Battery Giant EVE Energy Eyes Hong Kong Listing as Global Expansion Accelerates

On the evening of June 9th, lithium battery giant EVE Energy (300014.SZ) released an "Indicative Announcement Regarding Plans to Issue H Shares and List on The Stock Exchange of Hong Kong Limited," stating that the company intends to issue H shares and list on the Hong Kong Stock Exchange's Main Board.

EVE Energy simultaneously announced that its board of directors has agreed to engage RSM as the auditing firm for this Hong Kong issuance and listing. "The company will fully consider the interests of existing shareholders and conditions in domestic and overseas capital markets, selecting appropriate timing and issuance windows to complete this listing within the validity period of shareholder resolutions (24 months from shareholder approval or other extended periods as agreed)."

The announcement noted that the company is actively discussing relevant work for this issuance and listing with related intermediary institutions. Beyond resolutions passed at the company's 53rd meeting of the sixth board of directors, other specific details regarding this listing remain undetermined.

VEcoo Lithium Battery believes that while uncertainties remain, EVE Energy is proceeding through the Hong Kong listing process.

source: EVE Energy

The Reason Why Eve Energy Co., Ltd. was able to go Public?

Second Globally in Energy Storage Cell Shipments

Corporate records show that EVE Energy was established in 2001 and listed on the Shenzhen Stock Exchange's ChiNext board in 2009. The company has evolved into a globally competitive lithium battery platform company, ranking among China's top 500 private enterprises and Fortune China 500.

In terms of market position, in 2024, EVE Energy ranked first nationally and fourth globally in consumer small cylindrical battery shipments; achieved 50.45GWh in energy storage cell shipments, ranking second globally; ranked fifth nationally and ninth globally in power battery installations; and held the second-largest market share in China's commercial vehicle battery market. Notably, EVE Energy's lithium primary batteries have maintained first place in both domestic sales and export volumes for eight consecutive years (through 2024).

EVE Energy's current key R&D projects include: eVTOL aircraft batteries, humanoid robot battery technology, medical batteries, all-solid-state batteries, sodium-ion batteries, next-generation "Mr.Big" smart cells and "Mr.Giant" 5MWh standard energy storage systems, Omnicell universal batteries, Open Source Battery V3.0, and Omni Universal Battery-LMX series.

In solid-state battery development, EVE Energy is pursuing sulfide and halide composite solid electrolyte technology pathways, planning to launch high-power, high-environmental-tolerance, absolutely safe all-solid-state batteries by 2026, and 400Wh/kg high-energy-density all-solid-state batteries by 2028.

In the low-altitude economy sector, EVE Energy officially launched a comprehensive low-altitude economy battery solution in June 2024, featuring integrated high safety, high energy density, long lifespan, ultra-fast charging, and high power capabilities. The company has achieved AS9100D aerospace quality management system certification. In March this year, EVE Energy's aviation batteries powered the maiden research flight of AVIC's independently developed AS700D electric manned airship. On March 18th, EVE Energy received a supplier designation notice from XPeng AeroHT to provide low-voltage lithium batteries for XPeng AeroHT's next-generation prototype aircraft.

Regarding production capacity, as of 2025, EVE Energy's global capacity exceeds 400GWh (including planned construction, under construction, and operational facilities), with key bases including: Hubei Jingmen base (over 212.6GWh), Guangdong Huizhou base (40GWh), Sichuan Chengdu base (50GWh), Yunnan Qujing base (23GWh), Liaoning Shenyang base (40GWh), Jiangsu Qidong base (10GWh), Sichuan Jianyang base (20GWh), and Qinghai base (10GWh), among others.

Internationally, EVE Energy's European 20GWh capacity cell factory is under construction, with planned 21GWh capacity at a U.S. joint venture facility (in partnership with Cummins and others); the Malaysian facility producing 680 million cylindrical batteries annually began mass production earlier this year.

In terms of clientele, EVE Energy's new energy vehicle customers include XPeng Motors, Dongfeng Liuqi, Daimler, and BMW; energy storage clients include Hyliion, Powin, AESI, Energy Absolute, and Rimac; industrial vehicle and power tool customers include SANY Heavy Industry, Shaanxi Automobile, Geely, and Germany's KBS.

Approximately 19 Billion Yuan Raised Over Past Six Years

In 2019, EVE Energy completed a private placement at 21.74 yuan per share, raising 2.5 billion yuan;

In 2020, the company issued shares to specific investors at 51.61 yuan per share, raising 2.5 billion yuan;

In 2022, shares were issued to specific investors at 62.95 yuan per share, raising 9 billion yuan;

On March 24, 2024, the company issued 50 million convertible corporate bonds to unspecified investors, each with a face value of 100 yuan, for a total issuance of 5 billion yuan.

The above totals 19 billion yuan, though actual net proceeds would be slightly lower after deducting various issuance expenses.

Performance-wise, EVE Energy achieved operating revenue of 48.615 billion yuan in 2024, down 0.35% year-over-year; net profit attributable to shareholders reached 4.076 billion yuan, up 0.63% year-over-year; net profit attributable to shareholders excluding non-recurring gains and losses was 3.162 billion yuan, up 14.76% year-over-year.

In secondary market trading, as of June 10th close, EVE Energy's closing price was 43.67 yuan per share—below both the 2022 private placement price (62.95 yuan per share) and the 2020 private placement price (51.61 yuan per share).EVE Energy's current total market capitalization stands at 89.52 billion yuan.