Hong Kong IPO filed by rechargeable battery manufacturer Sunwoda
Sunwoda, a Chinese battery manufacturer, has made significant strides since its founding in 1997. Originally specialising in consumer batteries, the company has now expanded into power batteries and energy storage batteries.
In 2011, Sunwoda was listed on the Shenzhen Stock Exchange. More recently, in November 2022, the company was listed on the Swiss Exchange through the issuance of Global Depository Receipts (GDRs). A Hong Kong listing is also on the horizon, though the number of shares to be issued and the timing remain undisclosed.
Sunwoda has established itself as one of China's largest EV battery makers, with clients including Li Auto, Leapmotor, SAIC, and Twitter's profilepeng. In the consumer battery sector, the company supplies smartphone manufacturers such as Twitter's profileiaomi, Oppo, Vivo, and Honor.
In the power battery sector, Sunwoda's installations in China totalled 2.17 GWh in June, accounting for a 3.72 percent market share. The company's power battery sector customers include Li Auto (NASDAQ: LI), Twitter's profilepeng (NYSE: our X (Twitter) profilePEV), Leapmotor (HKG: 9863), SAIC Motor, Nissan, and CATL.
Sunwoda's rapid growth in the EV battery segment is noteworthy. In 2024, the company reported revenue of RMB 56 billion and gross profit of RMB 8.2 billion. Despite entering the EV battery segment relatively late in 2014, Sunwoda has seen impressive revenue growth in this segment, making EV batteries account for about 27% of their total revenue.
Sunwoda is particularly notable for being the largest hybrid electric vehicle (HEV) battery supplier in China. The company ranks first in HEV battery installed capacity in China for three consecutive years and among the top three globally. They are developing fast-charging battery technologies and supplying major automakers such as Li Auto (which accounts for 40% of their shipments), XPeng, Renault, Nissan, and others.
Globally, Sunwoda has a strong presence in the consumer electronics battery market, holding the world’s largest share (34.3%) in mobile phone batteries in 2024. They have expanded their manufacturing footprint to 25 bases worldwide, including China, India, Vietnam, Thailand, and Hungary, supporting their global ambitions.
In the energy storage system (ESS) sector, Sunwoda ranks among the Top 10 Chinese companies for the first half of 2025, a sector where it has a smaller but fast-growing share. However, Sunwoda’s power battery business overall has been loss-making, with accumulated losses exceeding 6 billion yuan over four years.
In summary, Sunwoda is a fast-growing but still relatively small player in China’s EV battery market. Despite challenges in the power battery business, the company's strengths lie in hybrid vehicle batteries, fast-charging tech, and consumer electronics. As it continues to expand and improve scale and profitability, Sunwoda is poised to better compete internationally.
[1] Sunwoda Electronic Co., Ltd.
[2] Sunwoda Q1 2022 Earnings Report
[3] Sunwoda Q2 2022 Earnings Report
[4] Sunwoda Q3 2022 Earnings Report
[5] Sunwoda Q4 2022 Earnings Report
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