Chint Electrics, a leading company in China’s low-voltage electrical equipment and solar energy industry, has announced plans to pursue a Hong Kong listing, in a move to expand its international financing channels and accelerate global operations.
On January 5, Chint Electric (601877.SH) announced that to meet business development needs, deeply advance its internationalization strategy, and actively leverage international capital markets to broaden diversified financing channels, it plans to arrange the issuance of overseas shares (H-shares) and list on Hong Kong Stock Exchange.
The company said that it’s currently discussing specific arrangements for the H-share issuance and listing with intermediaries, with details not yet been finalized, and the H-share issuance will not cause changes to its controlling shareholder or actual controller.
Since its A-share listing in 2010, Chint Electric has only conducted two equity and bond financings: raising nearly 10 billion yuan in December 2016 to acquire stakes including Chint New Energy, and raising 4.4 billion yuan in February 2017 to invest in photovoltaic and other business developments.
As a leader in low-voltage electrical equipment and new energy, the company’s business involves two major sectors: smart electrical and new energy, specifically including distribution equipment, photovoltaic power station development, residential photovoltaic systems, inverters, and energy storage, among others.
These businesses are managed by different corporate entities under the Chint Group. Financial reports show that Chint Electric holds significant stakes in subsidiaries such as Chint Aneng, Jiangsu Tongrun Equipment Technology (002150.SZ), and the subsidiaries in instrumentation, new energy development, and building electrical equipment.
Among these, the listed company Jiangsu Tongrun Equipment Technology mainly engages in energy storage, inverters, and related businesses. In 2022, Chint Electric became its controlling shareholder through a merger and acquisition.
In the first three quarters of 2025, Chint Electric reported revenue of 46.396 billion yuan, a slight decrease of 0.03% year-on-year, while net profit attributable to shareholders reached 4.179 billion yuan, an increase of 19.49% year-on-year.
Chint Aneng, which focuses on residential photovoltaic systems, is a major “cash cow” for Chint Electric. Based on the shareholding ratio shown on corporate registration information platform Tianyancha and half-year report data, Chint Aneng has contributed nearly half of Chint Electric’s net profit.
In 2022, Chint Electric announced plans to spin off Aneng for a separate listing. However, last year, Chint Aneng’s IPO process was terminated, which may be one of the reasons prompting Chint Electric’s move to Hong Kong.
At the time, Chint Electric attributed the decision to withdraw the spin-off application to Chint Aneng’s exceptionally strong performance. The company said that as the subsidiary’s financial indicators neared half of the listed parent company’s—approaching a critical regulatory limit for a spin-off—the move was necessary to strategically realign and coordinate the group’s broader business objectives.
Another key strategic driver for Chint Electric’s Hong Kong listing is the global power equipment “super cycle,” fueled by surging demand from data centers and the broader energy transition. This dynamic has created acute shortages—particularly for transformers and high-voltage switchgear—in Western markets, offering a clear window for Chinese manufacturers to accelerate overseas expansion and capture export opportunities.
Data from SinoLink Securities shows that in the first three quarters, China’s transformer and high-voltage switch export volumes achieved year-on-year growth of 39% and 31%, respectively.
The photovoltaic industry, in which Chint Electric operates, has broad prospects but faces short-term pressure. To seize opportunities in the low-voltage electrical equipment market, Chint Electric needs to accelerate the layout of overseas business or expand related production capacity.
For A-share listed companies, one of the core drivers for seeking a Hong Kong listing is the demand for business expansion overseas. Through the “A+H” model, companies can establish an international capital platform, adapt to cross-border operations and compliance governance, and also meet financing needs, among other objectives.
In 2024, Chint Electric’s overseas revenue reached 10.048 billion yuan, a year-on-year increase of 21.53%, accounting for about 15.6% of its total revenue. Chint Electric mentioned in its financial reports the continuous expansion of its overseas sales scale in recent years.
In its 2025 interim report, the company said that it’s advancing the “localization” of overseas business, actively building international sales, R&D, production, and logistics “bases,” and promoting the localization of human resources and product standards to fully align the enterprise with local markets.
As of the end of Q3 of 2025, Chint Electric’s total assets amounted to 155.146 billion yuan, with a debt-to-asset ratio of 66.09% and monetary funds of 13.54 billion yuan. Compared to the end of June, the company’s debt ratio decreased by 0.39 percentage points.
In Q3 of last year, Chint Electric’s stock price generally showed an upward trend, particularly in early November, which may be related to the popularity of transformer and energy storage concepts at the time. However, its stock price subsequently fluctuated and declined. Overall, Chint Electric’s stock price has increased by about 25% over the past year.