Distributed energy storage solutions provider Sigenergy Technology Co. Ltd. (6656.HK) launched its Hong Kong IPO on Wednesday, offering 13.57 million shares for HK$324.20 each to raise HK$4.4 billion ($641 million). The stock is set to debut on April 16.
Founded in 2022, Sigenergy focuses on distributed energy storage systems (DESS), with a core offering of modular, stackable solar-storage integrated solutions. The segment accounted for about 0.7% of the overall energy storage market in 2024. The company rose to become the world’s largest provider of such solutions by shipment volume within two years of its founding, with a market share of 28.6%, representing 0.6% of the distributed energy storage market and 0.2% of the overall energy storage market, according to third-party data in its prospectus.
Sigenergy’s Revenue surged from 58.3 million yuan in 2023 to 9 billion yuan in 2025, representing a more than 150-fold increase over two years. It also swung from a net loss of 373 million yuan in 2023 to a profit of 83.8 million yuan in 2024, before jumping further to 2.92 billion yuan in 2025.
About 38% of the IPO proceeds will be used for R&D, while 32% will go to marketing and after-sales services. Another 12% will go to capacity expansion, and 9% will go to product development, with the remainder for working capital and general purposes.
By Lee Shih Ta
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