Chinese inverter and storage manufacturer Sungrow has revealed details of its planned flotation on the Hong Kong Stock Exchange (HKEX).
According to a prospectus filed last week, the company plans to issue 338 million shares and raise US$126.7 million (HK987 million) through the IPO, with China International Capital Corporation (CICC) serving as sole sponsor.
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The funds will be used to support research and development of new PV and energy storage products and the construction of new manufacturing bases in other countries.
In its IPO prospectus, Sungrow referenced its main business risks, which it listed as “operational risks, compliance and regulatory requirements, such as uncertainties associated with tariffs, international trade prices, trade protection measures, economic or trade sanctions, export control measures and outbound investment restrictions, as well as uncertainties associated with geopolitical tensions”.
It singled out the example of the US and the high reciprocal tariffs it has threatened against Chinese imports. A further concern for Chinese cleantech manufacturers are the new ‘Foreign Entity of Concern’ (FEOC) rules for solar projects in the US seeking tax credits, which limit the proportion of foreign-made hardware permitted, including inverters. Sungrow has a significant market presence in the US, with figures from Wood Mackenzie showing that, in 2024, Sungrow was the leading seller of inverters in the US.
While the relocation of resources from mainland China to Hong Kong would not necessarily tackle these issues, this could be the launching point for further Sungrow investment in overseas manufacturing. The company notes that it has 119GW of inverter manufacturing capacity currently in operation in mainland China, whereas its overseas facilities have an inverter manufacturing capacity of 50GW.
Battery manufacturers moving to Hong Kong
Sungrow joins a number of other companies in the energy sector looking to list on the Hong Kong exchange; Chinese battery manufacturer Sunwoda looked to issue shares on the HKEX in July.
As reported on our sister website, Energy-Storage.news, listing on the Hong Kong exchange has become a favoured financing route for Chinese battery manufacturers seeking to further their global strategies (subscription required).
Sungrow is a leader in the battery energy storage system (BESS) space, having shipped 70GWh of batteries as of June 2025, and it has posted strong financial and performance metrics in recent years.
As of June this year, Sungrow has installed over 595GW of inverters in more than 100 countries, and its inverters accounted for more than one-quarter of all global inverter shipments in 2024, according to Frost & Sullivan. In the first half of this year, Sungrow posted revenue of RMB43.4 billion (US$6.1 billion), on par with the RMB77.7 billion (US$10.9 billion) posted in the entirety of 2024, and a combined annual growth rate of 74.6% last year.
