The lithium battery sector is once again experiencing a rush to Hong Kong, with another strong player heading towards the Hong Kong stock market.

Recently, the world's largest mobile phone battery manufacturer—Sunwoda Electronic Co., Ltd. ("Sunwoda") has submitted its first prospectus to the Hong Kong Stock Exchange, planning an "A+H" dual listing.

This time, Sunwoda is not only going for an IPO itself, but is also bringing its "subsidiaries" along for the ride.The power battery subsidiary "Sunwoda EVB" is also advancing its spin-off listing and independent financing.

Image source: Canned Gallery

Across the entire lithium battery industry, this "rush to Hong Kong" has already sparked a storm. In the first half of 2025, CATL (300750.SZ) spent a staggering HKD 41 billion to set a new global IPO record, and EVE Energy (300014.SZ) also debuted on the Hong Kong Stock Exchange on June 9. Established players such as Xingyuan Materials (300568.SZ) and Tianci Materials (002709.SZ) have also submitted listing applications, competing to strengthen their presence in the H-share market. Now, Sunwoda (300207.SZ) has officially joined this capital race.

As a company listed on the A-share market,As of August 7, 2025, Sunwoda's A-share price was 21.35 yuan per share, with a market value of 39.4 billion yuan.Currently, Sunwoda holds a 34.3% market share in the global mobile phone battery market. Its batteries are used by almost all major brands such as Xiaomi, OPPO, Honor, and Transsion. The company has also long covered batteries for laptops, tablets, and wearable devices.

Behind this story stands a pair of entrepreneurial brothers from Maoming, Guangdong: Wang Mingwang and Wang Wei. Starting from scratch in 1997, they founded Sunwoda.Now, the parent company is aiming for a Hong Kong IPO while the subsidiary is preparing for a spin-off.They rode the tailwind all the way, from feature phone batteries to the smart era, and then from the mobile phone battlefield into the red ocean of new energy vehicles.

In 2025, can Sunwoda create another IPO legend?

01

Annual revenue of 56 billion yuan

"Lithium Battery Leader" Sprinting for Hong Kong Stock Market

In an era where phones die the moment they are put down and anxiety spikes the instant an electric scooter's throttle is pressed, whoever controls the battery controls the energy. There is a company quietly stepping into the spotlight of the "power arena," and that company is——Sunwoda。

In 2024, Sunwoda's market share in the global mobile phone battery market is as high as34.3%Ranked first in the world. The phone in your hand, no matter what it is,Xiaomi, vivo, OPPO, as well as Honor and Transsion, basically all use its batteries.Moreover, not just in your phone, but also in your laptop and tablet, its presence is very likely hidden.It is already the world's second largest supplier of notebook and tablet batteries, with a market share of 21.6%.

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In addition to mainstream consumer electronics, Sunwoda is also accelerating its penetration into emerging fields by supplying brands such as Roborock and Ninebot, further expanding its product portfolio.

With this series of collaborations,Consumer battery businessIt became the earliest and most stable "foundation" of Xinwangda. From 2022 to 2024, this business contributed respectively...320.15 billion yuan, 285.43 billion yuan, and 304.05 billion yuan，Although the proportion decreased from 61.4% to 54.3%, the revenue scale consistently remained at the 30 billion yuan level, supporting the company's steady growth.

However, Sunwoda is not content with "just making phone batteries." The company is targeting future growth engines.New Energy SectorTherefore, the company has continuously strengthened its efforts in the power battery sector and rapidly risen. From 2022 to 2024, the revenue from the power battery business increased fromFrom 12.687 billion yuan to 15.139 billion yuan，The revenue share increased from 24.3% to 27%, becoming the second largest business pillar.

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What is even more noteworthy is that Sunwoda has successfully entered the top ten global new energy vehicle manufacturers by sales. It has established cooperative relationships with mainstream car manufacturers such as Li Auto, XPeng, Leapmotor, GAC, SAIC, Renault, and Nissan, steadily rising in industry status.

Meanwhile, Sunwoda has not missed out either.The new cake of energy storageAt present, based on the above,Energy storage businessIt is becoming the company's third growth curve. From 2022 to 2024, revenue from energy storage systems increased from455 million yuankept rising to18.89 billion yuanIn 2024, it will account for 3.4% of the total revenue.

Although it accounts for only 3.4% of the total revenue, the energy storage business's...The gross profit margin is as high as 20.4%.Not only does it exceed the 18.3% of consumer batteries, but it is also far higher than the 8.8% of power batteries, demonstrating particularly impressive profitability.

Under the joint drive of diversified businesses, Sunwoda's overall revenue continues to grow: from 2022 to 2024, the company achieved revenues of52.162 billion yuan, 47.862 billion yuan, and 56.021 billion yuanNet profit was respectively1.068 billion yuan, 1.076 billion yuan, and 1.474 billion yuan。In 2025, the company continued its growth momentum, achieving a revenue of 12.289 billion yuan in the first quarter, with a net profit of 387 million yuan.

