On February 27, Beijing Hiconics Eco-energy Technology Co., Ltd. disclosed the "2026 Plan for the Issuance of A-Shares to Specific Targets." The plan indicates that Hiconics intends to issue shares to specific targets, aiming to raise a total amount (including issuance expenses) not exceeding RMB 1,651.5816 million.
The sole subscriber for this issuance is the company's indirect controlling shareholder, Midea Group, which will subscribe to all the newly issued shares in cash. Based on the issue price, the maximum number of shares to be issued is capped at 288,234,136 shares, representing no more than 30% of the company's total share capital prior to the issuance.
According to the announcement, Hiconics's controlling shareholder, Midea HVAC, is a controlling subsidiary of Midea Group. As of the disclosure date of this plan, Midea Group holds an 18.50% stake in Hiconics through Midea HVAC. It is anticipated that upon completion of the issuance, Midea Group's combined proportion of direct shares and indirect shares (via Midea HVAC) will increase.
The net proceeds, after deducting issuance expenses, will be fully allocated to five projects across its two core business segments: electrical equipment and new energy. The specific fund allocation is as follows:
- High-voltage inverter R&D and industrialization project: Planned investment of RMB 438.5067 million;
- Photovoltaic (PV) grid-tied inverter R&D and industrialization project: Planned investment of RMB 436.9632 million;
- Residential energy storage system R&D and industrialization project: Planned investment of RMB 292.3048 million;
- Distributed PV benchmark power station construction and R&D project: Planned investment of RMB 183.8069 million;
- Working Capital: The remaining RMB 300.00 million will be used to supplement working capital.
Addressing the strategic planning behind these funded projects, Hiconics stated that in the high-voltage inverter sector, the company intends to build smart manufacturing production lines through automation and intelligent upgrades. This aims to comprehensively enhance its overall competitiveness in high-end markets such as nuclear power, advanced energy storage, and large-scale mining.
In the new energy sector, the company plans to leverage the advantages of Midea's overseas brand and channel resources to rapidly build out residential energy storage capacity and system solution capabilities, seizing growth opportunities in the global PV grid-tied inverter business.
Additionally, by constructing distributed PV benchmark power stations and pairing them with an AI smart energy operation system, Hiconics aims to accelerate its transformation from a "PV power station constructor" to a "smart energy operator." This will help achieve sustained, stable power generation revenue and an upgrade of its business model.
In recent years, Midea Group has continuously intensified its expansion into the new energy business, successively acquiring A-share listed companies CLOU Electronics and Hiconics. This targeted issuance indicates that Midea is accelerating the comprehensive transfer of its vast global channel network, brand influence, and smart manufacturing advantages into the photovoltaics and energy storage sectors.
This move not only helps accelerate the construction of a closed-loop green industry chain comprising "distributed PV - residential energy storage - smart energy management," but also marks Midea Group's leapfrog advancement from a traditional home appliance giant to a world-leading green new energy technology group.
Source：EnergyTrend
