BUSINESS

Solid-State Battery Maker Qingtao Energy Files for Hong Kong IPO

Published: Apr. 9, 2026 11:51 p.m. GMT+8

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An employee at Qingtao Energy work on a production line in Jiangsu province. Photo: VCG

Chinese solid-state battery startup Qingtao (Kunshan) Energy Development Group Co. Ltd. has filed for an initial public offering in Hong Kong.

The proposed listing of the top-ranked battery maker underscores intensifying competition among Chinese companies to commercialize safer, higher-density solid-state batteries, a breakthrough widely seen as the future of electric mobility.

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Qingtao Energy, top solid-state battery maker (2 GWh shipments, 33.6% global share in 2025), filed for Hong Kong IPO.
Net loss widened to 1.3B yuan ($190M) in 2025; energy storage revenue 590M yuan (60%), power batteries 240M yuan (25.1%).
SAIC invested 2.7B yuan for 16.5% stake; pilot production 2025, prototype vehicle March 2026; global shipments projected 745.2 GWh by 2030.

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Who’s Who

Qingtao (Kunshan) Energy Development Group Co. Ltd.: Qingtao (Kunshan) Energy Development Group Co. Ltd., a leading Chinese solid-state battery maker founded in 2016, filed for a Hong Kong IPO. It topped global shipments with 2 GWh in 2025 (33.6% share), started all-solid-state pilot production that year, and unveiled a prototype vehicle in 2026. Despite 1.3B yuan net loss, it has 6.8 GWh capacity and SAIC backing. (68 words)

Welion New Energy: Welion New Energy, a domestic rival to Qingtao Energy, ranked second globally with a 23.5% market share in solid-state battery shipments in 2025. It began pre-listing tutoring in late 2025.

SAIC Motor Corp. Ltd.: SAIC Motor Corp. Ltd. is Qingtao Energy's largest industry backer, investing 2.7 billion yuan in 2023 for a 16.5% stake, valuing the startup at over 20 billion yuan. The companies formed a joint venture to build 10 GWh production capacity in 2026. SAIC aims to mass-produce all-solid-state batteries in 2026, building on its 2025 semi-solid-state model.

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