Qingtao Energy's push into Hong Kong stocks: annual revenue of 940 million yuan, net loss of 1.3 billion yuan, just raised 1.9 billion yuan in financing, SAIC is a shareholder

Ask AI · Why Does Qingtao Energy Continue to Attract Capital Despite Ongoing Losses?

Leidi Network, Leijianping, April 8

Qingtao (Kunshan) Energy Development Group Co., Ltd. (referred to as: “Qingtao Energy”) recently submitted its prospectus, preparing for a listing on the Hong Kong Stock Exchange.

Qingtao Energy completed a 620 million yuan financing in December 2022, and raised 2.7 billion yuan in June 2023.

In Series H financing, Qingtao Energy completed a series of equity financings, issuing a total of 40,000,504 common shares to a group of institutions and strategic investors, raising approximately 1.9 billion yuan. The subscriptions were completed in two batches on January 27, 2026, and February 28, 2026.

Annual revenue of 940 million, net loss of 1.3 billion

Qingtao Energy is an enterprise specializing in the industrialization and commercialization of solid-state batteries, with capabilities in solid-state battery technology research, development, and delivery.

Qingtao Energy focuses on R&D, manufacturing, and sales of hybrid liquid-solid batteries and all-solid-state batteries used in electric vehicles and energy storage systems.

In March 2026, SAIC announced at MG Tech Day in Frankfurt that the MG4 Urban will become Europe’s first mass-produced electric vehicle equipped with Qingtao Energy’s hybrid liquid-solid batteries, expected to be launched in the second half of 2026.

The prospectus shows that Qingtao Energy’s revenue for 2023, 2024, and 2025 are 248 million, 405 million, and 943 million yuan respectively; gross losses are 59 million, 96.33 million, and 250 million yuan respectively.

Qingtao Energy’s 2025 revenue from power batteries was 237 million, accounting for 25.1%; energy storage batteries revenue was 592 million, accounting for 62.8%; automation equipment revenue was 77.23 million, accounting for 8.2%; other income was 37.14 million, accounting for 3.9%.

In 2023, 2024, and 2025, Qingtao Energy’s annual losses were 853 million, 1 billion, and 1.3 billion yuan respectively.

Adjusted net losses for 2023, 2024, and 2025 were 278 million, 500 million, and 766 million yuan respectively.

As of December 31, 2025, Qingtao Energy held cash and cash equivalents of 1.24B yuan.

Major shareholder controls 37% of equity, SAIC is a shareholder

Qingtao Energy’s executive directors are Dr. Feng Yuchuan, Dr. Li Zheng, and He Chaoling; non-executive directors are Ms. Yang Fan, Shen Haoming, and Ms. Yuan Wenjing; independent non-executive directors are Dr. Li Enzhu, Dr. Wu Yingyu, and Lin Weiji.

Before the IPO, Dr. Feng Yuchuan held 10.64% of shares, Dr. Li Zheng held 10.32%, Dr. Nan Cewen held 6.45%, Ms. Yang Fan held 4.84%, Kunshan Hoshi held 2.68%, Kunshan Qingchuang held 2.07%. These controlling shareholders collectively control 37% of the company’s equity.

Shanghai Fengrui holds 8.11%, Chongqing Fengrui Phase I holds 6.53%, Chengdu Fengrui, Kunshan Fengrui each hold 0.15%, Fengrui Qihang and Quanzhou Fengrui each hold 0.07%, totaling 15.09%.

Jiaxing Chuangqi holds 8.87%, Jiaxing Qijun No. 1 holds 6.23%, Jiaxing Chuangrong holds 0.15%, collectively these shareholdings amount to 14.24%; Shangqi Capital and Hengxu Chuangling are funds under SAIC.

Chongqing Yisairui holds 2.3%, Chongqing Qinshuo 1.69%, Chongqing Zhenghanting 1%, Chongqing Yasta 0.64%, totaling 5.63%.

Yichun Anpeng holds 1.91%, Anpeng Zhiyuan 1.47%, Anpeng Zhihui 0.67%, totaling 4.05%; Bank of China Investment holds 3.49%, Yongning Investment 2.51%;

Kunshan Yizhen holds 1.43%, Yangtze River Delta Investment 0.61%, Shangqi Qifeng 0.24%, totaling 2.28%; Kenge Ba Ba holds 0.92%, Kenge Shiliu 0.6%, Kenge Qibai 0.15%, Xinding Capital’s combined holdings through these shareholders amount to 1.66%.

Kunshan State-owned assets hold 1.28%, Sichuan Chengdu Chengtou Electronic Information Major Industrialization Project Partnership (Limited Partnership) 1.08%, Chengdu Juancheng High-tech Industry Investment Development Co., Ltd. 0.8%, Qingkong Ginkgo Nantong Venture Capital Partnership (Limited Partnership) 0.77%, Foshan Huachao Asset Management Co., Ltd. 0.73%, Sichuan Juxin Zhiyuan Private Equity Fund Management Co., Ltd. 0.72%;

Soochow City Major Industry Development Private Equity Fund Partnership (Limited Partnership) 0.36%, Taizhou Daode New航 Equity Investment Partnership (Limited Partnership) 0.36%, Shanghai Jiading Zhanxing Anxin Private Equity Fund Partnership (Limited Partnership) 0.36%, Wuhai New Momentum Innovation Equity Investment Partnership (Limited Partnership) 0.32%, Hangzhou Shijin Enterprise Management Partnership (Limited Partnership) 0.31%, Chen Gongen 0.26%;

Kunshan Kosen Technology Co., Ltd., Jiezhen Shuangyu (Suzhou) Equity Investment Partnership (Limited Partnership) 0.22%, Zhang Chuanping 0.11%, Nanjing Dongzheng Zhan Equity Investment Partnership (Limited Partnership) 0.09%, Suzhou Qingshan Zhiyuan Venture Capital Partnership (Limited Partnership) 0.08%, Beijing Renrenchuang Venture Capital Co., Ltd. 0.04%.

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