Analysis of EVE Energy's Hong Kong IPO Prospectus Expiry

According to information disclosed by the Hong Kong Stock Exchange, the prospectus submitted by EVE Energy (stock code: 300014.SZ) to the HKEX on June 30, 2025, automatically expired on December 30 after six months, with CITIC Securities as the sole sponsor [1][2]. As of the expiry date, the company had not passed the HKEX hearing.

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According to HKEX listing rules, the validity period of a prospectus is six months. EVE Energy submitted its prospectus on June 30, 2025, and it automatically expired on December 30 after six months, which is a normal procedural expiry [1][2].

As of the expiry date, the company had not yet completed the HKEX hearing process, indicating that there may be matters requiring further communication or improvement during the review process [2].

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• Direct Impact
  : The originally planned Hong Kong IPO financing is temporarily on hold, requiring a restart of the listing process
• Impact on Fund Use
  : The originally planned use of raised funds for the construction of production bases in Europe and Southeast Asia, and the accelerated implementation of global capacity layout will be temporarily delayed [3]

After the prospectus expiry, the company may need to switch to other financing channels:

• A-share Market Financing
  : As a company already listed on the Shenzhen Stock Exchange, it can continue financing through private placements, convertible bonds, etc.
• Bank Credit
  : Debt financing relying on corporate credit and assets
• Internal Financing
  : Supporting development through operating cash flow and retained earnings

According to the latest financial data, EVE Energy’s overall financial status is stable [4][5]:

Financial Indicator	Value	Evaluation
Market Capitalization	138.03 billion RMB	Large lithium battery enterprise
Gross Margin	14.38% (H1 2025)	Industry-leading level
R&D Investment	3.06 billion RMB (2024)	Sustained innovation investment
Order Situation	Storage battery orders are relatively full	Good business prospects

In the overall context of the lithium battery industry, financing capacity is crucial to enterprise competitiveness:

• The global storage battery shipment volume is expected to exceed 650GWh in 2025, a year-on-year increase of over 80% [6]
• Leading enterprises in the industry generally face capital demands for capacity expansion and technological iteration
• EVE Energy ranked second globally in storage battery shipments in H1 2025 [7]

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• The company can choose to resubmit a new prospectus to the HKEX to continue promoting the “A+H” dual listing plan
• Peer companies like Haichen Energy Storage quickly resubmitted their prospectuses after expiry, showing the industry’s urgent demand for Hong Kong financing [8]

• Optimize Financing Structure
  : During the wait for Hong Kong listing, short-term financing tools can be used to supplement working capital
• Accelerate Hearing Preparation
  : Improve on possible issues from previous reviews
• Strengthen Investor Communication
  : Improve information disclosure transparency to enhance market confidence

As a leading enterprise in the industry, EVE Energy has raised over 10 billion RMB through private placements, convertible bonds, etc. [3], and has strong financing experience and channel integration capabilities. The prospectus expiry is a procedural issue with limited impact on the company’s long-term financing capacity.

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EVE Energy’s Hong Kong IPO prospectus expiry is a normal procedural expiry, and its impact on the company’s financing capacity is

. With the company’s leading position in the lithium battery industry, stable financial status, and diversified financing experience, it is expected to meet capital needs through other channels and restart the Hong Kong listing plan when conditions are ripe.

From an industry perspective, against the background of rapid expansion of the global energy storage market, EVE Energy’s global strategic layout still needs the support of an international capital platform, and Hong Kong listing remains one of the company’s important strategic choices.

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[1] Eastmoney.com - Discussion on EVE Energy’s Hong Kong IPO Prospectus Expiry (https://guba.eastmoney.com/news,300014,1646347580.html)

[2] StockStar.com - EVE Energy’s Hong Kong IPO Prospectus Expiry (https://finance.stockstar.com/IG2025123000026531.shtml)

[3] Securities Times Online - EVE Energy Builds Diversified Financing System (https://www.stcn.com/article/detail/3564253.html)

[4] Jinling API Data - EVE Energy Company Overview

[5] Jinling API Data - EVE Energy Financial Analysis

[6] Time Weekly Online - 2025 Development Outlook of the Energy Storage Industry (https://static.time-weekly.com/time-weekly/cef50308700b615db2e7b82438cb76d6/20251229/1b506f0834cc4df1ae262eb01c18d508.pdf)

[7] Sina Finance - Market Recovery, Lithium Battery IPOs on HKEX Surge Again (https://cj.sina.cn/articles/view/5126633262/13192372e00101fwwy)

[8] Caifuhao - Haichen Energy Storage Resubmits Prospectus After Expiry (https://caifuhao.eastmoney.com/news/20251217130356083354120)