Sunwoda, a renowned battery manufacturer, submits application for an initial public offering in Hong Kong
Sunwoda Electronic, a Chinese EV battery maker, has filed for a Hong Kong IPO in 2025. The move is aimed at bolstering the company's financial position amidst intense competition in China's EV battery industry.
Sunwoda started in consumer batteries and has since expanded into power batteries and energy storage batteries. The company supplies eight of the top ten new energy vehicle (NEV) makers globally, including Li Auto, Leapmotor, SAIC, and Nissan. In addition, Sunwoda is a supplier to smartphone manufacturers such as Xiaomi, Oppo, Vivo, and Honor.
The company was founded in 1997 and listed on the Shenzhen Stock Exchange in 2011. In 2022, Sunwoda was listed on the Swiss Exchange through the issuance of Global Depository Receipts (GDRs). It has also filed for a Hong Kong listing, following in the footsteps of Eve Energy.
In the Chinese power battery market, Sunwoda holds a 3.72 percent market share, while CATL and BYD dominate with a 43.67 percent and 21.47 percent share, respectively. Despite growth in its EV battery segment, Sunwoda has been losing money on it and relies on its older consumer electronics battery business to remain profitable.
The IPO filing was submitted in late July 2025, with Goldman Sachs and CITIC Securities as joint sponsors. The number of shares to be issued and the timing of the Hong Kong listing are currently unknown.
The sector is experiencing brutal price wars that threaten many smaller companies, making Sunwoda’s IPO critical for securing the funding needed to continue operations and innovation amid this shakeout. Additionally, Sunwoda's management holds a significant insider ownership, which aligns shareholder interests with company strategy, potentially providing a strategic edge in the volatile market environment of 2025.
As of March 31, Sunwoda had 25 major production bases in operation or under construction, including 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 conclusion, Sunwoda is actively pursuing a Hong Kong IPO to strengthen its financial position amid fierce competition in China's EV battery industry. The IPO will provide the necessary funds to support the development of its EV battery business and help the company navigate the challenging price competition in the sector.
- Sunwoda Electronic, an EV battery maker from China, plans to bolster its financial standing by filing for an Initial Public Offering (IPO) in Hong Kong in 2025.
- The company, which started in consumer batteries and expanded into power batteries and energy storage batteries, supplies eight out of the top ten new energy vehicle (NEV) makers globally, such as Li Auto and Leapmotor.
- Sunwoda has already listed on the Shenzhen Stock Exchange in 2011 and the Swiss Exchange in 2022, and it is now pursuing a Hong Kong listing, following in the footsteps of Eve Energy.
- In the Chinese power battery market, Sunwoda holds a 3.72 percent market share, while CATL and BYD dominate with a 43.67 percent and 21.47 percent share, respectively.
- The IPO filing was submitted in late July 2025, with Goldman Sachs and CITIC Securities acting as joint sponsors, although the number of shares to be issued and the timing of the Hong Kong listing remain unknown.
- The automotive sector is undergoing brutal price wars that pose a threat to many smaller companies, making Sunwoda's IPO crucial for securing the funding needed to endure operations and innovation amid this market shakeout.
- From India and Vietnam to Thailand and Hungary, Sunwoda operates 25 major production bases and reported revenue of RMB 56 billion and gross profit of RMB 8.2 billion in 2024.
