proceeds for its Hungarian production base and the third phase of its Malaysian production base.
- Eve Energy's first-quarter power battery shipments totaled 10.2 GWh, while energy storage battery shipments came in at 12.7 GWh.
Eve Energy has filed for a Hong Kong listing, following the announcement of the plan earlier this month.
The Chinese power battery giant's sole sponsor for the Hong Kong listing is CITIC Securities, according to the first version of the prospectus released today. The number of shares to be issued or the amount of funds to be raised has not yet been announced.
Eve Energy plans to use the proceeds for the construction of its Hungarian production base and to partially fund the third phase of its Malaysian production base project.
Eve Energy was founded in 2001 and listed in 2009 on the ChiNext stock market in Shenzhen, China's Nasdaq-style board for growth enterprises.
From its listing to December 31, 2024, Eve Energy's revenue compound annual growth rate (CAGR) was 43.9 percent, and its net income CAGR was 36.4 percent, according to its prospectus.
The company's main businesses include consumer batteries, power batteries, and energy storage batteries, with clients including Xiaomi (HKG: 1810, OTCMKTS: XIACY), BMW, Mercedes-Benz, GAC Group, FAW, and Changan.
In 2022-2024, Eve Energy's revenue was RMB 36.3 billion, RMB 48.8 billion, and RMB 48.6 billion ($6.8 billion), respectively, with gross profit of RMB 5.8 billion, RMB 8.1 billion, and RMB 8.5 billion, respectively.
In the first quarter of this year, Eve Energy's power battery shipments totaled 10.2 GWh, up 57.6 percent year-on-year; energy storage battery shipments totaled 12.7 GWh, up 80.5 percent year-on-year.
In an announcement on June 27, Eve Energy said that it planned to build a project in Malaysia for the production of energy storage batteries, with an investment amount not exceeding RMB 8.65 billion.
The project is an expansion of its existing production facilities in Malaysia, with a construction period not exceeding 2.5 years.
Eve Energy announced plans in June 2023 to build a large cylindrical battery project for passenger vehicles in Hungary, with an investment of no more than RMB 9.97 billion and a construction period of four years.
The company is one of China's largest battery manufacturers, with a May EV battery shipment volume of 2.09 GWh, ranking sixth with a 3.66 percent market share, according to data released earlier this month by the China Automotive Battery Innovation Alliance (CABIA).
($1 = RMB 7.1652)
