According to foreign media reports, people familiar with the matter said that Sinovel plans to submit its application for an initial public offering ((IPO)) in Hong Kong as early as this week, which could raise as much as US $1.5 billion and is expected to become the largest IPO in Hong Kong so far this year.
According to people familiar with the matter, Sinovel is working with Huatai Securities on the listing, and the share sale is likely to take place in the coming months. Negotiations are under way between the two sides, and details such as the size and timing of the IPO may change. Representatives of Sinotrans and Huatai Securities declined to comment.
Founded in 2007, Sinovel produces lithium batteries for electric vehicles and other products, and has set up eight industrial bases in Changzhou, Luoyang, Xiamen, Chengdu, Wuhan, Hefei, Guangzhou and Jiangmen.
In 2021, the actual production capacity of China Innovation in volume production, under construction and under construction will exceed 100GWH, and the planned production capacity will reach 200GWh in 2022. In June 2021, Liu Jingyu, chairman of Sinovel, disclosed that the company had increased its planned battery capacity to 300 GWh, in 2025, an increase of 50% over its previous planned target.
In 2021, China Chuangxin Airlines ranked third in the list of power battery installations in China, second only to Ningde era and BYD. According to data released by South Korean market research firm SNE Research, Sinotrans ranked seventh in the global power battery installed list in 2021, with installed capacity rising 130.5 per cent to 7.9 GWh, market share up 0.4 percentage points to 2.7 per cent year-on-year.
