On the evening of August 11, Hiconics Eco-energy Technology Co., Ltd. (Hiconics) published a revised plan for its 2026 private placement of A-shares. According to the document, Midea Group will subscribe in cash for all the shares issued under this offering, raising total proceeds of up to RMB 1,651,581,600.
The proceeds will be allocated toward projects involving PV grid-tied inverters, residential energy storage systems, distributed PV power stations, and high-voltage variable frequency drives (VFDs), further strengthening Midea's strategic footprint in the solar-storage and smart energy sectors.
Hiconics stated that these projects will leverage Midea Group's overseas brand influence and global channel resources to accelerate capacity expansion and market penetration in its new energy business.
Notably, the R&D and industrialization project for residential energy storage systems will be jointly executed by Beijing Hiconics Eco-energy Technology Co., Ltd. and Anqing Midea Hiconics Green New Energy Co., Ltd. The project spans three locations—Beijing, Suzhou, and Anqing—with Beijing and Suzhou focusing on R&D, while Anqing is dedicated to manufacturing, with a planned construction period of 24 months.
Regarding the project scope, this initiative goes beyond merely expanding residential energy storage capacity; it balances R&D, pilot testing, and large-scale manufacturing. The project plans to construct one pilot line for residential storage product R&D and two dedicated production lines for residential energy storage systems, equipped with automated production and intelligent testing facilities to enhance production efficiency, ensure product quality stability, and lower unit manufacturing costs.
On the product front, Hiconics currently possesses independent R&D capabilities for all-in-one residential storage systems, Power Conversion Systems (PCS), Battery Management Systems (BMS), and Energy Management Systems (EMS). Its self-developed second-generation single-phase all-in-one systems and three-phase stacked all-in-one systems have already achieved commercialization, while third-generation product reserve projects are underway alongside strategic layout for next-generation residential PV-inverter products. This project will further propel the large-scale rollout of second-generation products, accelerate technical breakthroughs for third-generation products, and complete the company's full-scenario product matrix.
As of the disclosure date of the plan, Midea Group holds an 18.43% stake in Hiconics through GD Midea Heating & Ventilating Equipment Co., Ltd. (Midea HVAC), serving as its indirect controlling shareholder. Upon completion of this private placement, Midea Group's direct and indirect shareholding ratio will be further increased.
Source：EnergyTrend
