Surge in Battery New Energy Companies Seeking IPOs on Hong Kong Stock Exchange

According to incomplete statistics from Battery Network, 23 companies in the battery new energy industry chain have announced plans for IPOs on the Hong Kong Stock Exchange (HKEX) this year. Among them, 3 have successfully listed, 15 have submitted prospectuses, and 5 have signaled an impending IPO. As the 'cold winter' of the IPO market in 2024 recedes, optimism is spreading for 2025, with the HKEX increasingly seen as a prime venue for companies to access capital and enhance their capabilities. The HKEX in 2025 has been described by industry insiders as 'bursting at the seams.' Data shows that approximately 200 IPO applications were received by the HKEX in the first half of the year, a sevenfold increase compared to the same period last year. As of June 30, 2025, 43 companies had successfully gone public on the HKEX, an increase of 13 from the previous year, with the total IPO financing reaching HKD 106.71 billion (approximately RMB 97.43 billion), surpassing the entire IPO financing scale of HKD 88.15 billion from last year, marking an increase of 688.56%. Within the large influx of companies heading to Hong Kong, those in the battery new energy industry are the dominant force. This year, 23 companies in this sector have announced plans for Hong Kong listings. Notably, CATL's secondary listing on the HKEX raised HKD 35.3 billion, making it the largest IPO globally in the first half of the year; meanwhile, Zhengli New Energy's IPO on the HKEX had a price-to-earnings ratio of about 260, the highest for the first half of 2025. The A+H model has shown remarkable potential. A review indicates that A-share listed companies pursuing secondary listings on the HKEX are one of the most striking trends. According to Wind data, 10 companies completed A+H dual listings on the HKEX in the first half of 2025. In addition to these 10, another 180 A-share companies are queued to list on the HKEX, indicating a strong reserve of momentum. In the battery new energy sector, among the 23 companies tracked by Battery Network, 15 are already listed on A-shares. Just in July, 5 A-share listed companies announced their latest moves towards the HKEX: Anker Innovations announced on July 16 that it is researching equity financing for the Hong Kong market; Lens Technology was listed on the main board of the Hong Kong Stock Exchange on July 9 with a green shoe issuance of HKD 5.483 billion (assuming full exercise); on July 7, leading separator company Xingyuan Material submitted its application to the HKEX; on the same day, electrolyte leader Tianci Materials announced its intention to list on the HKEX's main board; and on July 1, leading battery company Xiwanda announced plans for a Hong Kong listing. The concentrated actions of A-share listed companies not only accelerate the proliferation of the A+H listing model but also amplify the synergistic effects of the dual capital platforms. Additionally, some companies that previously struggled on the A-share market have turned to Hong Kong, such as Haicheng Energy Storage and Shuangdeng Group. Aiming for global expansion, the disclosed fundraising plans by battery new energy companies highlight intentions to expand overseas production capacity, build global supply chains, and explore international markets. Companies not fully disclosed have also indicated that listing on the HKEX is a key step towards establishing an international capital platform to support their global business development. For instance, CATL's funds from its HKEX listing will mainly focus on the construction of super factories in Europe and North America for power batteries and the research and development of next-generation battery technologies, directly supporting capacity expansion and technological positioning in the global electrification wave. Eve Energy plans to use the net proceeds to continue building its production base in Hungary and to fund the third phase of its production base in Malaysia; Shuangdeng Group plans to use the funds for constructing a lithium-ion battery production facility in Southeast Asia; and Xingyuan Material plans to allocate funds to enhance its global footprint, particularly in the United States, Malaysia, and Singapore. Recently, Battery Network analyzed the investment expansion projects in the battery new energy sector in the first half of the year, concluding that in the long term, Southeast Asian manufacturing bases will undertake capacity transfer, while local supply chains in Europe will break trade barriers. Chinese companies are transitioning from 'capacity exporters' to 'global resource integrators.' In this context, for companies looking to seek global financing channels, the HKEX is evolving from an option into a solution. Major players may gather. According to monthly data released by the China Automotive Power Battery Industry Innovation Alliance, the top 10 companies in China for power battery installation volume in the first half of this year are CATL, BYD, Zhongchuan Aviation, Guoxuan High-Tech, Eve Energy, Xiwanda, Hive Energy, Ruipu Lanjun, Zhengli New Energy, and Jidian New Energy. Among the 23 battery new energy companies that have announced plans for the HKEX, 4 are among the top 10 for power battery volume. Notably, BYD, Zhongchuan Aviation, and Ruipu Lanjun have successfully listed on the HKEX, along with CATL and Zhengli New Energy this year, making it 5 of the top 10 power battery companies that have met on the HKEX. Additionally, Eve Energy and Xiwanda have both announced plans to list in Hong Kong this year, with Eve Energy accelerating its efforts and having submitted application materials. Thus, only 3 of the top 10 power battery companies remain that have not announced plans to head to the HKEX. Some predict that under the trend of globalization and internationalization, it is possible that in the near future, all top 10 power battery companies will gather on the HKEX. Conclusion: The dual attractions of the HKEX's institutional inclusiveness in new economy fields and its capability to connect with international capital are drawing an increasing number of mainland companies to list in Hong Kong. For battery new energy companies, the HKEX serves not only as a funding pool to supplement their resources but also as a converter for linking global resources. As market temperatures rise in conjunction with the advantages of the HKEX platform, 'going to Hong Kong' has become more than just a slogan; it has become a practical choice for companies to seize capital opportunities in global competition. If the top 10 power battery companies truly gather on the HKEX in the future, it will not only be a trading venue for capital but also the best window to observe how China's new energy defines the future of global energy.