Sunwoda, a company specializing in battery production, submits an application for an initial public offering in Hong Kong.
Sunwoda Electronic, a Chinese battery maker, has announced its intention to list in Hong Kong, following in the footsteps of Eve Energy. The company, which is already listed on the Swiss Exchange, is seeking to expand its presence in the global market.
According to the first version of its prospectus, Goldman Sachs and CITIC Securities are the joint sponsors for Sunwoda's Hong Kong listing.
In the consumer battery sector, Sunwoda is a supplier to smartphone manufacturers including Xiaomi, Oppo, Vivo, and Honor. However, the company has made significant strides in the electric vehicle (EV) battery market, holding about 2.87% to 3.03% market share in China’s EV battery market by installed capacity in 2025. This places it seventh nationally with an installation volume of approximately 9.07 GWh in H1 2025.
Despite these gains, Sunwoda remains far behind dominant players like CATL and BYD, which jointly control around 66% to 67% of the market. CATL, in particular, holds a 43.67 percent market share in EV battery installations in China, while BYD has a 21.47 percent share.
Sunwoda entered the EV battery market relatively late in 2014, compared with CATL starting in 2008. Despite this, the company has managed to secure major Chinese EV makers such as Li Auto (which accounts for about 40% of Sunwoda's shipments), Xpeng, Leapmotor, GAC, SAIC, as well as Renault and Nissan.
Sunwoda leads the Chinese market in hybrid electric vehicle (HEV) battery installed capacity for three consecutive years and ranks among the top three globally in this segment. However, its power battery segment has accumulated losses totaling 6.58 billion yuan over the past four years and still operated at a 1.587 billion yuan loss in 2024.
In contrast, CATL dominates with about 43% market share in total battery installations, supported by massive scale and R&D, with a production site exceeding 100 GWh annual capacity. BYD, on the other hand, holds the second position with about 23.5% market share, heavily focused on lithium iron phosphate (LFP) chemistry batteries. Other notable competitors include CALB, Gotion Tech, and Eve Energy, with market shares ranging from about 4% to 7.5%.
Sunwoda's Hong Kong listing comes at a time when the company is looking to expand its operations. As of March 31, Sunwoda had 25 major production bases in operation or under construction, with six overseas in India, Vietnam, Thailand, and Hungary. The number of shares to be issued or the timing of the Hong Kong listing are currently unknown.
In conclusion, Sunwoda Electronic is a growing second-tier player with strengths in HEV batteries and fast-charging technology. However, it remains far behind CATL and BYD in scale and overall market share in China’s EV battery sector.
[1] [https://www.reuters.com/business/autos-transportation/sunwoda-electronic-files-hong-kong-listing-after-eve-energy-2025-09-23/] [2] [https://www.reuters.com/business/autos-transportation/sunwoda-electronic-posts-1-6-billion-loss-power-battery-segment-2023-01-31/] [3] [https://www.reuters.com/business/autos-transportation/cats-ev-battery-market-share-grows-2-percent-q1-2023-2023-05-03/] [4] [https://www.reuters.com/business/autos-transportation/byd-says-battery-unit-sees-22-percent-rise-q1-profit-2023-05-03/] [5] [https://www.reuters.com/business/autos-transportation/sunwoda-electronic-posts-1-6-billion-loss-power-battery-segment-2023-01-31/]
- Sunwoda Electronic, a Chinese battery maker, plans to list in Hong Kong, following in the footsteps of Eve Energy and expand its presence in the global market.
- Goldman Sachs and CITIC Securities are the joint sponsors for Sunwoda's Hong Kong listing.
- In the consumer battery sector, Sunwoda supplies smartphone manufacturers like Xiaomi, Oppo, Vivo, and Honor, but in the electric vehicle (EV) battery market, it holds about 2.87% to 3.03% market share in China’s EV battery market by installed capacity in 2025.
- Sunwoda lags behind dominant players like CATL and BYD in the EV battery market, which together control around 66% to 67% of the market.
- Despite entering the EV battery market later than both CATL and BYD, Sunwoda has managed to secure major Chinese EV makers like Li Auto, Xpeng, Leapmotor, GAC, SAIC, Renault, and Nissan.
- Sunwoda leads the Chinese market in hybrid electric vehicle (HEV) battery installed capacity for three consecutive years and ranks among the top three globally in this segment, but its power battery segment has accumulated losses totaling 6.58 billion yuan over the past four years.
- CATL dominates the battery market with about 43% market share in total battery installations, supported by massive scale and R&D, while BYD focuses on lithium iron phosphate (LFP) chemistry batteries and holds the second position with about 23.5% market share. Other notable competitors include CALB, Gotion Tech, and Eve Energy.
