EVE files for Hong Kong listing amid global expansion rush

EVE Energy, one of China’s top lithium battery manufacturers, has submitted an application to list on the main board of the Hong Kong Stock Exchange, the company announced on June 9. The move follows in the footsteps of industry giant CATL, which completed its Hong Kong debut in May, and underscores the growing trend of Chinese battery companies tapping international capital markets to finance global expansion.

Founded in 2001, EVE Energy originally focused on consumer batteries before expanding into electric vehicle (EV) power cells and energy storage systems. Today, it operates across three core segments: EV batteries, energy storage, and consumer batteries. According to SNE Research, in 2024 the company shipped 30.29 GWh of EV batteries, ranking ninth globally with a 2.3% market share. Yet despite this, the EV battery segment faced headwinds last year, with revenue falling nearly 10 percentage points as a share of total income due to a slowdown in the global EV market and intense pricing pressures.

To diversify its portfolio, EVE Energy has doubled down on energy storage. In 2024, its storage battery segment generated CNY 19.03 billion ($2.66 billion), up 16.4% year-on-year and accounting for nearly 40% of total revenue. According to InfoLink Consulting, the company ranked second globally in energy storage cell shipments in 2024, with 50.45 GWh shipped.

Beyond financing, EVE’s listing aims to boost its global profile. Overseas business remains a major pillar, contributing 24.3% of total revenue in 2024 and delivering CNY 1.3 billion in Q1, 2025 profits alone. The company has accelerated its international footprint with a Malaysian cylindrical battery plant beginning production in early 2025 and a large-format EV battery plant in Hungary scheduled for 2026. It has also launched a joint venture in North America to produce lithium iron phosphate (LFP) batteries for commercial vehicles, aiming at a 21 GWh capacity.

EVE’s capital-intensive expansion has drawn regulatory scrutiny. Since its A-share initial public offering (IPO), the company has raised over CNY 20.5 billion through various channels. In 2023, Shenzhen’s stock exchange questioned its repeated fundraising plans in light of uncompleted prior investment rounds. EVE responded that existing funds were insufficient and equity financing remained necessary to support growth.

Amid intensifying battery industry competition, particularly from CATL and BYD, EVE’s chairman Liu Jincheng has warned against irrational price wars, stressing that smaller players must “coexist or perish.” While its shipments continue to rise, profit margins remain under pressure. The company sees internationalization and product differentiation – particularly in energy storage – as keys to long-term resilience.

The Hong Kong IPO, if approved, would mark a critical step in EVE Energy’s transition from a domestic manufacturer to a global battery platform company, aligning with its vision of “global manufacturing, global delivery, and global service.”