Capitalist eagerly going to the solar energy storage field in 2023, and the financing scale may reach more than 100 billion. More and more China solar companies are accelerating the pace of listing on the capital market, submitting applications, sprinting for IPO, and longing to listing successfully.
In 2023, more than 100 companies in the energy storage niches line up to sprint for IPO, there is also a sudden reversal in the last step of IPO – voluntary withdrawal of orders, and the number of companies encountering obstacles in IPO is increasing. Especially competition in the capital market, expansion of production capacity, technology iteration, market development, etc. are all inseparable from continuous Financial support, however, more and more companies are stuck at the last step on the road to IPO, According to incomplete statistics, at least more than 20 solar companies have terminated their listings in the past year.
1, Growatt: The global household inverter leader
Growatt, founded in 2011, is one of the first China solar companies to develop energy storage and global business layout, and is one of the top ten inverter manufacturers in the world. In 2022, Growatt household energy storage inverters accounted for 15.1% of the global market share, making it the world’s largest user-side energy storage inverter supplier. In 2022, Growatt’s energy storage system sold 555,764 PCS.
Growatt’s first IPO sprint began in 2017. In November of that year, Growatt submitted registration materials for listing counseling to the Shenzhen and then entered the listing counseling process. However, in September 2021, it was suddenly announced that the coaching had been terminated due to “company strategic adjustment”. The following year, Growatt moved to Hong Kong stock market. In June 2022, Growatt submitted its application form for the first time, and passed the hearing of the Hong Kong Stock Exchange in November of that year. However, it expired after the IPO was not launched. It submitted its application form again in March 2023, and in May After passing the Hong Kong Stock Exchange hearing again, the pre-road show financing scale was fallen, reduced from the initially expected US$1 billion to US$300 million to US$400 million. Subsequently, the listing process was halted and there was rumor that it may accept an acquisition by the global private equity giant Blackstone Group.
2, SVOLT Energy: A new lithium battery energy storage star backed by Great Wall Motors
SVOLT Energy invested and established by Great Wall Motors in 2018 which mainly engaged in production and sales of new energy vehicle power batteries and energy storage battery systems.
In 2022, SVOLT became the top 10 manufacturers of power battery factory in China and rank seventh. Before the IPO, SVOLT Energy completed a total of 7 rounds of financing, with a cumulative financing amount of more than 20 billion yuan. According to its plan, SVOLT Energy is expected to have a production capacity of 31GWh in 2023, 77GWh in 2024, and 105GWh of battery production capacity in 2025.
In November 2022, SVOLT Energy’s IPO application was accepted by the Shanghai Stock and entered the issuance and listing review stage in June 2023. On the evening of December 22, 2023, just before the end of the day, the Shanghai Stock Exchange website disclosed that SVOLT Energy voluntarily withdrew its issuance and listing application due to “comprehensive consideration of various factors”, and there was rumor that SVOLT Energy may Apply for listing on the Hong Kong Stock Exchange. According to its prospectus, SVOLT Energy’s withdrawn IPO originally planned to raise 15 billion yuan for the construction of lithium battery projects in three places, the construction of Wuxi R&D center, and the development of lithium batteries such as ternary high-density batteries and cobalt-free batteries. In addition, 2 billion yuan will be used to supplement working capital. Its fundraising amount of up to 15 billion yuan corresponds to a valuation of 60 billion yuan.
3, Pisen Electronics，The legend of 3C consumer electronics accessories
Founded in 2003, Pisen Electronics is a legend of 3C consumer electronics accessories. It is famous for its superior sales in the market of charging series, mobile phone accessories, innovative electronics and other products. Its founder Zhao Guocheng is known as the “Father of Power Banks” . However, the listing process is a dozen steps slower than Anker Innovation, which was listed as early as 2020.
Pisen Electronics was listed on the New OTC Market from 2015 to 2017. Since the first phase of listing counseling in January 2022, Pisen Electronics has experienced a total of 5 phases of counseling and finally submitted the form. On June 30, 2023, the official website of the Shenzhen Stock Exchange disclosed that Pisen Electronics planned to be listed on the main board. The IPO plan was originally planned. Raised 757 million yuan to invest in Shenzhen production base relocation and expansion projects, R&D center and headquarters office construction projects, brand building and marketing projects, and strengthen the production capacity layout in cutting-edge product fields such as high-power power adapters, energy storage power supplies and smart homes. On September 28, 2023, the official website of the Shenzhen Stock Exchange showed that Pinsheng Electronics voluntarily applied to suspend the issuance and listing review process due to “updating financial information.”
More companies like Xysemi, Huahui New Energy, Jiuling Lithium etc… more or less them also terminated their listing, appreciate these companies who have contributed to our environment
