New Stock News | Aodong New Energy filed a secondary listing application with the Hong Kong Stock Exchange, ranking among the top three in China's battery swapping industry.

On July 19, Aodong New Energy Limited (referred to as "Aodong New Energy") submitted its application to the Hong Kong Stock Exchange Main Board, with CMB International as the sole sponsor. The company had previously submitted its listing application to the Hong Kong Stock Exchange on December 12, 2025. Company Overview According to the prospectus, Aodong New Energy is a mature participant in the battery swapping industry in China, dedicated to establishing a comprehensive product and service portfolio covering the battery swapping ecosystem. The company's solutions meet the market demand for battery-swappable electric vehicles. The company also provides operational services to battery swapping station owners and offers battery swapping services to electric vehicles compatible with battery swapping through its own operating stations. Based on data from Zhishi Consulting, the company ranked third in China in terms of revenue generated from battery swapping station operation services in 2025. With its self-developed smart energy service platform, the company efficiently manages battery swapping equipment, vehicles, and batteries to better meet user demands. Aodong New Energy has established a comprehensive network of battery swapping stations covering a variety of vehicles, functions, and application scenarios. During the historical period, the company's battery swapping stations mainly provided services to passenger vehicles. The company has also been establishing battery swapping stations for commercial vehicles, including microvans, light-duty trucks, and heavy-duty trucks, to create a complete battery swapping solution. As part of its strategy, the company aims to expand its battery swapping station portfolio to meet the battery swapping needs of these types of vehicles, providing a broader range of applications. As of April 30, 2026, the company has upgraded nine of its own battery swapping stations, now supporting passenger vehicles and microvans for battery swapping. The company's chassis quick-lock battery swapping technology significantly improves battery swapping speed, prolongs the life of battery swapping modules, and ensures safety. It includes three main technological features: (i) a quick-lock mechanism to simplify battery assembly and achieve industry-leading battery swapping times, with passenger vehicles and microvans as fast as 20 seconds, light-duty trucks as fast as 30 seconds, and heavy-duty trucks as fast as 40 seconds; (ii) a flat connector designed to enhance electrical contact stability, reduce mechanical wear, and extend lifespan; and (iii) a floating docking system that dynamically adapts to different vehicle models to improve compatibility and operational reliability. Financial Data Revenue For the years 2023, 2024, 2025, and the four months ended April 30, 2026, the company achieved revenues of approximately RMB 1.155 billion, RMB 926 million, RMB 677 million, and RMB 235 million, respectively. Yearly/Periodic Loss For the years 2023, 2024, 2025, and the four months ended April 30, 2026, the company incurred yearly losses of approximately RMB 655 million, RMB 419 million, RMB 307 million, and RMB 91.432 million, respectively. Industry Overview China has become a global leader in the adoption of pure electric vehicles, with sales increasing from 1.1 million vehicles in 2020 to 8.6 million vehicles in 2025, with a compound annual growth rate of 50.1%. Sales are expected to reach 19.2 million vehicles by 2030, with a compound annual growth rate from 2025 to 2030 of 17.4%. The continuous expansion of the pure electric vehicle market in China is attributed to a mature supply chain, a wider range of vehicle models, continuous improvement in vehicle performance, and ongoing enhancements to energy supply infrastructure. As pure electric vehicles are increasingly used in diverse applications, the demand for efficient and convenient energy replenishment solutions continues to grow, especially in high-frequency operation scenarios where vehicle utilization and downtime are key considerations. Against this backdrop, battery swapping vehicles in China have recorded rapid growth. Battery swapping vehicles accounted for approximately 4.8% of China's pure electric vehicle sales in 2025 and are expected to increase to 6.6% by 2030. Particularly, battery swapping operational vehicles accounted for approximately 5.7% of China's operational pure electric vehicle sales in 2025 and are expected to reach 19.7% by 2030. Passenger vehicles are the core area for the penetration of pure electric vehicles, including operational vehicles and private cars. Private cars are mainly used for daily commuting and intercity travel. With improvements in driving range and the development of charging and battery swapping networks, consumer acceptance of pure electric private cars continues to increase, becoming a significant force driving market expansion. Sales of pure electric passenger vehicles in China increased from 1.0 million vehicles in 2020 to 7.7 million vehicles in 2025, with a compound annual growth rate of 50.5%. Sales are expected to reach 17.3 million vehicles by 2030, with a compound annual growth rate from 2025 to 2030 of 17.6%. Sales of pure electric commercial vehicles in China increased from 129,000 vehicles in 2020 to 890,000 vehicles in 2025, with a compound annual growth rate of 47.1%. Sales are expected to reach 1.878 million vehicles by 2030, with a compound annual growth rate from 2025 to 2030 of 16.1%. Sales of electric heavy-duty trucks reached 230,000 vehicles in 2025, and are expected to reach 539,000 vehicles by 2030, with a compound annual growth rate from 2025 to 2030 of 18.6%. The penetration rate of battery swapping heavy-duty trucks in electric heavy-duty trucks is expected to increase from approximately 26.5% in 2025 to approximately 38.2% in 2030. The battery swapping industry in China has become an important supplement to traditional charging infrastructure, enabling energy replenishment in minutes and alleviating the inefficiencies of seasonal charging. Continuous improvements in battery swapping technology, coupled with decreasing battery production costs, have enhanced the economic feasibility of battery swapping operations. Sales of battery swapping vehicles in China increased from 66,000 vehicles in 2020 to 415,000 vehicles in 2025, with a compound annual growth rate of 44.3%. Sales are expected to reach 1.267 million vehicles by 2030, with a compound annual growth rate from 2025 to 2030 of 25.0%. The trend of using battery swapping vehicles is expected to continue to increase in operational scenarios such as taxi and ride-hailing fleets, as these vehicles have long daily mileage, high utilization rate requirements, and high sensitivity to downtime. Board of Directors and Management Information The Board of Directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors. Equity Structure Mr. Cai Dongqing directly holds approximately 39.11% of the company's equity, making him the largest shareholder and controlling shareholder of the company; Mr. Zhang Jianping directly holds approximately 13.24%; NIO Capital holds approximately 5.53%; Guanghai Kaidi holds approximately 5.20%; In addition, the company has several employee shareholding platforms, with Zhuhai Aoli (controlled by Mr. Cai Dongqing as a general partner) holding approximately 0.99%. Intermediary Team Sole Sponsor: CMB International Finance Limited; Company Legal Advisor: Mimes Law Firm (Hong Kong and US law), Beijing Tongshang Law Firm (Chinese law); Sole Sponsor Legal Advisor: JunHe Law Firm (Hong Kong law), Fangda Law Firm (Chinese law); Reporting Accountant and Auditor: KPMG Certified Public Accountants; Industry Consultant: Zhishi Industry Consulting Co., Ltd.; Compliance Advisor: Eight Financial Limited.