Photovoltaic and energy storage companies are intensively planning "A+H" listings

Securities Daily reporter Wu Yixuan

On March 24, Ningbo Deye Technology Co., Ltd. (hereinafter referred to as “Deye Co., Ltd.”) announced that its H-share filing materials had been accepted by the China Securities Regulatory Commission. A relevant person in charge of Deye Co., Ltd. told Securities Daily: “The company’s H-share fundraising is mainly aimed at upgrading R&D capabilities, building production bases, and strengthening the layout of global marketing and service networks, with the goal of further enhancing the company’s corporate image and global influence.”

It is understood that as a globally leading provider of energy storage and photovoltaic (PV) products, Deye Co., Ltd.’s new energy products have been exported to over 150 countries and regions worldwide. The company currently has seven production bases, including the Malaysia production base under construction; this base broke ground in October 2025 and is expected to commence production in January 2027.

Companies in the energy storage and PV sectors that, like Deye Co., Ltd., have deployed an “A+H” dual-capital platform are not unique. Since 2026, several top listed companies in energy storage and PV—including Guangzhou Penghui Energy Technology Co., Ltd., Zhejiang Chint Electric Co., Ltd., and Huizhou EVE Lithium Energy Co., Ltd.—have submitted applications to the Hong Kong Exchanges and Clearing House or advanced their H-share offerings.

Multiple experts interviewed by Securities Daily stated that the intensive deployment of “A+H” by energy storage and PV companies is fundamentally the result of industry development stages resonating with corporate strategic needs. 2026 marks the beginning of the “14th Five-Year Plan” period, during which the energy storage and PV industry is undergoing a profound transition from “scale expansion” to “value creation.” The pace of technological iteration is accelerating, capacity expansion demands are increasing, and capital support has become crucial for companies to seize development opportunities.

Xia Peiyuan, vice chairman of the Investment Professional Committee of the China Investment Association, told Securities Daily: “The energy storage and PV industry is a typical capital-intensive sector. R&D, capacity expansion, and overseas channel development all require substantial capital investment. Listing on H-shares allows companies to supplement funds, ease cash flow pressures, and allocate sufficient resources for technological upgrades and capacity expansion.”

Meanwhile, as global demand for energy storage and PV continues to rise, the launch of large-scale projects in the Middle East and the revival of emergency energy storage needs in Europe have opened broad overseas markets for these companies. Under this background, companies urgently need to expand internationally to capture market share. Listing on H-shares can facilitate better access to international capital and overseas customers, helping companies build a more stable and resilient global operation system.

This trend will also profoundly reshape the competitive landscape of the energy storage and PV industry. Zhou Di, a national science and technology expert at the Ministry of Science and Technology, said: “Top-tier companies accelerating their ‘going global’ efforts through Hong Kong fundraising will further consolidate their global market share. Mid-tier companies that cannot keep pace with expansion may face risks of supply chain integration, and the industry will gradually shift from ‘price competition’ to global, large-scale competition.”

It is worth noting that energy storage and PV companies listing in Hong Kong also face multiple challenges. Some companies have issues such as concentrated business structures and financial pressures. Additionally, intensified homogeneous competition, with traditional energy equipment firms and emerging startups entering rapidly, will further compress profit margins. Moreover, policy differences, certification standards, and geopolitical risks in overseas markets impose higher requirements on companies’ global operational capabilities.

In response, Xia Peiyuan suggested: “To establish long-term competitive barriers, the key lies in the efficient use of raised funds and technological deployment capabilities. Under intensified competition, companies should allocate funds toward differentiated technological R&D—such as next-generation energy storage technologies like flow batteries and sodium-ion batteries—rather than merely expanding homogeneous capacity. For issues like incomplete overseas charging networks, companies can cooperate with local energy firms to develop localized service systems, reducing operational risks.”

Industry insiders told Securities Daily that as leading companies in the energy storage and PV sectors continue to push their “A+H” deployment, more firms are expected to join the dual-capital platform ranks in the future. This will not only inject new momentum into their own development but also promote technological upgrading and globalization of China’s energy storage and PV industry, helping China maintain a leading position in the global new energy competition.