According to EnergyTrend, Dyness has appointed additional international joint coordinators after submitting its Hong Kong listing application, marking a key phased progress in its IPO process. Recently, Hong Kong IPOs of energy storage enterprises have ushered in a string of new developments. In addition to Dyness, Growatt and Cubenergy have successively submitted main board prospectuses to The Stock Exchange of Hong Kong Limited (HKEX).
Dyness
On July 10, HKEX published the Overall Coordinator Appointment (Revised) Announcement of Dyness. The announcement shows that the company has added CICC Hong Kong Securities Limited and Citi Global Markets Asia Limited as its overall joint coordinators, with Guotai Junan Securities (Hong Kong) Limited remaining as the original overall coordinator.
Previously on June 26, Dyness formally submitted its prospectus for a main board listing on HKEX, marking its first listing application after shifting its listing venue to Hong Kong. Reviewing its previous listing preparation progress, the company initially planned to launch an IPO on the ChiNext Board of the Shenzhen Stock Exchange, before fully adjusting its listing strategy and switching to the Hong Kong capital market.
Dyness initiated A-share listing preparation in 2022 and formally commenced ChiNext listing tutoring in July 2023. Taking into account factors including the valuation of the overseas energy storage industry and the convenience of overseas customer docking, the company terminated all A-share tutoring procedures in April 2026 and launched its Hong Kong IPO application process. On July 10, HKEX updated its filing documents with the appointment of CICC Hong Kong and Citi Global Markets as joint coordinators.
The prospectus discloses five major purposes for the raised funds:
1. R&D of core technologies for high-voltage liquid-cooled and long-duration energy storage packages for residential and industrial & commercial energy storage scenarios;
2. Expansion of domestic intelligent manufacturing bases and upgrading of automated production lines, with a planned total production capacity of 10GWh by 2027;
3. Global brand promotion and the establishment of localized after-sales service centers and distribution channels in multiple countries;
4. Strategic mergers, acquisitions and investments in upstream and downstream cell and PCS enterprises in the energy storage industry chain to stabilize the supply chain;
5. Supplement of working capital for daily business operations.
Meanwhile, the prospectus unveiled key operational data. The revenue contribution from the top five customers continued to rise from 2023 to 2025. Over 95% of the company’s revenue is generated from overseas markets, with the European region accounting for more than 60% of total revenue.
Currently, Dyness’s listing application is under review by HKEX.
Cubenergy
On June 16, Cubenergy submitted its main board listing prospectus to HKEX.
In terms of its capitalization roadmap, Cubenergy previously prepared for an A-share IPO and later terminated the plan to fully shift its listing target to Hong Kong. The company launched A-share listing tutoring in 2023, and terminated the tutoring after comprehensive evaluation of market conditions and the valuation logic of overseas energy storage enterprises, before formally submitting its Hong Kong main board listing application in June 2026.
The prospectus outlines four major directions for the use of raised funds:
1. Expansion of Phase II of the Changzhou energy storage production base and planning of overseas manufacturing bases to scale up energy storage system production capacity;
2. Increased R&D investment in core electronic control technologies including BMS, PCS and EMS, and layout of new energy storage technologies adapted to Artificial Intelligence Data Centers (AIDC);
3. Establishment of a global localized marketing and after-sales network and improvement of warehousing supporting facilities in Europe;
4. Supplement of daily operating funds to ease cash flow pressure caused by cell procurement and overseas account receivable cycles.
At present, Cubenergy’s listing application is in the first-round review stage of HKEX. In terms of financial performance, the company achieved operating revenues of RMB 451 million, RMB 494 million and RMB 703 million from 2023 to 2025, with net profits attributable to parent company shareholders of RMB 12 million, RMB 33 million and RMB 54 million respectively, and corresponding gross profit margins of 22.9%, 26.7% and 25.7%.
In terms of business structure, the European market serves as the absolute pillar of the company’s revenue. In 2025, Cubenergy generated RMB 609 million in revenue from Europe, accounting for 86.7% of its total revenue and acting as the core driving force for sustained business growth.
Growatt
On June 16, Growatt submitted its updated main board prospectus to HKEX, marking its third attempt for a Hong Kong IPO. Looking back at its previous two listing applications, the company successfully passed HKEX listing hearings on both occasions but suspended the issuance process eventually, resulting in the expiration of the application materials.
Growatt filed its first Hong Kong IPO application on June 24, 2022 and passed the listing hearing on November 21 the same year, yet did not proceed with the subsequent offering process. It submitted its second prospectus on March 20, 2023 and obtained hearing approval again on May 14, 2023, but postponed the listing due to industry market fluctuations.
The latest prospectus clarifies the allocation of raised funds into three key areas:
1. Expansion of global localized sales and after-sales channels and improvement of overseas warehousing and logistics supporting systems;
2. Increased investment in R&D of new-generation energy storage equipment and AI energy management systems;
3. Expansion of the Huizhou production base and optimization of the supply chain layout of its Vietnam overseas factory.
In terms of financial data, Growatt recorded operating revenues of RMB 5.363 billion, RMB 4.476 billion and RMB 5.233 billion from 2023 to 2025, with net profits attributable to parent company shareholders of RMB 843 million, RMB 20 million and RMB 413 million respectively, and gross profit margins of 26.3%, 20.3% and 22.5% correspondingly.
In terms of business structure, energy storage systems have become the company’s core revenue segment. In 2025, Growatt’s energy storage system business achieved revenue of RMB 3.315 billion, a year-on-year increase of 99%, accounting for 63.4% of its total revenue.
Currently, Growatt’s listing application is under review by HKEX.
Source：EnergyTrend
