Eve Energy, a prominent Chinese power battery manufacturer, has recently filed for a listing on the Hong Kong stock exchange. This move comes on the heels of the company’s announcement earlier this month regarding its listing plans. CITIC Securities has been named as the sole sponsor for Eve Energy’s Hong Kong listing, although details regarding the number of shares to be issued or the funds to be raised have not been disclosed yet.
The proceeds from the listing are earmarked for the development of Eve Energy’s Hungarian production base and to support the third phase of its Malaysian production base project. Established in 2001, Eve Energy went public in 2009 on the ChiNext stock market in Shenzhen, China. The company has shown impressive growth since its listing, with a revenue compound annual growth rate (CAGR) of 43.9 percent and a net income CAGR of 36.4 percent up to December 31, 2024.
Eve Energy’s core businesses include consumer batteries, power batteries, and energy storage batteries. The company boasts an impressive client portfolio that includes renowned names such as Xiaomi, BMW, Mercedes-Benz, GAC Group, FAW, and Changan. In the period from 2022 to 2024, Eve Energy reported revenues of RMB 36.3 billion, RMB 48.8 billion, and RMB 48.6 billion, with corresponding gross profits of RMB 5.8 billion, RMB 8.1 billion, and RMB 8.5 billion.
During the first quarter of this year, Eve Energy achieved significant milestones with power battery shipments totaling 10.2 GWh, marking a 57.6 percent year-on-year increase, while energy storage battery shipments reached 12.7 GWh, up by 80.5 percent compared to the previous year. The company also announced plans to invest in an energy storage battery project in Malaysia not exceeding RMB 8.65 billion and a large cylindrical battery project for passenger vehicles in Hungary with an investment cap of RMB 9.97 billion.
Eve Energy ranks among China’s top battery manufacturers, with a 3.66 percent market share in May’s EV battery shipment volume, totaling 2.09 GWh. The company’s continuous expansion and investment in cutting-edge battery technology reinforce its position as a key player in the industry. With the potential influx of funds from the Hong Kong listing, Eve Energy is poised for further growth and innovation in the evolving electric vehicle market.
