Qingtao Energy Files for Hong Kong IPO, Aims for "First Solid-State Battery Stock"

On April 8, QingTao (Kunshan) Energy Development Group Co., Ltd. (hereinafter referred to as "QingTao Energy") officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first solid-state battery company listed on the Hong Kong stock market.

Source: QingTao Energy’s IPO Prospectus

According to available information, QingTao Energy was established in June 2016, with its core business focusing on the research and development, manufacturing, and sales of semi-solid and all-solid-state batteries, which are applied in electric vehicles and energy storage systems.

In the field of power batteries, Qingtan Energy's solid-state battery products have been applied to more than 30 models of passenger and commercial vehicles from well-known automotive manufacturers such as Zhiyi, MG, and Foton, with cumulative deliveries exceeding 16,800 sets; in the energy storage battery sector, Qingtan Energy has introduced solid-state battery technology into the energy storage industry, focusing on high-safety, high-value-added markets, and comprehensively covering power grid, industrial and commercial, and residential applications.

According to Frost & Sullivan, in 2025, the company ranks first in the global hybrid solid-liquid and all-solid-state battery market by shipment volume, with a market share of approximately 33.6%, and a market share of about 44.8% in China.

In terms of performance, from 2023 to 2025, the company's revenue will be 248 million yuan, 405 million yuan, and 943 million yuan, respectively; the net loss for the year will be 853 million yuan, 999 million yuan, and 1.302 billion yuan, respectively. The prospectus shows that the core reason for the company's losses is the continuous high-intensity R&D investment, coupled with the expenses during the capacity ramp-up, product process, and production line debugging stages.

QingTao Energy stated that the company will subsequently expand its customer base, increase order volumes, enhance profitability through manufacturing scale-up, reduce material costs via technological iteration and economies of scale, and advance its global market presence to achieve its profitability goals.