Delan Minghai's two executive directors resigned on the eve of the IPO, and Secretary Dong Wei previously worked at Fang.com and Yuanrong Technology.

Rui Finance Liu Zhiying On February 15, Shenzhen Delan Minghai New Energy Co., Ltd. (hereinafter referred to as “Delan Minghai”) submitted an application for listing to the Hong Kong Stock Exchange, with Cinda Capital serving as the exclusive sponsor.

The prospectus shows that Delan Minghai was established in 2013 and is a provider and innovator of small- to medium-sized user-side energy storage solutions. The company launched the BLUETTI brand in 2020. As of December 31, 2025, the company has shipped over 3.5 million units worldwide; and as of the latest practical date, the company’s product portfolio has maintained an excellent safety record with zero recalls.

The company’s main product categories include portable energy storage products, home energy storage solutions, and an expanding ecosystem of smart peripheral devices and accessories. The product matrix is divided into the Elite, Pioneer, Premium, Apex, and EnergyPro series, complemented by an increasingly extensive ecosystem of peripheral devices and accessories to enhance the company’s energy storage offerings.

According to Frost & Sullivan, Delan Minghai ranked fourth among global portable energy storage device manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume.

In 2023, 2024, and the first nine months of 2025, Delan Minghai’s revenues were RMB 1.777 billion, RMB 2.174 billion, and RMB 1.572 billion, respectively. The company’s attributable net losses for the respective years/periods were RMB 184 million, RMB 46.624 million, and RMB 29.852 million.

Before the IPO, Yin Xiangzhu has the right to exercise approximately 51.70% of the voting rights directly or indirectly through Minghai Fulong and Minghai Co-creation at the shareholders’ meeting.

The board of Delan Minghai will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. Among them, Yin Xiangzhu serves as Chairman, Executive Director, and General Manager; Lei Jianhua is an Executive Director and Deputy General Manager; and Cong Wei is an Executive Director and Company Secretary.

Yin Xiangzhu, aged 52, is mainly responsible for the group’s strategic vision, corporate management, business planning, and technology and product development. Before founding Delan Minghai, Yin Xiangzhu founded Shenzhen Jiayang Battery Co., Ltd. in July 2006. He obtained a Bachelor’s degree in English from Hubei University of Technology in January 2010 and later earned an MBA from Peking University in July 2021.

Lei Jianhua, aged 40, is mainly responsible for the overall management of the group. Prior to joining Delan Minghai, Lei Jianhua served as R&D Technical Manager at Guangdong Mingyang Electric Co., Ltd. from July 2012 to June 2018. He earned a Bachelor’s degree in Automation from Beihua University in July 2008 and a Master’s degree in Materials Engineering from Sun Yat-sen University in December 2015. Since August 2024, Lei Jianhua has also been certified as a Senior Electrical Engineer by the Guangdong Provincial Department of Human Resources and Social Security.

Cong Wei, aged 42, is mainly responsible for corporate governance and capital operations management. Early in his career, Cong Wei worked at Yingji Software (Dalian) Co., Ltd. and Luming Technology Group Co., Ltd., before serving as Director and Company Secretary of Yuanyuan Optoelectronic Technology Co., Ltd. and head of its subsidiaries. From July 2021 to June 2022, he was Head of Finance at Shenzhen Kanfangwang Technology Co., Ltd. From June 2022 to February 2024, he served as HR Director and Deputy General Manager of Energy Storage at Shenzhen Jiyang Intelligent Technology Co., Ltd. Cong Wei holds a Bachelor’s degree in Law and a Master’s degree in Management from Northeast University of Finance and Economics, and an MBA from Peking University. Since December 2011, he has been certified as a qualified company secretary by the Shenzhen Stock Exchange.

According to records, on January 18, 2026, Xia Jun and Liu Zhi-liang resigned as executive directors of Delan Minghai and as employees of the group. On the same day, Cong Wei was appointed as an executive director of the company.