China’s solar giant Sungrow revives Hong Kong IPO plan amid clean energy boom

China’s solar giant Sungrow Power Supply has filed a fresh application to list in Hong Kong, reviving plans initiated last year, as a wave of mainland companies seeks offshore funding to support overseas expansion. The Shenzhen-listed solar inverter and energy storage system maker submitted its latest application proof to the Hong Kong stock exchange after an earlier filing in October lapsed, according to exchange disclosures late on Friday. Sungrow, one of the world’s largest suppliers of photovoltaic (PV) inverters, is positioning the Hong Kong listing as a platform to accelerate its globalisation strategy and broaden financing channels. Proceeds were expected to be used mainly for research and development as well as the construction of overseas production bases, according to market filings and company disclosures. The refiled application came as a cluster of mainland companies – including Makesense Energy Technology, Befar Group and five others – submitted listing documents to Hong Kong on Friday, signalling a pickup in the city’s initial public offering (IPO) pipeline. Founded in 1997, Sungrow was listed on the Shenzhen bourse in 2011 and has grown into a global clean energy technology provider with operations spanning solar, wind, energy storage, electric vehicles and hydrogen. Its core products include PV inverters and energy storage systems, both of which rank among the global leaders by shipment volume. The company’s PV inverter shipments had held the top global position for a decade, with a market share of more than 25 per cent in 2024, while its cumulative energy storage system shipments exceeded 93 gigawatt-hours as of end-2025, according to the filing. Sungrow’s business has increasingly shifted towards energy storage, reflecting rapid global demand growth driven by the transition to renewable power systems. Revenue from energy storage systems rose sharply in recent years, accounting for nearly 42 per cent of total revenue in 2025, overtaking its traditional inverter segment. The renewed push for a Hong Kong IPO suggests the company is seeking to capitalise on improving investor appetite for Chinese technology and clean energy assets while funding its next phase of overseas expansion. “As a global leader in clean power conversion technology, we are not only well positioned to benefit from the market expansion driven by the energy transition, but are also set to play a critical role in the development of each key segment – generation, grid, load and storage – within next-generation power systems,” Sungrow said in the filing. “We are well poised to seize unprecedented growth opportunities.” It added that the artificial intelligence-driven wave of data centre construction was boosting demand for power systems, creating new growth opportunities. The company, meanwhile, was expanding its global operations, with overseas markets contributing more than 60 per cent of total revenue in 2025, up significantly from previous years, as it expanded into more than 100 countries and regions, the filing showed. However, it still faces risks including intensifying global competition, evolving technology cycles and geopolitical uncertainties such as tariffs and export controls. Shares of Sungrow fell 2.4 per cent to 130.60 yuan as of 10.30am on Monday in Shenzhen, after media reports said the European Commission had banned funds from going to clean technology projects containing Chinese inverters.