Kunlun New Energy Material Technology (Yichang) Co., Ltd. has submitted a fresh listing application to the Hong Kong Stock Exchange on August 21, with China Securities International and Ping An Securities (Hong Kong) serving as joint sponsors. The company had previously filed its initial application on January 28 of this year.
According to the prospectus, Kunlun New Energy is a global supplier of lithium battery electrolytes, concentrating on the research, development, manufacturing, and sale of lithium battery electrolytes and emerging battery materials. Based on data from Frost & Sullivan, the company ranked third among global electrolyte suppliers by revenue in 2025, capturing a 3.6% market share.
The company has emerged as one of China's fastest-growing electrolyte technology firms, with its market presence expanding consistently in recent years. Frost & Sullivan data indicates that Kunlun New Energy's electrolyte shipments grew substantially over the past five years, achieving a compound annual growth rate of 59.6% from 2021 to 2025, surpassing the industry average. Over the same period, the company's global shipment volume ranked among the top tier of electrolyte suppliers, with market share climbing steadily from 3.0% in 2021 to 4.5% in 2025.
Kunlun New Energy has also made strategic inroads into emerging battery materials, including solid-state electrolytes, gel electrolytes, solid-liquid hybrid electrolytes, and sodium-ion electrolytes. The company possesses mass production capabilities across all these product categories and offers small-batch manufacturing services to accommodate niche and customized client requirements.
Founded in 2004, Kunlun New Energy stands as one of China's pioneering technology enterprises in the research and production of lithium-ion power battery electrolytes. Its client base encompasses leading companies across power batteries, energy storage system batteries, consumer electronics batteries, and emerging application scenarios.
As of June 30, 2026, the company has established two research and development bases in Xianghe County, Hebei Province, and Huzhou City, Zhejiang Province, housing four specialized R&D centers focused on synthesis, electrolyte formulation, process development, and technical research. By the same date, Kunlun New Energy held 171 registered patents in China, covering new processes, new formulations, new substance synthesis, and new material applications, with virtually all of these patents independently developed by the company.
Financial highlights show that revenue for 2023, 2024, 2025, and the six months ended June 30, 2026, reached approximately RMB 1.577 billion, RMB 1.021 billion, RMB 1.746 billion, and RMB 1.972 billion, respectively. Profit or loss for the same periods stood at RMB 86.168 million, RMB -27.609 million, RMB 36.062 million, and RMB 148 million, respectively. Gross profit for these periods was approximately RMB 173 million, RMB 45 million, RMB 164 million, and RMB 280 million, respectively.
The global lithium battery industry continues to experience rapid expansion, serving as a cornerstone of worldwide energy transition and the emerging industrial system. Global lithium battery shipments grew from 576.0 GWh in 2021 to 2,278.9 GWh in 2025, representing a compound annual growth rate of 41.0%. Projections indicate global shipments will surpass 5,900 GWh by 2030, with a compound annual growth rate of 21.0% from 2025 onward.
China remains the world's largest market, with shipments expanding from 327.0 GWh in 2021 to 1,522.7 GWh in 2025 at a compound annual growth rate of 46.9%. This figure is expected to exceed 3,300 GWh by 2030, maintaining a 16.9% compound annual growth rate from 2025. Within the shifting global regional landscape, Europe's share of worldwide lithium battery shipments is anticipated to rise from 11.9% in 2025 to 14.0% by 2030, driven by increasing new energy vehicle penetration and rapid energy storage system deployment, achieving a compound annual growth rate of 25.1% during this period.
In response to growing localization demands, major battery manufacturers are accelerating production capacity buildouts across global markets. This trend is propelling upstream raw materials, electrolytes, and other core segments to expand overseas while fostering supply chain localization, as the global lithium battery supply system evolves from centralization toward regional collaboration. Simultaneously, lithium batteries are penetrating emerging application fields, including robotics and low-altitude economy applications. By 2030, global lithium battery shipments for these new application areas are projected to exceed 260 GWh, growing at a compound annual rate of over 40% from 2025, positioning them as a fresh growth engine for the lithium battery industry.
The board of directors oversees the company's overall business management and operations, currently comprising nine members: three executive directors, three non-executive directors, and three independent non-executive directors. Tianjin Kunyu, Tianjin Tongde, and Tianjin Kunyuan are three limited partnerships established in China, all controlled by Mr. Guo Yingjun as their respective general partner. Consequently, under the Securities and Futures Ordinance, Mr. Guo is deemed to hold interests in all shares held by Tianjin Tongde, Tianjin Kunyuan, and Tianjin Kunyu, making Mr. Guo along with these three entities the single largest shareholder group.
The intermediary team includes joint sponsors China Securities (International) Finance Holding Company Limited and Ping An Securities (Hong Kong) Co., Limited; legal advisors Morgan, Lewis & Bockius LLP and King & Wood Mallesons; joint sponsor legal advisors Tian Yuan Law Firm (LLP) and Zhong Lun Law Firm; auditor and reporting accountant Ernst & Young; independent industry consultant Frost & Sullivan (Beijing) Inc. Shanghai Branch; and compliance advisor Altus Capital Limited.