Qingtao Energy Development Group has filed for a Hong Kong listing, submitting its prospectus to Hong Kong Exchanges and Clearing on April 8. Guotai Junan International, CICC, and China Merchants Securities International are acting as joint sponsors.
Founded in 2014, Qingtao Energy focuses on translating solid-state battery research into commercially deployable products. It develops its technology in-house and is working to expand the use of solid-state batteries across power and energy storage systems, where safety, performance, and reliability requirements are high.
The company has taken a differentiated approach centered on organic-inorganic composite solid electrolytes. By combining materials with complementary properties, it aims to improve ionic conductivity, interface stability, manufacturability, durability, and cost efficiency.
According to Frost & Sullivan, Qingtao Energy is among a small group of solid-state battery companies to achieve commercial deployment using this architecture. Its expertise and patent portfolio in composite solid electrolytes and specialty electrode materials support both its solid-liquid hybrid batteries and its all-solid-state batteries. The company said its products offer higher safety, longer life cycles, greater power output, higher energy density, broader temperature adaptability, and lower costs.
The company is now moving from early-stage capacity ramp-up to broader commercialization. It began with solid-liquid hybrid batteries and is progressing toward all-solid-state batteries.
Frost & Sullivan data show that Qingtao Energy established one of the world’s earliest mass production lines for solid-liquid hybrid energy storage batteries in 2018 and entered the electric vehicle sector in 2020.
In 2021, it partnered with SAIC Motor to complete real-world vehicle validation of a solid-state battery, reporting a driving range of 1,083 kilometers. As of March 30, the company had delivered more than 10,000 solid-liquid hybrid battery packs, placing it among a limited number of manufacturers at that scale. Its all-solid-state batteries entered pilot production in 2025, and a prototype vehicle equipped with the technology rolled off the line in March.
Market demand is growing from a low base. Frost & Sullivan estimates that global shipments of solid-liquid hybrid and all-solid-state batteries increased from 0.4 GWh in 2022 to 6.0 GWh in 2025, driven by rising requirements for energy density, safety, and application range. Based on 2025 shipment volume, Qingtao Energy ranked first globally with an estimated market share of 33.6%, and about 44.8% in China. Between 2023–2025, shipments of its solid-liquid hybrid batteries recorded a compound annual growth rate of 134.1%, according to the same source.
In the power battery segment, as of March 30, Qingtao Energy’s products had been installed in more than 30 passenger and commercial vehicle models from automotive OEMs (original equipment manufacturers), including IM Motors, MG, and Foton, with more than 16,800 units delivered.
In the energy storage battery segment, Qingtao Energy was an early entrant in applying solid-state battery technology to the sector. It targets higher-safety, higher-value markets across grid, commercial and industrial, and residential use cases. It is also the sole battery supplier for a solid-liquid hybrid battery energy storage power station in Wuhai, Inner Mongolia, with an installed capacity of 800 MWh.
On the manufacturing side, Qingtao Energy operates five production bases in China, with a combined annual capacity of 6.8 GWh for solid-liquid hybrid and all-solid-state batteries. It plans to expand capacity through a combination of new facilities and partnerships.
Financially, the company reported revenue of RMB 248 million (USD 36.2 million) in 2023, RMB 405 million (USD 59.2 million) in 2024, and RMB 943 million (USD 137.8 million) in 2025. Revenue grew 132.84% year-on-year in 2025.
Since its founding, Qingtao Energy has raised capital from institutional investors, industrial backers, and state-affiliated funds, including FreesFund, Shang Qi Capital, BAIC Capital, Bank of China Group Investment, Yongning Investment, Hengxu Capital, Xinding Capital, Sinowisdom, GAC Capital, Kunshan Guochuang Investment Group, and Chengdu Industry Investment Group. Before the IPO, FreesFund held a 15.09% stake, making it the largest external shareholder.
According to its prospectus, the company plans to use IPO proceeds to build new production bases and expand battery capacity, fund R&D to improve performance and manufacturing processes, support expansion into power and energy storage systems as well as emerging applications, and for working capital and general corporate purposes.
This article was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 9, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.