RelyEZ seeks up to $81.4M in Hong Kong energy-storage IPO
What's the deal? Chinese energy-storage firm RelyEZ Energy Storage Technology launched its Hong Kong global offering on October 30, aiming to raise up to US$77.2M (about $81.4 million at the top of its price range). The company plans to list on the Main Board of The Stock Exchange of Hong Kong on November 9, with shares priced between US$1.03 and US$1.34.
The details: The offering comprises 57,540,500 H shares, split between a Hong Kong public offering and an international tranche. At listing, RelyEZ would carry a market capitalisation of roughly US$483.5M. A cornerstone investor has committed about US$3.8M.
What's the endgame? Roughly 45% of proceeds go to hardware and software R&D, 25% to overseas teams and partnerships, and 20% to a new factory in Wuzhen, Zhejiang. The rest covers working capital.
RelyEZ sells large-scale and commercial storage systems, with large-scale solutions making up 89.4% of its FY2025 revenue. Reference projects span China and a 110MWh site in Hungary. Revenue rose 63.2% to US$257.1M in FY2025, with net profit of US$21.1M.
Why now? RelyEZ joins a wave of Chinese energy-storage companies courting Hong Kong capital for international expansion, following larger peers such as Sungrow, Hithium, and EVE EnergyDealroom has a profile for this one. Try Dealroom →, and CATL's high-profile 2025 listing. On October 30, six companies began bookbuilding together, targeting up to US$725.3M combined.
What could go wrong? Hong Kong's IPO momentum has cooled since October, with recent listings closing below their offer prices and two candidates shelving plans. China's new energy-storage installations also fell 18% year-on-year in the first half of 2026, after a storage-pairing mandate was removed and project economics came under pressure.
The signal: RelyEZ is a modest financing and expansion story, not a bet on uninterrupted domestic demand. As Chinese storage firms face a softening home market, Hong Kong's exchange is becoming the funding route for those looking to build abroad.
Read more: energytrend.com
Image credit: Generated with Gemini
