China's Hunan Yuneng New Energy Battery Material has filed to list in Hong Kong, joining a fundraising frenzy in the Asian financial hub.

Hunan Yuneng, which counts battery giant CATL as one of its main stakeholders, serves all 10 of the world's top energy storage battery manufacturers, according to its listing application. It didn't disclose the terms of the offering.

The battery-materials company has been listed on the tech-heavy ChiNext board in Shenzhen since 2023, with its mainland-listed shares last trading 3.0% lower Tuesday.

Hunan Yeneng is a key player in China's burgeoning new energy supply chain as a major producer of phosphate-based cathode materials, a core component in lithium-ion batteries.

According to data from market research firm Frost & Sullivan, the company is ranked first among peers in terms of shipment volume from 2020 to 2025, with a global market share of close to 30%.

The company's net profit more than doubled last year, supported by China's rapid adoption and export of clean-energy technologies.

Demand got a further boost from disruptions to energy shipments from the Middle East earlier this year, with first-quarter net profit surging more than 14-fold, according to an exchange filing. Revenue in the first three months this year also more than doubled.

Investors have been bullish on battery companies as the sector evolves toward higher-performance materials alongside improvements in energy density, cycle life and fast-charging capabilities.

Hunan Yuneng forecasts shipment volumes for lithium-ion phosphate batteries to grow over 30% on a compound annual basis from 2025-2030, with China likely to further cement itself as the world's undisputed leader in battery production.