Photovoltaic and energy storage companies intensively plan "A+H" listings

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On March 24, Ningbo Deye Technology Co., Ltd. (hereinafter referred to as “Deye Co.”) released an announcement stating that the filing application materials for its H-share issuance have been accepted by the China Securities Regulatory Commission. A person in charge of Deye Co. related to the company told Securities Daily: “The funds raised through this H-share offering will mainly be used for upgrading R&D capabilities, building production bases, and strengthening the layout of global marketing and service networks, with the aim of further enhancing the company’s image and global influence.”

It is understood that, as a globally leading provider of solar-plus-storage products, Deye Co.’s new energy products have covered more than 150 countries and regions worldwide. The company currently has 7 production bases, including the Malaysia production base under construction. This production base started construction in October 2025 and is expected to start production in January 2027.

Solar-plus-storage companies that are rolling out an “A+H” dual-capital platform like Deye Co. are not an exception. Since 2026, multiple leading listed companies in energy storage and photovoltaics, such as Guangzhou Penghui Energy Technology Co., Ltd., Zhejiang Chint Electric Co., Ltd., and Huizhou EVE Lithium Energy (Rights Protection) Co., Ltd., have either submitted applications to the Hong Kong Stock Exchange or advanced their H-share issuance.

Multiple experts interviewed by Securities Daily said that the dense rollout of “A+H” by solar-plus-storage companies is essentially the result of resonance between the industry’s development stage and companies’ strategic needs. 2026 is the opening year of the “14th Five-Year Plan,” and the solar-plus-storage industry is undergoing a profound transformation from “scale expansion” to “value creation.” The pace of technological iterations is accelerating, the demand for capacity expansion is becoming increasingly urgent, and capital support has become a key factor for companies to seize the early opportunities for development.

Zhi Peiyuan, Vice Chairman of the Listed Companies Investment Professional Committee of the China Investment Association, told Securities Daily: “The solar-plus-storage industry is a typical capital-intensive industry. R&D, capacity expansion, overseas channel development, and other links all require substantial capital investment. By listing on H-shares, companies can replenish funding, ease cash flow pressure, and ensure sufficient funds for technological iteration and capacity expansion.”

At the same time, as global demand for solar-plus-storage continues to heat up, developments such as the launch of super solar-plus-storage projects in the Middle East and the recovery of emergency energy storage demand in Europe have opened up broad overseas market opportunities for solar-plus-storage companies. Against this backdrop, companies urgently need to secure market share through international expansion. An H-share listing can help companies better connect with international capital and overseas customers, supporting the establishment of a more stable and more resilient global operating system.

This trend will also profoundly reshape the competitive landscape of the solar-plus-storage industry. Zhou Di, a national science and technology expert from the Ministry of Science and Technology, said: “Top companies accelerate ‘going global’ by raising funds in the Hong Kong stock market, further consolidating their global market share. If mid-tier companies cannot keep up with the pace of expansion, they will face the risk of being integrated into supply chain arrangements. The industry will gradually shift from ‘price competition’ to global and large-scale competition.”

It is worth noting that solar-plus-storage companies listing in Hong Kong also face multiple challenges. Some companies have issues such as a concentrated business structure and financial structure pressures. In addition, as industry homogenization competition intensifies, with traditional energy equipment companies and emerging startup manufacturers entering the market at an accelerated pace, the industry’s profitability space will be further compressed. Moreover, policy differences, certification standards, and geopolitical risks in overseas markets also impose higher requirements on companies’ ability to operate globally.

In response, Zhi Peiyuan suggested: “To form long-term competitive barriers, the key lies in the efficiency of how raised funds are used and the capability of technological layout. In a context of intensifying competition, companies need to allocate raised funds to differentiated technology R&D, such as next-generation energy storage technologies like flow batteries and sodium-ion batteries, rather than simply expanding homogenized capacity. For issues such as incomplete overseas charging networks, companies can cooperate with local energy companies to build a localized service system, thereby reducing operating risks.”

Industry insiders told Securities Daily that as leading companies in the solar-plus-storage industry continue to advance the “A+H” rollout, more companies will join the dual-capital platform in the future. This will not only inject new momentum into the companies’ own development, but also drive technological upgrading and globalization in China’s solar-plus-storage industry, helping China consolidate its leading position in global new energy competition.

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