New stock news | Qingtao Energy submits application to Hong Kong Stock Exchange, solid-liquid mix and all-solid-state battery shipments rank first globally.

According to the disclosure by the Hong Kong Stock Exchange on April 8, Qingtao (Kunshan) Energy Development Group Co., Ltd. (referred to as Qingtao Energy) has submitted an application to list on the main board of the Hong Kong Stock Exchange. Guotai Junan Finance Limited, China International Finance Hong Kong Securities Limited, and CMSC (Hong Kong) Limited are its joint sponsors. Company Overview The prospectus shows that Qingtao Energy is a leader in the industrialization and commercialization of solid-state batteries, with advanced solid-state battery technology and strong research and development capabilities in solid-state battery products. The company focuses on the research and development, manufacturing, and sales of solid-liquid hybrid batteries and all-solid-state batteries for application in electric vehicles and energy storage systems. In the current trend of energy transformation and the widespread electrification of transportation and industry, the safety, reliability, and performance of batteries have become increasingly critical. The company is committed to building a robust solid-state battery ecosystem to provide customers worldwide with safer, more affordable, and higher-performing battery solutions, supporting the popularization of green energy and addressing global energy and environmental crises. Since its establishment, Qingtao Energy has established strong research and development capabilities integrating materials, equipment, and manufacturing processes, and has set a clear and unique technological path. This path, with organic-inorganic composite solid electrolytes at its core, provides the company with a coherent route guiding it from liquid batteries to solid-liquid hybrid batteries, and ultimately to all-solid-state batteries. Qingtao Energy's innovative capability is built on a full-stack research and development team covering materials, electrochemistry, electrical engineering, advanced manufacturing, and software development. According to Frost & Sullivan data, the company is one of the enterprises with the most extensive portfolio of solid-state battery technology patents in the industry. The company has already commercialized its technological capabilities in the power and energy storage systems markets. In terms of power batteries, as of March 30, 2026, Qingtao Energy's solid-state battery products have been installed in over 30 models of passenger and commercial vehicles from well-known automobile OEMs such as Zhiji, MG, and Foton, with deliveries exceeding 16,800 sets. In terms of energy storage batteries, the company was the first to introduce solid-state battery technology into the energy storage industry, precisely targeting high safety demands and high value-added markets, covering a wide range of applications in grid, industrial, and household scenarios. Qingtao Energy is the exclusive battery supplier for the world's largest solid-liquid hybrid battery energy storage station located in Wuhai, Inner Mongolia, with an installed capacity of 800MWh, demonstrating the company's capability for large-scale commercial deployment. According to Frost & Sullivan data, by 2025, in terms of shipments, the company ranked first in the global solid-liquid hybrid and all-solid-state battery market with a market share of approximately 33.6%, with a market share of around 44.8% in China. Financial Information Revenue In the financial years 2023, 2024, and 2025, the company's operating income was approximately RMB 248 million, RMB 405 million, and RMB 943 million, respectively. Net Loss In the financial years 2023, 2024, and 2025, the company's net loss was approximately RMB 853 million, RMB 999 million, and RMB 1.302 billion, respectively. Industry Overview The global lithium-ion battery market shipment volume is projected to increase from 262.7GWh in 2020 to 1,944.6GWh in 2025, with a compound annual growth rate of 49.2%. It is expected to grow at a compound annual growth rate of 23.4% from 2026 to 2030, reaching 6,054.8GWh by 2030. Since the start of tracking solid-liquid hybrid batteries and all-solid-state batteries in 2022, their global shipment volume has increased from around 0.4GWh to 6.0GWh in 2025, with market penetration in the overall lithium-ion battery market rising from 0.1% to 0.3%. During the period 2022-2025, the compound annual growth rate was approximately 143.3%, indicating the stage of introduction and demonstration applications. Subsequently, as the commercialization process progresses and gradually enters the phase of large-scale deployment, the shipment volume of solid-liquid hybrid and all-solid-state batteries is expected to rapidly increase to 745.2GWh by 2030, with a market penetration rate of approximately 12.3%. In the medium to long term, the shipment volume of solid-liquid hybrid and all-solid-state batteries is projected to increase to 3,935.6GWh by 2040, with a corresponding penetration rate of 50.0%. Global Market Size of Solid-Liquid Hybrid and All-Solid-State Batteries The global shipment volume of solid-liquid hybrid and all-solid-state batteries increased from 0.4GWh in 2022 to 6.0GWh in 2025, with the Chinese market shipment volume rising from 0.3GWh to 4.5GWh during the same period, maintaining a relatively high market share. With overseas markets gradually launching, it is estimated that the global shipment volume of solid-liquid hybrid and all-solid-state batteries will reach 745.2GWh by 2030, with a compound annual growth rate of 151.2% from 2026 to 2030. Global Market Size of Solid-Liquid Hybrid and All-Solid-State Power Batteries The global shipment volume of solid-liquid hybrid and all-solid-state power batteries increased from 0.3GWh in 2022 to 2.3GWh in 2025, with a compound annual growth rate of approximately 92.0% from 2022 to 2025. It is expected to rise rapidly to approximately 605.0GWh by 2030, at a compound annual growth rate of approximately 177.2% from 2026 to 2030. By 2030, the penetration rate of solid-liquid hybrid and all-solid-state power batteries in the power battery market is expected to reach approximately 15.0%, shifting from early-stage validation to gradual scale introduction. Global Market Size of Solid-Liquid Hybrid and All-Solid-State Energy Storage Batteries The global shipment volume of solid-liquid hybrid and all-solid-state energy storage batteries increased from 0.1GWh in 2022 to 3.4GWh in 2025, with a compound annual growth rate of approximately 222.5% during this period. In the energy storage application structure, the demand for household energy storage is relatively higher in terms of safety, energy density, and environmental adaptability, which helps drive the early introduction of solid-liquid hybrid and all-solid-state batteries in the energy storage field. It is expected to continue to rise at a compound annual growth rate of approximately 94.1% from 2026 to 2030, reaching around 111.3GWh by 2030. The penetration rate of solid-liquid hybrid and all-solid-state energy storage batteries in the overall energy storage battery market is expected to reach approximately 8.0% by 2030. Board of Directors Information The Board of Directors consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. The term of the Board of Directors is three years, with the possibility of consecutive re-election, and it is responsible for and has the general authority to manage and operate the company's business. Equity Structure Dr. Feng, Dr. Li, Dr. Nan, and Ms. Yang entered into a joint action agreement on November 25, 2017, and the agreement was reaffirmed on June 5, 2019. According to this agreement, they agree to reach a consensus on pending decisions before board meetings or shareholders' meetings, and to vote unanimously at such meetings. Intermediary Team Joint Sponsors: Guotai Junan Finance Limited, China International Finance Hong Kong Securities Limited, CMSC (Hong Kong) Limited Company's Legal Advisor: Hong Kong Law and US Law: Davis Polk & Wardwell; Chinese Law: King & Wood Mallesons Legal Advisors for Joint Sponsors and Compilers: Hong Kong Law: King & Wood Mallesons; Chinese Law: King & Wood Mallesons Reporting Accountants and Auditors: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Honbo Capital Limited