RelyEZ files second HKEX application as InvestHK pitches Hong Kong as a clean-tech R&D bridge

RelyEZ Energy Storage Technology refiled its HKEX Main Board application on 9 August 2026, seven months after its original January filing lapsed^[1]. The refile arrives as investment promotion agency InvestHK made its first dedicated energy and sustainability-focused delegation to the UK - a move that frames the broader HKEX storage wave as a governance and talent play as much as a financing one.^[1]

The HKEX wave and what triggered it

CATL's secondary listing on the HKEX in May 2025 raised approximately HK$41 billion, the largest Hong Kong IPO of that year, and set off a chain reaction across the storage sector. Applications from Sungrow, Hithium, EVE Energy, Sunwoda, and Sigenergy followed in quick succession.^[1] Sigenergy listed on 16 April 2026; Sungrow refiled for the second time in April after its first application lapsed.

The structural pull is clear. H-shares enable mainland Chinese firms to raise capital in offshore currencies, bypassing onshore foreign exchange constraints, while simultaneously building an international investor profile that an A-share listing on the Shenzhen or Shanghai exchanges cannot provide.^[1] King Leung of InvestHK has said the HKEX wants to build a globally recognised market vertical in new energy and sustainable technologies - not just replicate CATL's scale, but help smaller firms tell their story to institutional investors.^[1]

RelyEZ's numbers and the overseas push

RelyEZ is not a household name in the sector, but its trajectory is notable. Revenue grew from RMB 435 million in 2023 to RMB 1.87 billion in 2025, with large-scale energy storage system solutions rising from 1.6% of revenue in 2023 to 89.4% in 2025. In the first four months of 2026, the company recorded RMB 280 million in revenue, up sharply from RMB 8.5 million in the same period a year earlier.

RelyEZ's standalone energy storage shipments ranked fourth in China's market in 2025, with a 12.5% share of newly installed capacity.

Overseas, the company currently operates in Poland and Japan, offering what it describes as a full-spectrum service - covering grid connections, revenue streams, cycling profiles, and financing structures. Energy trading is the next service it intends to add in those markets.^[1]

More than capital: governance, talent, and R&D

RelyEZ CEO Naomi Zhang has been explicit that the listing is not primarily a fundraising exercise. "International expansion to the overseas market requires more than capital," Zhang told Energy-Storage.news. "It requires transparency, governance, international talents, customers' confidence, and diversified financing channels."^[1]

That framing is backed by a concrete structure. RelyEZ has established a joint venture with two Hong Kong-based professors specialising in algorithmic trading and climate prediction. The JV is intended to function as both an R&D arm and a market-entry vehicle for US and European clients.^[1]

InvestHK's role extends beyond investor matchmaking. The agency supports talent development and R&D connections - illustrated by Jana Energy, a sodium-ion battery developer that set up operations in Hong Kong and partnered with Cambridge University through an InvestHK booster programme.^[1]

What to watch

The key question for RelyEZ is whether the refile converts to a listing before the application lapses again. For the broader HKEX storage cohort, the test is whether the governance and transparency narrative - rather than pure scale - can attract the institutional capital that family offices and sovereign wealth funds have so far directed toward the sector's larger names. InvestHK's UK delegation suggests the pitch is now being taken directly to European institutional investors, not just those already present in Hong Kong.