According to the Hong Kong Stock Exchange disclosure on August 28, Zhejiang Chint Electrics Co., Ltd. (601877.SH) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC, Huatai International, and Guotai Haitong serving as joint sponsors. Based on the Frost & Sullivan report, the company has maintained the top export ranking among China's low-voltage electrical product brands from 2023 to 2025, achieving strong penetration in the European market while experiencing rapid growth in key markets across Asia-Pacific and North America.

Company Overview

As detailed in the prospectus, Zhejiang Chint Electrics is a globally leading comprehensive energy solutions provider based in China. The company has developed two complementary business segments: intelligent electrical products and green energy solutions. Through the synergistic operation of these businesses, the company serves key segments of the power and energy value chain, including power generation, energy storage, power distribution, and end-use applications. The "CHINT" brand, deeply rooted in the electrical industry for decades, is closely associated with an image of reliability, safety, and durability.

Intelligent electrical products have always been the cornerstone of the company's corporate image and the flagship product of the CHINT brand; additionally, the company has gradually extended its brand recognition and reputation into the green energy sector. Complementing the CHINT brand, the "NOARK" brand primarily targets the mid-to-high-end and international markets for intelligent electrical products and has received the "2025 Rapid Growth Award in China's Low-Voltage Electrical Market." In relation to its residential photovoltaic power station business, the company has further developed a dedicated multi-brand matrix covering Chint Aneng, PV Star, Xiaoan Daojia, Green Power Plus, and Aneng Smart Power.

According to the "2025 China Electrical Industry Series White Paper" compiled under the guidance of the China Electrical Equipment Industry Association, the company is the only Chinese enterprise in the low-voltage electrical products sector to have maintained the industry's highest six-star rating for five consecutive years.

Zhejiang Chint Electrics actively expands both domestic and international electrical product markets. In China, as of June 30, 2026, the company operates six production bases and maintains nearly 400 domestic distributors for intelligent electrical products, with operations spanning 265 prefecture-level cities and municipalities directly under the central government. Furthermore, the company has established a proprietary logistics network comprising over 40 domestic logistics centers, enabling nationwide market coverage. In international markets, as of June 30, 2026, the company has built a localized supply system through overseas production bases located in Southeast Asia, West Asia, and Africa; through more than 20 overseas logistics centers, it delivers intelligent electrical products that exceed existing industry benchmarks in performance and quality standards to customers across more than 50 countries and regions spanning five continents.

The company's electrical products are equipped with intelligent features, including digital sensing, measurement, communication, and embedded protection and control capabilities, enabling them to serve as part of an integrated power distribution system for monitoring, diagnostics, and, where applicable, intelligent control. The company's green energy solutions are designed to provide comprehensive zero-carbon energy solutions globally, covering key stages including equipment supply, project construction, operation and maintenance, and asset transfer. The company develops and constructs photovoltaic power stations and realizes their commercial value through two pathways: it may sell completed power stations or portfolios of power stations to third-party investors; or it may retain certain power stations to generate grid-connected power revenue. Additionally, the company provides maintenance services for customer-owned photovoltaic power stations, with related service fee income included in its power station operation and maintenance segment. Furthermore, the company offers engineering, procurement, and construction (EPC) services for new energy power station projects. The company also manufactures and sells inverters and energy storage systems.

Driven by the rapid development of new power systems and deepening market demand, the company is actively developing innovative products such as smart microgrids and virtual power plants, while promoting and delivering more comprehensive energy solutions that integrate photovoltaic, wind, energy storage, and hydrogen to customers.

Financial Highlights

Revenue: For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company generated revenue of approximately RMB 57.251 billion, RMB 64.524 billion, RMB 59.167 billion, and RMB 38.064 billion, respectively.

Gross Profit and Gross Margin: For the same periods, the company recorded gross profit of approximately RMB 12.378 billion, RMB 14.924 billion, RMB 15.308 billion, and RMB 8.974 billion, corresponding to gross margins of 21.6%, 23.1%, 25.9%, and 23.6%, respectively.

Profit for the Year/Period: For the same periods, the company recorded profit for the year/period of approximately RMB 4.949 billion, RMB 5.211 billion, RMB 6.138 billion, and RMB 4.074 billion, respectively.

Industry Overview

Electricity serves as the foundational energy supporting social operations and economic development, broadly underpinning critical sectors such as industrial production, infrastructure, and communications. Between 2020 and 2025, global total installed power capacity grew from 7,795.0 GW to 11,771.4 GW, representing a compound annual growth rate (CAGR) of 8.6%; this is projected to reach 17,366.3 GW by 2030, with a CAGR of 8.1% from 2025 to 2030. Concurrently, driven by capacity expansion and structural adjustments, the global energy system is accelerating its transition toward a cleaner power structure centered on solar and wind energy.

