Sunwoda Electronic has filed for Hong Kong listing, becoming the latest Chinese battery manufacturer to apply for a listing in the city after Eve Energy.
Sunwoda's joint sponsors for its Hong Kong listing are Goldman Sachs and CITIC Securities, according to the first version of its prospectus.
The number of shares to be issued or the timing of the Hong Kong listing are currently unknown.
Sunwoda was founded in 1997 and listed on the Shenzhen Stock Exchange in 2011.
In November 2022, the company was listed on the Swiss Exchange through the issuance of GDRs (Global Depository Receipts), becoming the seventh Chinese company to list there.
Sunwoda started with consumer batteries and has gradually expanded into power batteries and energy storage batteries.
In the consumer battery sector, the company is a supplier to smartphone manufacturers including Xiaomi, Oppo, Vivo, and Honor.
In the power battery sector, its customers include Li Auto (NASDAQ: LI), Xpeng (NYSE: XPEV), Leapmotor (HKG: 9863), SAIC Motor, and Nissan.
The company currently supplies eight of the top ten new energy vehicle (NEV) makers globally, according to its prospectus.
As of March 31, Sunwoda had 25 major production bases in operation or under construction, including 19 in China and six overseas in India, Vietnam, Thailand, and Hungary.
The company reported revenue of RMB 56 billion and gross profit of RMB 8.2 billion in 2024.
In the power battery sector, the company's installations in China totaled 2.17 GWh in June, accounting for a 3.72 percent market share, according to data from the China Automotive Battery Innovation Alliance (CABIA).
Sunwoda is the latest company to apply for a listing in Hong Kong. A month ago, its domestic peer Eve Energy made the same move.
Other Chinese power battery manufacturers listed in Hong Kong include CATL (SHE: 300750), CALB, Zenergy, and Rept Battero Energy.
