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Key Takeaways:
Lithium battery maker Eve Energy has filed to list in Hong Kong, pivoting to energy storage products and overseas sales as price wars hit its core EV battery sales in China
The company has dropped plans for a third phase of its Malaysian factory and is shifting its focus to a new facility in Hungary set to start production in 2027
What a difference a half year makes in the fast-moving world of electric vehicles (EVs).
When EV battery giant Eve Energy Co. Ltd. (300014.SZ) first filed to list in Hong Kong last June, investors holding its shares already listed on China's domestic Shenzhen Stock Exchange barely blinked. But the lithium battery maker got a much warmer reception after re-filing its Hong Kong listing application last week, with its shares rising by 6% in the following days.
The catalyst this time appears to be reviving growth for the company since its last application, as well as one of the hottest Hong Kong IPO markets in years. Investors might also be encouraged by a similar second listing in Hong Kong for Eve's larger rival CATL (3750.HK; 300750.SZ) last May. Since that listing, Hong Kong's largest last year, raising $5.3 billion, CATL's Hong Kong shares have nearly doubled.
Eve Energy's original Hong Kong IPO application revealed a growth story similar to CATL's, fueled by a rapid rise of the new energy vehicle (NEV) market, especially in China. Since its original Shenzhen filing in 2009, the company's revenues and profits have averaged annual growth of 43.9% and 36.4%, respectively, according to its latest listing document.
But the company hit a speed bump in 2024, with revenue actually falling slightly that year to 48.6 billion yuan ($7 billion) from 48.8 billion yuan a year earlier. Things have improved since then, at least on the top line, with the company's revenue rising 32% year-on-year to 45 billion yuan in the first nine months of 2025. But its profit for that period declined by 9.1% year-over-year ...
