Wanbang Digital Energy Files for Hong Kong IPO as EV Charger Giant Pivots from Mainland Listing
Wanbang Digital Energy, the parent company of major electric vehicle charging operator Star Charge, has filed for an initial public offering on the Hong Kong Stock Exchange. The move marks a strategic shift to offshore capital markets for the world’s largest supplier of smart charging equipment, following two previously discontinued attempts to list on China’s A-share market.
The Jiangsu-based company formally submitted its prospectus on January 4, 2026, appointing J.P. Morgan, Guotai Junan, and CMBI as joint sponsors. While the company had signed tutoring agreements for a mainland listing in September 2020 and October 2024, those plans did not materialize, prompting the current pivot to Hong Kong.
The listing application comes as Wanbang Digital Energy reports robust top-line growth. For the first three quarters of 2025, the company recorded revenue of RMB 3.072 billion (US$423.7 million), a 23% increase compared to the same period the previous year. The offering is expected to fund R&D expansion, global market penetration, and the upgrading of production facilities in Changzhou and Yancheng.
Revenue Growth Meets Margin Pressure
While Wanbang Digital Energy has demonstrated consistent revenue expansion, its prospectus reveals tightening profit margins, a trend likely to draw investor scrutiny. The company’s revenue climbed from RMB 3.474 billion in 2023 to RMB 4.182 billion in 2024, representing year-on-year growth of 20.4%.
However, profitability metrics have compressed over the reporting period. Gross profit margin declined from 33.4% in 2023 to 29.2% in 2024, dropping further to 24.6% in the first nine months of 2025. Similarly, net profit margin contracted from 14.2% in 2023 to 8.0% in 2024, before recovering slightly to 9.8% through September 2025.
Dominant Market Position and Tier-One Clients
According to data from Frost & Sullivan cited in the prospectus, Wanbang Digital Energy ranked as the world’s largest supplier of smart charging equipment by both revenue and sales volume in 2024, with global sales exceeding 470,000 units.
The company has secured a significant foothold among premier global clients. It is the first Chinese provider in its sector to receive certification from high-end automotive original equipment manufacturers (OEMs). During the reporting period covering 2023 through the third quarter of 2025, the company supplied equipment and services to all top 10 global automobile manufacturers listed in the 2025 Fortune Global 500, as well as six of the world's top 10 energy companies.
Beyond standard charging, the company has diversified into microgrid systems, delivering over 300 systems across varied commercial scenarios including industrial parks, mining areas, and residential communities.
Accelerating Global Expansion
Overseas markets are becoming an increasingly vital component of Wanbang Digital Energy’s balance sheet. In the first three quarters of 2025, international revenue reached RMB 573 million (US$79 million), accounting for 18.6% of total revenue.
The company currently maintains a sales and service network covering approximately 70 countries and regions. To further entrench its global footprint, Wanbang Digital Energy plans to establish local sales teams and service centers in key growth regions, including North America, South America, Southeast Asia, the Middle East, and Africa.
The company is also leveraging strategic partnerships to boost its international profile, notably through Schneider eStarto, a joint venture with Schneider Electric, which co-brands products to penetrate broader markets.