Solar inverter and energy storage systems manufacturer Sungrow Power Supply has filed an application for listing on the main board of the Hong Kong Stock Exchange.

The company plans to issue 338 million H-shares to raise approximately HK$987 million (~$126.83 million), with proceeds earmarked for solar and storage research and development (R&D), overseas manufacturing, digital transformation, and core grid-scale storage technologies.

The filing names China International Capital Corporation as the sole sponsor.

H-shares are shares of Chinese mainland companies that are listed on the Hong Kong Stock Exchange or other foreign exchanges. Although H-shares are regulated by Chinese law, they are denominated in Hong Kong dollars and are traded in the same manner as other equities on the Hong Kong Stock Exchange.

Sungrow has been listed in Shenzhen since 2011 and had previously announced plans to issue global depository receipts and list them on the Frankfurt Stock Exchange, aiming to raise RMB 4.88 billion ($683.2 million) for overseas capacity, digital upgrades, and an R&D center, showcasing the company’s multi-market capital strategy.

In the first half of 2025, Sungrow’s revenue increased 40.34% year-over-year (YoY) to RMB 43.533 billion (~$6.09 billion). Net profit increased 55.97% to RMB 7.735 billion (~$1.08 billion).

The company’s energy storage revenue reached RMB 17.803 billion (~$2.49 billion), up 127.78% YoY, and accounted for 40.89% of total revenue. This surpassed power electronic conversion equipment revenue, which was RMB 15.327 billion (~$2.15 billion) and 35.21% of the total.

Overseas revenue totaled RMB 25.379 billion (~$3.55 billion), accounting for 58.3% of the total, surpassing mainland China revenue of RMB 18.155 billion (~$2.54 billion), which represented 41.7%.

As of June 30, Sungrow’s cumulative energy storage system shipments had reached 70 GWh. The company projects total shipments for the year to reach between 40 and 50 GWh.

Sungrow Power Supply was the leading inverter supplier in India for the calendar year 2024, accounting for 29.1% of the market share, according to Mercom’s recently released India Solar Market Leaderboard 2025.