Gasgoo Munich- On April 8, Qingtao (Kunshan) Energy Development Group Co., Ltd. (hereinafter "Qingtao Energy") officially filed an IPO application with the Hong Kong Stock Exchange, aiming to become the first solid-state battery stock on the exchange.
Image source: Qingtao Energy prospectus
Founded in June 2016, Qingtao Energy focuses on the R&D, manufacturing, and sales of solid-liquid hybrid and all-solid-state batteries, serving applications in electric vehicles and energy storage systems.
In the power battery sector, Qingtao Energy’s solid-state products have been integrated into over 30 passenger and commercial models from renowned automakers such as IM, MG, and Foton, with cumulative deliveries exceeding 16,800 units. In the energy storage sector, the company has introduced solid-state technology to the industry, targeting high-safety and high-value-added markets while comprehensively covering grid, industrial, commercial, and residential scenarios.
According to Frost & Sullivan, Qingtao Energy ranked first globally in the solid-liquid hybrid and all-solid-state battery market by shipment volume in 2025, capturing roughly 33.6% of the global market and about 44.8% of the Chinese market.
Financially, revenue rose from 248 million yuan in 2023 to 405 million yuan in 2024, and then to 943 million yuan in 2025, while annual net losses stood at 853 million yuan, 999 million yuan, and 1.30 billion yuan, respectively. The prospectus attributes the losses primarily to sustained heavy R&D investment, coupled with expenses related to capacity ramp-up, product process optimization, and production line commissioning.
Qingtao Energy stated that it plans to expand its customer base and scale up orders to boost profitability. The company aims to improve margins through manufacturing scale, reduce material costs via technological iteration and economies of scale, and advance its global market layout to achieve its profit targets.
