RelyEZ refiles HKEX application as Chinese storage firms treat Hong Kong as gateway to global capital

Shenzhen-based RelyEZ Energy Storage Technology re-submitted its listing application to the Hong Kong Stock Exchange Main Board on 9 August 2026^[1], seven months after its original January filing lapsed. The refiling lands in the middle of a sustained wave of Chinese energy storage companies treating HKEX as their primary route to international capital - and RelyEZ's own financials illustrate why the window is worth pursuing twice.

A company pivoting toward utility scale

RelyEZ's 2025 revenue reached RMB 1.868 billion, up from RMB 435 million in 2023, with gross profit rising to RMB 301 million over the same period. The shift in product mix is as striking as the top-line growth: large-scale energy storage system solutions accounted for 89.4% of total revenue in 2025, compared with just 1.6% in 2023.

On shipments, Frost & Sullivan data put RelyEZ's 2025 energy storage system volume at 5.4 GWh, ranking it 10th in China's overall ESS solutions market with a 2.1% share. Its standalone storage position is stronger: 3.4 GWh of newly installed standalone capacity in 2025 placed it fourth in that segment, with a 12.5% market share.

The company has already delivered 5 GWh of projects in China and expects to add a further 8-10 GWh during 2026^[1]. Overseas, it is active in Poland and Japan, with energy trading the next service layer it intends to unlock in those markets^[1].

Why Hong Kong, not a mainland exchange

CATL's May 2025 HKEX IPO was Hong Kong's largest to date, and it opened a door that has not closed since^[1]. Applications or re-filings have followed from Sungrow, Hithium, EVE Energy, Sunwoda, Sigenergy, Cubenergy, Great Power and Deye Technology, among others. H-Shares - HKEX-listed shares of mainland-incorporated companies - give firms access to foreign institutional capital and international visibility that A-Share listings on the Shanghai or Shenzhen exchanges do not provide.

The pull of Hong Kong's capital market is measurable:

• Hong Kong ranked first in Asia for green and sustainable bond issuance for the eighth consecutive year in 2025, with approximately US$38 billion arranged - roughly 40% of Asia's total
• The city had 190 SFC-authorised ESG funds managing US$139.1 billion in assets as of 31 March 2026
• KPMG ranked Hong Kong as the top global IPO market in 2025

Against tightened A-share approval conditions and intensifying domestic competition, HKEX has become the default internationalisation vehicle for storage companies with global ambitions.

From hardware supplier to infrastructure operator

RelyEZ's CEO Naomi Zhang frames the listing as more than a capital raise. "International expansion to the overseas market requires more than capital," she told Energy-Storage.news^[1]. "It requires transparency, governance" - qualities that a public listing enforces.

The company is in the middle of a deliberate transition away from pure hardware supply toward full-lifecycle services: project origination and design, system integration, and energy trading and optimisation^[1]. The logic is that a battery project is increasingly a financial asset - bankable, operational, and capable of generating long-term revenue - and that institutional investors need confidence in the operator, not just the equipment.

To build that capability in overseas markets, RelyEZ has established a joint venture in Hong Kong with two professors specialising in algorithmic trading and climate prediction^[1]. The JV is intended to function as both an R&D arm and a service-provider bridgehead into the US and European markets.

Canadian Solar's energy storage subsidiary, Eternalplanet Energy International, has made a parallel move, basing its Asian expansion out of Hong Kong for similar reasons.

What to watch

RelyEZ's refiling resets the six-month HKEX review clock. Whether it clears a listing hearing before the end of 2026 will depend on how regulators assess its rapid revenue concentration in large-scale storage and its still-nascent overseas revenue base. More broadly, the queue of Chinese storage firms seeking HKEX listings is long enough that approval timelines and post-listing valuations - particularly for mid-tier players - will increasingly test whether the market can absorb the supply.