Deye Refiles H-Share Listing Application to HKEX on July 28, 2026

On July 28, Deye refiled its H-share listing application to the Hong Kong Stock Exchange, with joint sponsors CICC, CITIC Securities, and CMB International. It has been exactly six months since the initial filing on January 27.

Founder Zhang Hejun, a native of Beilun, Ningbo, founded Ningbo Deye Plastic in 1990, starting with injection molding parts. In 1997, he entered Midea's supply chain, switching to air conditioning heat exchangers. In 2000, Ningbo Deye Technology was established, focusing on environmental appliances such as dehumidifiers and heat exchangers. In 2016, the company entered the inverter sector, and two years later expanded into emerging markets including South Africa, Brazil, and Pakistan, selling residential energy storage inverters to over 150 countries and regions. In April 2021, Deye listed on the main board of the Shanghai Stock Exchange at an IPO price of RMB 32.74, raising RMB 1.397 billion. In 2022, Zhang Hejun handed over the general manager role to his second son Zhang Dongye, who became the legal representative in August 2024. The eldest son Zhang Dongbin serves as a director. Zhang Hejun controls about 60% of voting rights through direct and indirect shareholdings.

According to Frost & Sullivan data, by 2025 sales value, Deye is the world's largest provider of residential energy storage inverters, with a market share of 20.6%. Sales of 5 to 20 kW low-voltage energy storage inverters have ranked first globally for three consecutive years. The product portfolio covers 3 to 125 kW energy storage inverters, 1 to 136 kW string photovoltaic inverters, 300 W to 2250 W microinverters, and supporting energy storage battery packs.

From 2023 to 2025, the company's revenue grew from RMB 7.48 billion to RMB 12.22 billion, and net profit increased from RMB 1.79 billion to RMB 3.17 billion. In the first four months of 2026, revenue was RMB 6.18 billion and net profit RMB 1.61 billion, representing year-on-year growth of 74.3%. The gross margin for 2025 was 38.13%, recovering to 41.45% in the first quarter of 2026. In 2023, the company's market share for energy storage products in South Africa exceeded 30%, and its inverter market share surpassed 50%. In April 2025, Deye's A-share market capitalization peaked at RMB 133.6 billion.

In 2025, the company's overseas revenue was RMB 9.747 billion, accounting for 79.74% of total revenue. The top five customers contributed a combined RMB 3.904 billion, or 31.9%, with the single largest customer accounting for 14.3% of revenue. By region, Germany led with RMB 1.88 billion, followed by Ukraine with RMB 563 million, with the remaining orders spread across South Africa, the United Arab Emirates, and other regions.

The proceeds from the H-share offering are primarily intended for research and development upgrades, domestic and overseas capacity expansion, and building a global sales network, with the remainder for working capital. The updated prospectus has not yet disclosed the exact total fundraising amount.

The company explicitly stated that its U. S. market revenue accounts for only 2% to 3%. In 2025, revenue from the environmental appliances segment was RMB 2.005 billion, down 36.23% year-on-year, with heat exchanger revenue nearly halved and dehumidifier revenue down nearly 17%. The gross margin for the energy storage battery pack business in 2025 was 31.81%, down 9.49 percentage points year-on-year, dragged down by raw material prices for lithium carbonate and battery cells. In the secondary market, the stock price peaked at RMB 126.9 during trading in May, and has since retreated by about 33% over the past two months.