Chinese PV inverter and BESS manufacturer Sungrow filed a listing application to the Hong Kong Stock Exchange (HKEX), according to documents from the HKEX on April 24.
Sungrow had previously submitted an application for a secondary listing on the HKEX Main Board on October 5, 2025. That application expired automatically on April 5, 2026, after its six-month validity period lapsed. The current submission is a re-filing, with China International Capital Corporation Limited (CICC) acting as the sponsor.
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Sungrow was listed on the ChiNext Board of the Shenzhen Stock Exchange in November 2011. The company will establish an “A+H” share structure once it goes public on HKEX. As of April 24, 2026, the company’s total market capitalisation stood at approximately RMB277.4 billion (US$40.65 billion).
At the time of the previous listing application, experts told PV Tech Premium that the Hong Kong initial public offering could be due to the Chinese company planning to invest in solar and energy storage technologies, as well as increasing its manufacturing footprint. Indeed, earlier this year, Sungrow unveiled plans to build a solar PV inverter and energy storage system (ESS) manufacturing plant in Poland. With an annual nameplate of 20GW for PV inverters and 12.5GWh for ESS, operations are expected to begin within 12 months since the February announcement.
Sungrow is a global leader in its core businesses—PV inverters and storage systems. According to Frost & Sullivan analysis, the company has ranked first in PV inverter shipments worldwide for ten consecutive years. Based on 2024 shipment volumes, it held about 25.2% global market share in PV inverters. As of June 30, 2025, its cumulative storage system shipments reached 70GWh.
According to the company’s A-share report, Sungrow posted operating revenue of RMB89.184 billion in 2025, up 14.55% year-on-year. Gross margin came in at 31.83%, up 1.89% from the previous year. Net profit attributable to shareholders was RMB13.46 billion, up 21.97% year-on-year, while recurring net profit was RMB12.829 billion, up 19.98%.
Moreover, revenue from storage systems reached RMB37.287 billion, a 49.39% jump from a year earlier, though gross margin dipped slightly by 0.2% to 36.49%. Revenue from new energy investment and development fell 21.16% to RMB16.559 billion, with gross margin declining 4.9% to 14.5%. Revenue from PV inverters and other power electronic conversion equipment came in at RMB31.136 billion, up 6.9%, while gross margin for that segment rose 3.76 % to 34.66%.
SUNGROW POWER SUPPLY CO., LTD.
(A joint stock company incorporated in the People’s Republic of China)
| Item | Details |
| Number of [REDACTED] under [REDACTED]: | [REDACTED] H Shares (subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Hong Kong [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED]) |
| International [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Maximum [REDACTED]: | HK$[REDACTED] per H Share, plus 1.0% brokerage commission, 0.0027% SFC transaction levy, 0.00565% Hong Kong Stock Exchange transaction fee and 0.00015% Financial Services and the Treasury Bureau transaction levy (to be paid in full in Hong Kong dollars at the time of [REDACTED]; overpayments will be refunded) |
| Nominal Value: | RMB 1.00 per H Share |
| [REDACTED]: | [REDACTED] |