02

Why go public in Hong Kong?

In order to establish a foothold in the high-investment, high-barrier tracks of power batteries and energy storage, Sunwoda has launched large-scale capacity expansion in the past few years.

According to incomplete statistics,The company has frequently established operations in multiple locations including Huizhou, Nanchang, Yichang, and Yiwu, with a total planned production capacity exceeding 220 GWh and a proposed investment amount of over 70 billion yuan.In 2022 alone, the company successively established multiple billion-yuan projects in Zhuhai, Shifang in Sichuan, Yiwu, and other locations, and also formed a joint venture with Dongfeng Group to build a 30GWh production line, with an expansion speed that is truly remarkable.

At the same time,Overseas Marketwas also included in its territory.

In 2023, the company invested nearly 2 billion yuan to launch the construction of its first European battery factory in Hungary. In 2024, it accelerated the Lithium Power Project in Vietnam and the Power Plant in Thailand. In the same year, its overseas revenue reached 23.431 billion yuan, accounting for a high proportion of 41.83% of the total revenue. It can be seen that the company is attempting to find new growth engines through "going global."

However,In April 2025, Sunwoda announced the termination of two major projects—the Ningxiang Smart Hardware Base and a 30GWh power battery project, with a total investment of approximately 14 billion yuan.

Image source: Canned Image Library

Behind the project halt is the company's...The asset-liability ratio has consistently remained above 60%.By the end of 2024, the company's debt-to-asset ratio reached 63.43%, and the cash flow from financing activities increased by over 4400% year-on-year. Although Sunwoda's revenue in 2024 reached 56.021 billion yuan, an increase of 17.05% year-on-year, the net profit was only 1.468 billion yuan, with a net profit margin as low as 2.6%.

More importantly, the company "sells a lot but finds it difficult to collect payments."At the end of 2024, Sunwoda's accounts receivable surged to 16.079 billion yuan, a year-on-year increase of 34.6%, far exceeding the revenue growth rate.

In the first quarter of 2025, accounts receivable will remain at a high level.The amount reached 14.274 billion yuan, with an average payment period of 111 days, marking a 12-year high. In contrast, the payment periods for CATL and Eve Energy are controlled at 66 days and 91 days, respectively.

At the same time, the cash on Sunwoda's books is not abundant.In the first quarter of 2025, the company's monetary funds amounted to 10.752 billion yuan, but short-term loans reached as high as 10.297 billion yuan, almost completely offsetting it.

Source of image: Canned Gallery

In the main battlefield of power battery business, Sunwoda's installed capacity reached 15.79 GWh in 2024, with a market share of 2.89%, ranking seventh nationwide. However, currently in 2024, the gross profit margin of this segment is only 8.8%, down 2.42 percentage points year-on-year.During the same period, the gross profit margins of CATL, EVE Energy, and Gotion High-Tech were 23.94%, 14.21%, and 15.14% respectively, showing a clear gap.

Meanwhile, peers have been going full throttle on the globalization track.

CATL is set to go public on the Hong Kong Stock Exchange in 2025, raising as much as 41 billion HKD, breaking the global IPO record; InnoStar was successfully listed in Hong Kong as early as 2022, attracting well-known companies such as Xiaomi and Midea as cornerstone investors; EVE Energy has also initiated plans for an H-share listing.

Faced with opponents continuously "replenishing their resources" and expanding, Sunwoda completed two private placements within four years from 2018 to 2021, with corresponding stock prices of 9.9 yuan per share and 41.9 yuan per share, respectively.A total of 6.469 billion yuan was raised through two private placements.

In March 2023, Sunwoda once again proposed a private placement plan, intending to raise a total of no more than 4.8 billion yuan, but this plan was ultimately terminated.

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Against this backdrop, in 2025, the company officially initiated its H-share listing application. The company stated that the purpose of going public in Hong Kong isTo further advance the globalization strategy, establish an international capital operation platform, and enhance the international brand and overall competitiveness, the application for H-share listing has been initiated.

"Listing on the Hong Kong stock market can provide companies with more financing channels and also help them accelerate expansion, acquire other enterprises, or invest in new technologies and new products to achieve their business objectives," said Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance.

Zhang Yi, CEO of iiMedia Research, stated that almost all companies choosing the "A+H" model have one thing in common: the need for overseas business expansion.By listing on the Hong Kong Stock Exchange, these companies can not only raise more capital but also optimize their equity structure, further advancing their global expansion.

Zhang Yi further stated that as a global financial center, Hong Kong features flexible fund management, advantageous tax policies, and a high degree of internationalization.For enterprises, the Hong Kong market can achieve the "threefold synergy" in terms of financial support, brand building, and the introduction of international shareholders, which is particularly crucial for the global development of future leading companies.

03

"Maoming's wealthy brothers have a net worth of 10.5 billion yuan."

Already invested in two IPOs

Behind Sunwoda are a pair of wealthy brothers from Maoming, Guangdong, Wang Mingwang and Wang Wei. Wang Mingwang and Wang Wei hold 19.6% and 7.18% of Sunwoda's shares, respectively, with a combined shareholding of approximately 26.78%.