Between 2020 and 2025, the global low-voltage electrical products market grew from RMB 415.5 billion to RMB 463.5 billion, representing a CAGR of 2.2%; it is expected to reach RMB 580.4 billion by 2030, with a CAGR of 4.6% from 2025 to 2030. In terms of regional distribution, China, the Americas, and Europe accounted for 19.9%, 32.6%, and 30.9% of the global low-voltage electrical products market in 2025, respectively. Looking ahead, the regional distribution of the global low-voltage electrical products market is expected to remain broadly stable.

From 2020 to 2025, global cumulative installed photovoltaic capacity grew from 741.4 GW to 2,601.5 GW, representing a CAGR of 28.5%. Driven by accelerated energy transition, sustained policy support, and declining levelized cost of electricity, this figure is projected to further increase to 6,700.2 GW by 2030. During the same period, global cumulative installed wind power capacity grew from 745.0 GW to 1,325.0 GW, representing a CAGR of 12.2%. Looking forward, supported by large-scale offshore wind deployments, ongoing grid infrastructure upgrades, and favorable regulatory environments, global cumulative installed wind power capacity is expected to surpass 2,000.0 GW by 2030.

As a core component of enhancing grid flexibility, the energy storage market has shown rapid growth. Global cumulative installed capacity of lithium-ion battery energy storage systems increased from 32.9 GWh in 2020 to 714.5 GWh in 2025, and is projected to reach 4,855.6 GWh by 2030, representing a CAGR of 46.7% from 2025 to 2030. The hydrogen-ammonia-methanol integrated solution converts gaseous green hydrogen into liquid green ammonia and green methanol, thereby connecting the entire new energy value chain from production, consumption, and transmission to economy-wide decarbonization applications. Specifically, global green hydrogen production was 1.2 million tonnes in 2025, projected to reach 24.8 million tonnes by 2030, representing a CAGR of 83.0% from 2025 to 2030; global green ammonia production was 0.6 million tonnes in 2025, expected to exceed 20 million tonnes by 2030, with a CAGR exceeding 100% from 2025 to 2030; and global green methanol production capacity is expected to grow from 1.2 million tonnes in 2025 to over 50 million tonnes by 2030, with a CAGR exceeding 110% from 2025 to 2030.

Board Composition

The board of directors consists of ten directors, including four executive directors, two non-executive directors, and four independent non-executive directors.

Shareholding Structure

As of the latest practicable date, Mr. Nan Cunhui, Chint Group, and New Energy Investment directly hold 74,228,331 shares, 884,950,971 shares, and 180,311,496 A-shares, respectively. As of the latest practicable date, Mr. Nan Cunhui holds approximately 31.23% equity interest in Chint Group, and Huitai Limited holds approximately 12.14% equity interest in Chint Group. Huitai Limited is owned 1% by Mr. Nan Cunhui, with the remaining 99% held by Huitai Partnership, in which Mr. Nan Cunhui, as the sole general partner, holds 99% equity interest. Under the Securities and Futures Ordinance, Mr. Nan Cunhui is deemed to be interested in the 884,950,971 A-shares held by Chint Group.

As of the latest practicable date, New Energy Investment is held approximately 96.32% by Chint Group and approximately 3.68% by Shanghai Taiyi, of which Mr. Nan Cunhui holds 80% equity interest in Shanghai Taiyi. Under the Securities and Futures Ordinance, Mr. Nan Cunhui and Chint Group are deemed to be interested in the 180,311,496 A-shares held by New Energy Investment. As of the latest practicable date, Mr. Nan Cunhui and Chint Group control one-third or more of the voting rights at the company's shareholders' meetings. Under the Securities and Futures Ordinance, Mr. Nan Cunhui and Chint Group are deemed to be interested in the 20,839,551 treasury shares held by the company.

Advisory Team

Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited, and Guotai Junan Capital Limited.

Company Legal Advisors: For Hong Kong and US law: Paul Hastings (Hong Kong) LLP; for PRC law: King & Wood Mallesons.

Joint Sponsors' Legal Advisors: For Hong Kong and US law: Baker McKenzie; for PRC law: AllBright Law Offices (Shanghai).

Auditor and Reporting Accountant: Deloitte Touche Tohmatsu.

Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.

Compliance Advisor: Altus Capital Limited.