Sunwoda Electronic, one of China’s largest EV battery makers, has recently filed for a listing in Hong Kong, following in the footsteps of its domestic peer, Eve Energy. The company boasts an impressive client portfolio that includes prominent names such as Li Auto, Xpeng, Leapmotor, and SAIC.
Established in 1997, Sunwoda initially focused on consumer batteries but has since expanded its offerings to include power batteries and energy storage batteries. The company’s diversification strategy has proven successful, with revenue reaching RMB 56 billion and gross profit totaling RMB 8.2 billion in 2024.
With 25 major production bases in operation or under construction as of March 31, Sunwoda has a strong global presence, including facilities in China, India, Vietnam, Thailand, and Hungary. The company’s commitment to innovation and quality has earned it a reputation as a reliable supplier to top global NEV makers.
Sunwoda’s foray into the Hong Kong market is a strategic move aimed at enhancing its visibility and attracting potential investors. The joint sponsors for the listing, Goldman Sachs and CITIC Securities, are expected to play a crucial role in ensuring the success of the IPO.
In the power battery sector, Sunwoda’s installations in China totaled 2.17 GWh in June, giving the company a 3.72 percent market share. This impressive market performance underscores Sunwoda’s strong position in the industry and its potential for further growth.
The decision to list in Hong Kong aligns with Sunwoda’s long-term strategic goals and reflects the company’s confidence in its ability to thrive in the competitive EV battery market. As the latest addition to the roster of Chinese power battery manufacturers listed in Hong Kong, Sunwoda is poised to make a significant impact on the global EV industry.
In conclusion, Sunwoda’s application for a Hong Kong listing marks a significant milestone in the company’s journey towards expansion and innovation. With a solid track record of success and a strong market position, Sunwoda is well-positioned to capitalize on the growing demand for EV batteries and solidify its presence in the global market.
