Huawei veteran's startup's valuation soars 40 times in 2 years! The energy storage dark horse is rushing toward Hong Kong stocks. Can a single blockbuster sustain a billion-yuan ambition?

An energy storage company founded by a former Huawei executive is now on the verge of listing on the Hong Kong Stock Exchange. Sige New Energy (Shanghai) Co., Ltd. has gone through three submission cycles and has finally passed the Hong Kong Stock Exchange’s hearing, just one step away from an official listing. This company, established only three years ago, rapidly rose to prominence with a flagship product but faces multiple challenges amid rapid expansion, including a single product structure and risks in overseas markets.

Sige New Energy’s core product, “SigenStor,” is a stackable distributed integrated solar and energy storage system, combining five major modules such as photovoltaic inverters and energy storage converters. Since its launch in June 2023, it has quickly become the company’s main revenue driver. The prospectus shows that from 2023 to 2025, sales of this product accounted for 96.4%, 90.6%, and 92.9% of total revenue, respectively, boosting the company’s gross profit margin from 31.3% to 50.1%. In 2024, the company ranked first globally in shipments among providers of stackable distributed solar and energy storage integrated solutions, with a market share of 28.6%.

This highly product-dependent strategy helped the company quickly seize market share during the industry boom but also concealed potential risks. In November 2025, the company initiated a product recall in the Australian market due to some inverter models overheating and damaging the AC power plug caused by installation defects. Although the company stated that the issue stemmed from third-party installers not following installation instructions and that the recall had less than a 1% impact on total revenue in 2025, this incident still exposed potential risks in overseas markets. Data shows that in 2025, the Asia-Pacific and European markets contributed over 91% of the company’s revenue, with revenue from mainland China only accounting for 1%, a significant decline from 12.2% in 2023. The company explained that this shift was part of its global expansion strategy, focusing on high-end international markets.

Sige New Energy’s “Huawei DNA” is a prominent label. Founder Xu Yingtong worked at Huawei for 23 years, leading smart photovoltaic and Ascend computing businesses. His entrepreneurial team also includes former Huawei colleagues, such as current Executive Director and President Zhang Xianmiao. To date, Xu Yingtong holds approximately 49% of voting rights through direct shareholding and controlling entities, giving him absolute control over the company. Capital-wise, the company secured 5 million yuan in seed funding just one month after its founding, completing six rounds of financing by January 2024, with post-investment valuation soaring from 100 million yuan to 4.17 billion yuan. Notable investors include Hillhouse Capital. Hillhouse Managing Director Sun Guoqing served as a director of the company in December 2023 and was appointed non-executive director in February 2025.

The company’s equity incentive scheme has previously sparked controversy. In February 2025, just before its initial submission to the Hong Kong Stock Exchange, Xu Yingtong and Zhang Xianmiao were granted shares at 1 yuan per share, while the fair value of the shares on that day was 248.93 yuan per share. With the hearing approval, this energy storage startup officially received its “ticket” to the Hong Kong market. According to plans, the funds raised will be used for upgrading R&D systems and deepening the global network. In the fiercely competitive new energy sector, whether this Huawei-linked entrepreneur can lead the company to break free from reliance on a single product and achieve sustainable growth will be a key focus for the market.