According to incomplete statistics from the High-Tech Industry Research Institute (GGII), during the first half of 2025 to 2026, more than 50 lithium battery and energy storage-related companies have started their listing processes on both the A-share and H-share markets. The ChiNext board has become the primary battlefield in the A-share market, while the A+H dual-listing model is prominent in Hong Kong. The three leading sectors are energy storage systems, lithium battery materials, and manufacturing equipment. The three main objectives for fundraising are capacity expansion, research and development investment, and global business layout.
A-share market: ChiNext board takes the lead, with a strong focus on hard technology attributes.
Among the 20 A-share applicants, 13 chose the ChiNext board, accounting for 65%, making it the preferred listing destination for lithium battery and energy storage companies. Two companies opted for the STAR Market (科创板), three for the Beijing Stock Exchange, and one for the Shanghai Stock Exchange main board. Additionally, Qingdao Haier New Energy is still in the coaching phase and has not yet confirmed its board. Regarding the review progress, seven companies have successfully listed, including Shangshui Intelligent, Gude Electric Materials, Jiadeli, and Gaote Electronics. The remaining ten are in the stages of inquiry, acceptance, or registration effectiveness, while three are still in the coaching filing phase. The choice of board reflects the differing characteristics of the sectors: companies with "three innovations and four newness" attributes, such as lithium battery equipment, battery materials, and BMS, are concentrated on the ChiNext board. Companies with higher technological barriers and greater R&D investment, such as copper foil equipment and aerospace power supply, have chosen the STAR Market. Smaller but profitable material and equipment companies have listed on the Beijing Stock Exchange. Overall, the A-share lithium battery and energy storage IPO companies have distinct hard technology attributes, with R&D investment ratios generally higher than those of traditional manufacturing industries.
Hong Kong market: A+H dual-listing model runs in parallel, with global financing as a core objective.
The Hong Kong market presents a dual-track pattern of "A+H secondary listings" and "pure H-share IPOs." Among the 30 Hong Kong IPO companies, 12 are A-share leading enterprises applying for a secondary listing in Hong Kong, while 18 are pure H-share IPOs. The A+H group includes leading companies such as Sunwoda Electronic (300207.SZ), Great Power Energy (300438.SZ), Deye Technology (605117.SH), Capchem Technology (300037.SZ), Tianhua New Energy, Putailai, Senior Technology Material, and Lead Intelligent Equipment. Among these, Senior Technology Material and Lead Intelligent Equipment have completed their Hong Kong listings. These companies typically have revenue scales in the tens of billions and their core objective for listing in Hong Kong is to establish an international financing platform to support overseas capacity expansion and global strategy implementation. The pure H-share IPO group mainly consists of hidden champions in niche sectors, covering areas such as energy storage systems, flow battery materials, lithium battery recycling, and solid-state batteries. Companies like Double Group, SiGe New Energy, and Guoxia Technology have successfully listed, while Delan Minghai, Qingtao Energy, and Jinsheng New Energy are in the hearing or review stage. It is worth noting that Growatt has made its third attempt to list on the Hong Kong Stock Exchange, reflecting the exchange's strict screening of the profitability quality and growth sustainability of energy storage companies.
Sector landscape: Energy storage systems lead, with multiple points of growth across the entire industrial chain.
Looking at the distribution of niche sectors, the number of energy storage system and inverter companies is the largest, at 13, accounting for about 26%. This is directly linked to the explosive growth of the global energy storage market, where demand from multiple scenarios such as residential storage, commercial and industrial storage, large-scale storage, and data center backup power is being released simultaneously, creating a large number of system integrators and inverter manufacturers with independent listing volume. Lithium battery materials follow closely with 12 companies, accounting for 24%, covering multiple sub-categories such as cathode materials, separators, electrolyte additives, insulation auxiliary materials, and proton exchange membranes. The equipment sector has seven companies, covering the entire process from front-end coating, back-end formation and grading, material automation, to copper foil equipment. There are six cell and PACK companies and two BMS companies. A notable signal is that companies with frontier technologies, such as solid-state batteries, long-duration flow batteries, and sodium batteries, have begun to enter the IPO queue in batches. Beijing Weilan and Qingtao Energy focus on semi-solid/all-solid-state cells, Kerun New Materials focuses on flow battery proton exchange membranes, and Li High New Energy focuses on sodium battery BMS. This indicates that the capital market has begun to price next-generation battery technologies, accelerating the commercialization process of frontier technologies.
Use of proceeds: Capacity expansion as the foundation, with R&D and international expansion as dual drivers.
Reviewing the fundraising plans of the 50 companies reveals four common directions. First, 86% of companies use capacity expansion as the primary purpose for their raised funds. From Maitian Energy's "annual production of 1 million smart energy storage products" to Jinchuan Ruixiang's "300,000 tons of phosphate-based cathode materials," and from GWh-level cell bases to high-end equipment intelligent manufacturing parks, capacity expansion remains the main direction for IPO companies' funds. Second, 72% of companies have plans for R&D center construction. Beyond routine product iteration R&D, frontier directions such as AI computing center backup batteries, solid-state electrolytes, and dry electrode technology have become new R&D hotspots. Anshi New Energy has explicitly listed AI computing center UPS batteries and HVDC BBU as key R&D directions. Third, approximately 38% of companies have clearly mentioned overseas capacity and global layout directions. This proportion is higher among A+H companies, with Sunwoda's North American power battery factory, Eve Energy's Hungarian base, Senior Technology Material's Malaysian/American separator base, and Deye Technology's overseas residential storage factory, showing that global layout has upgraded from channel export to capacity implementation. Fourth, over 90% of companies include replenishing working capital as a standard use of funds, reflecting the capital-intensive, high-turnover, and capital-heavy nature of the lithium battery and energy storage industry. Sufficient working capital provides companies with the necessary confidence to pursue subsequent strategies and navigate market cycles.
Trend outlook: From rapid growth to meticulous cultivation.
Overall, this wave of lithium battery and energy storage company IPOs shows three clear trends. First, the segmentation of listing boards is obvious. The A-share market continues to accommodate specialized, niche, and small-to-medium-sized growth enterprises, while the Hong Kong market in 2026 becomes the main battlefield for globalized leaders to seek offshore financing. The two markets complement each other, supporting the multi-level capital needs of the industry. Second, the focus has shifted from cell manufacturers to the entire industrial chain, including materials, equipment, BMS, and system integration. In the past, the main players in IPOs were power battery cells, major materials, and equipment companies. Now, hidden champions in niche sectors are emerging in large numbers. Markets for BMS, copper foil equipment, and flow battery materials have all produced independent listed companies, indicating an increasingly refined industrial division of labor. Third, the use of proceeds has upgraded from simple capacity expansion to a combination of capacity, R&D, and globalization. Stories of simple expansion are becoming harder to sell. Companies with technological barriers, overseas channels, and differentiated scenarios are more likely to receive approval from review bodies. Leading companies with frontier technologies have begun to enter the listing window period, with next-generation technology leaders in solid-state, sodium, and long-duration storage accelerating their path to the capital market. For investors, it is necessary to be wary of the risk of homogenized competition in the context of overcapacity, focusing on quality companies with technological barriers, overseas channels, and differentiated scenarios. For companies planning to list, profitability quality, growth, and compliance remain key to passing the review. The lithium battery and energy storage industry has moved from rapid growth to meticulous cultivation, and the capital market's screening will become even more stringent.