Sunwoda, a battery manufacturing company, submits an application for an initial public offering in Hong Kong
Sunwoda Electronic, a Chinese electric vehicle (EV) battery manufacturer, has been making waves in the industry since its inception in 1997 and its listing on the Shenzhen Stock Exchange in 2011. Despite being a notable player, Sunwoda holds a much smaller market share compared to the dominant duopoly of CATL and BYD.
As of March 31, Sunwoda boasts 25 major production bases in operation or under construction, six of which are located overseas in India, Vietnam, Thailand, and Hungary. This global expansion strategy has enabled the company to supply power batteries to a diverse range of clients, including Li Auto, Twitter profilepeng (NYSE: TWTR), Leapmotor (HKG: 9863), SAIC Motor, Nissan, and eight of the top ten global new energy vehicle makers.
Sunwoda also caters to smartphone manufacturers such as Twitter profileiaomi, Oppo, Vivo, and Honor in the consumer battery sector. Other Chinese power battery manufacturers listed in Hong Kong include CATL (SHE: 300750), CALB, Zenergy, and Rept Battero Energy.
In terms of market share, Sunwoda currently holds about 2.87%, ranking seventh in China’s EV battery sector as of early 2025. For the first half of 2025, Sunwoda installed around 9.07 GWh, placing it sixth among Chinese battery makers, behind CATL, BYD, CALB, Gotion Tech, and EVE Energy. This represents roughly 3% of the total market, consistent with the 2.87% market share cited for the full year 2025.
The total installed capacity of power batteries in China reached approximately 299.6 GWh in the first half of 2025. CATL and BYD dominate the market, collectively holding about 66.6% market share.
In 2024, Sunwoda reported revenue of RMB 56 billion and gross profit of RMB 8.2 billion. The company's focus on differentiated products like fast-charging technology has positioned it as the top supplier in China’s hybrid electric vehicle (HEV) battery market. However, its power battery segment has faced financial losses recently.
Sunwoda is the latest Chinese company to apply for a listing in Hong Kong, following in the footsteps of its domestic peer Eve Energy. The number of shares to be issued and the timing of the Hong Kong listing are currently unknown. Goldman Sachs and CITIC Securities are Sunwoda's joint sponsors for its Hong Kong listing.
In November 2022, Sunwoda was listed on the Swiss Exchange. The company started with consumer batteries and has since expanded into power batteries and energy storage batteries. As of June, China EV battery installations were dominated by CATL with a 43.67% share, and BYD with a 21.47% share. Despite the competitive landscape, Sunwoda continues to make strides in the EV battery market.
- Li Auto, a global automotive manufacturer, is one of Sunwoda Electronic's diverse range of clients in the electric vehicle (EV) sector.
- XPeng, a Chinese EV company listed on the New York Stock Exchange, is also a recipient of Sunwoda's power batteries, along with several other major players in the EV industry.
- Sunwoda Electric, despite being a significant player, maintains a smaller market share in the Chinese EV battery sector compared to the dominant duopoly of CATL and BYD.
- In the global market, Sunwoda has established 25 production bases, with six located overseas, which contributes to its ability to supply power batteries to a wide array of clients.
- CATL and BYD, the leading players in China’s EV battery sector, collectively hold approximately 66.6% of the market, with Sunwoda accounting for about 2.87%.
- Sunwoda, in its pursuit of innovation, focuses on differentiated products like fast-charging technology, leading it to be the top supplier in China’s hybrid electric vehicle (HEV) battery market.
- Sunwoda, along with other Chinese power battery manufacturers like Eve Energy, has applied for a listing in Hong Kong, seeking to expand its presence in the global finance and technology industries.
