Sungrow Power Supply, the world’s largest producer of solar inverters and energy storage systems, has joined a growing number of mainland Chinese companies seeking to float shares in Hong Kong, taking advantage of the city’s stock market boom.
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Based in Hefei, the capital of eastern Anhui province, Sungrow led the world with 870 gigawatts of cumulative installed capacity of inverters – devices that convert the power produced by solar panels into a format of electricity that can be consumed by homes and businesses – as of June 30, according to its preliminary prospectus filed to the stock exchange on Sunday, citing market researcher Frost & Sullivan. That gave the firm a 25.2 per cent market share by global shipment volume.
Sungrow was also the world’s largest energy storage systems producer, with 70 gigawatt-hours of cumulative shipments as of June 30, and a 2024 global market share of 11.9 per cent.
“Our photovoltaic inverter products have maintained a leading position in terms of global shipment volumes for 10 consecutive years,” Sungrow’s filing said. Founded in 1997, the company was listed on the Shenzhen bourse in 2011.
The filing comes amid the Trump administration’s roll-out of new import tariffs on China-produced goods, including solar energy and energy storage equipment.
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After recent US-China trade negotiations, the effective tariff on battery energy storage systems was lowered to 40.9 per cent in May, but is expected to rise to 58.4 per cent from January 1, according to industry media Energy Storage News.
