Wanbang Digital Energy is preparing for its fourth attempt to list on the Hong Kong Stock Exchange, targeting institutional and retail investors in Greater China. The company originally filed its IPO prospectus in 2020 and subsequently withdrew in 2021, 2022 and 2024 due to market volatility and regulatory reviews. This latest filing highlights Wanbang’s status as the world’s largest supplier of smart electric vehicle charging equipment, with over 150,000 charging piles installed across 20 countries and cumulative revenues surpassing RMB 6.2 billion in 2024.

Despite revenue growth of 18% year-on-year in 2024, Wanbang’s gross margin has contracted from 29.2% in 2022 to 24.6% last year, reflecting intense price competition and rising component costs. Net profit fell by 22% to RMB 340 million in 2024, compared with RMB 435 million in 2023. Operating cash flow swung to a negative RMB 120 million from positive RMB 85 million a year earlier, driven by higher working-capital requirements for raw materials and slower collections from key fleet operators.

To counter margin pressure, Wanbang has invested RMB 450 million in developing microgrid solutions and stationary energy storage systems over the past 18 months. The microgrid business recorded pilot revenues of RMB 60 million in 2024, while its energy storage segment secured a contract to supply a 50 MWh system for a public utility in Eastern China, valued at over RMB 200 million. Management expects these newer lines to contribute 15% of total revenues by 2026, up from less than 5% last year.