In 1993, Wang Mingwang and his classmates founded Jialida Electronics Processing Factory, focusing on the production of lithium batteries for mobile phones, pagers, and other communication products, due to their optimistic outlook on the mobile phone battery market.Unfortunately, the good times did not last long. Due to differing philosophies, the two parties eventually parted ways. However, the production equipment laid a solid foundation for future entrepreneurship.

In 1995, a fire broke out at a Sony battery factory, leading to a significant increase in market demand for batteries and a sharp rise in prices. Wang Mingwang immediately seized the opportunity to produce a large quantity of related products, successfully earning his first pot of gold.In 1997, Wang Mingwang teamed up with his cousin Wang Wei to jointly establish Shenzhen Xinwangda Electronics Co., Ltd.

In 1999, Sunwoda successfully secured the major client Konka. According to Wang Mingwang's recollection, "At that time, Konka was already a publicly listed company, while we were still a small enterprise with little reputation. Nevertheless, we boldly suggested that Konka try our products."

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Subsequently, Sunwoda rapidly advanced, expanding from its mobile phone battery business to various 3C consumer electronics products such as notebook computers and smart home devices.It also became a member of the supply chain, providing batteries for the iPhone. In 2003, Sunwoda's mobile phone battery sales exceeded 100 million yuan for the first time.

In 2011, Sunwoda successfully went public on the ChiNext board. However, the following year, Sunwoda was suddenly removed from the “Apple supply chain,” causing its net profit to drop by 13.53%. Fortunately, Wang Mingwang quickly joined the supply chains of mobile phone brands such as Xiaomi, Huawei, ZTE, Meizu, OPPO, and Samsung. At its peak, the company’s mobile phone battery business accounted for 30% of the global market, making it the world’s largest supplier of mobile phone batteries.

At its peak market value, Sunwoda nearly approached 100 billion.According to the "2022 Hurun Global Rich List," Wang Mingwang became the richest person in Maoming with a personal wealth of 19 billion yuan. Based on the shareholding ratio in 2025, the combined net worth of the two brothers, Wang Wei and Wang Mingwang, is estimated to be about 10.55 billion yuan.

As growth in the mobile phone industry began to stagnate, brothers Wang Ming and Wang turned their attention to new energy vehicle batteries. In 2014, they established Sunwoda Power, which has now begun to bear fruit. Not only has its revenue reached the ten-billion-yuan level, but it is also about to become their second listed company.

Image source: Canned Images

In July 2023, Sunwoda announced plans to spin off Sunwoda Electric Vehicle Battery to be listed on the ChiNext board, in an attempt to further expand financing channels to cope with the intense competition in the power battery industry. However, after the spin-off listing proposal was announced, Sunwoda has not disclosed any further progress on the matter.

In addition, the two brothers have made quite a few investment moves.According to statistics from "TMTPost", from 2015 to 2019, Sunwoda invested in a wide range of fields, including VR/AR, sports and fitness, smart hardware, education and training, and enterprise services. Notable projects include Jiedian, a leading shared power bank company. In the past three years, the investments have focused on new energy, new materials, semiconductors, and manufacturing.

In terms of external investments, two companies invested in by Sunwoda have successfully entered the capital market: in April 2022, Siwei Microelectronics was listed on the STAR Market; in August 2020, Anker Innovations was listed on the ChiNext Market.

Specifically, before Sai Weiwei's IPO in 2020, Sunwoda's wholly-owned subsidiary Hongsheng Technology held a 3.5% stake in it, which decreased to 2.48% within five years; among them, regarding...Anker Innovations has a relatively short investment cycle. Sunwoda held a 0.9% stake in 2017 but had completely exited by 2018. Currently, Anker Innovations has a market value of 12.983 billion yuan.

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Meanwhile, two companies incubated by the company itself, Sunwoda EVB and Sunwoda Electronic, are currently in the process of seeking a stock market listing.

From the perspective of cashing out by the controlling shareholder and related parties, relevant actions have continued since Sunwoda's A-share listing: in September 2020, the actual controller Wang Mingwang reduced his holdings by 30.99 million shares, cashing out approximately 750 million yuan; in December 2021, he further reduced 32.5278 million shares, cashing out nearly 1.4 billion yuan; in February 2022, he reduced 21.46 million shares, cashing out over 770 million yuan.Since 2020, Wang Mingwang has cashed out a total of nearly 3 billion yuan.

Wang Mingwang and Wang Wei, who have been in business together for nearly thirty years, are cousins, yet they have always worked hand in hand and have never shown discord in public. Looking back on their entrepreneurial journey, they can be regarded as a model of “riding the wave”—not only have they entered the “fruit chain” and become suppliers for Huawei, but their business scope has also expanded from the mobile phone sector to new energy vehicles, consistently keeping pace with industry trends.Nowadays, under the leadership of this duo, can Sunwoda add another IPO to its listing portfolio?