New Stock News | Eaglerise Electric & Electronic (002922.SZ) submits application to Hong Kong Stock Exchange, ranking second among Chinese suppliers of medium and high voltage transformers worldwide.

According to the disclosure by the Hong Kong Stock Exchange on January 30th, Eaglerise Electric & Electronic Co., Ltd. (002922.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guotai Junan Financing Limited as its exclusive sponsor. Company Profile According to the prospectus, Eaglerise Electric & Electronic is a global supplier of electrical equipment and solutions. Guided by market demand, Eaglerise Electric & Electronic provides a range of products and solutions covering multiple application areas, using proprietary core technologies and research and development capabilities. The company focuses on fields such as new energy, data centers, power distribution, industrial control, and lighting, with a primary focus on transformer equipment products. Additionally, Eaglerise Electric & Electronic also offers customized integrated solutions for various application scenarios to empower global customers. As of September 30, 2025, through its international sales network, Eaglerise Electric & Electronic has established a presence in over 60 countries and regions worldwide, providing quality products and solutions to customers in various industries and application areas. In terms of revenue in 2024, among the top five Chinese suppliers in the global medium-voltage transformer equipment industry, Eaglerise Electric & Electronic ranked second, with a market share of 2.2%. Eaglerise Electric & Electronic's position in key industries is as follows: In the new energy transformer equipment industry in 2024, Eaglerise Electric & Electronic ranked second among Chinese suppliers with approximately RMB 2.6 billion in revenue, holding about 3.7% of the global market share. In the data center transformer equipment industry in 2024, Eaglerise Electric & Electronic ranked third among Chinese suppliers with approximately RMB 149.3 million in revenue, holding about 2.3% of the global market share. In the lighting power industry in 2024, Eaglerise Electric & Electronic ranked fifth among global suppliers with approximately RMB 842.7 million in revenue, holding about 1.2% of the global market share. Eaglerise Electric & Electronic has a comprehensive localization strategy in production, sales, and service fields globally. As of September 30, 2025, the company has nine production bases worldwide, including in the United States, Mexico, Malaysia, and Thailand overseas; and in mainland China in Jiangxi Ji'an, Guangdong Foshan, Anhui Huainan, Guangdong Shenzhen, and Guangdong Zhongshan. Eaglerise Electric & Electronic has established a scalable production layout globally and has significantly improved delivery certainty and shortened delivery cycles. The company's smart transformer manufacturing plant in the US commenced operations in October 2025; it will jointly form local supply capacity for the North American market along with the Mexico production base in the future. In addition, the factories in Malaysia and Thailand owned by Eaglerise Electric & Electronic are operational. Eaglerise Electric & Electronic has established a fully self-controlled sales network in key overseas markets. As of September 30, 2025, the company has set up direct sales branches in North America, Europe, and Southeast Asia, and has established localized sales teams and a complete local after-sales service system managed directly by the company, understanding local market rules, culture, and customer requirements. Financial Information Revenue In the years 2023, 2024, and the nine months ending on September 30, 2025, the company achieved revenues of approximately RMB 3.616 billion, RMB 4.603 billion, and RMB 3.769 billion respectively. Net Profit In the years 2023, 2024, and the nine months ending on September 30, 2025, the company recorded net profits of approximately RMB 217 million, RMB 300 million, and RMB 188 million respectively. Gross Margin For the years 2023, 2024, and the nine months ending on September 30, 2025, the company's gross margins were 21.7%, 20.1%, and 17.8% respectively. Industry Overview Driven by the acceleration of global energy transformation, increasing electrification, and the continuous expansion of downstream application scenarios, the global transformer equipment market size grew from RMB 306.3 billion in 2020 to RMB 420 billion in 2024, with a compound annual growth rate of 8.2%. As the construction of new power systems accelerates globally, it is expected that by 2030, the global transformer equipment market size will reach RMB 685 billion, with a compound annual growth rate of approximately 8.5% between 2024 and 2030. Divided by voltage level, in 2024, the global transformer equipment market low-voltage, medium-voltage, and high-voltage segments accounted for 26.5%, 34.9%, and 38.6% of the total market size, respectively. The global medium-voltage transformer equipment market benefited from the cluster grid access of renewable energy power plants, the demand release driven by energy storage projects, the accelerated construction of charging infrastructure, and the strong demand for stable and efficient power distribution systems from data centers. The market size grew from RMB 91.9 billion in 2020 to RMB 146.6 billion in 2024, with a compound annual growth rate of 12.4%. Looking ahead, with the continuous increase in demand for high-reliability medium-voltage transformer equipment from renewable energy and data centers, the global medium-voltage transformer equipment market is expected to expand at a compound annual growth rate of around 9.3% after 2024, reaching a size of RMB 249.3 billion by 2030. Board of Directors Information Eaglerise Electric & Electronic's board of directors consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. The term of office for Eaglerise Electric & Electronic's directors is three years, with the option of consecutive re-election. Equity Structure As of the last practicable date, Founder and Chairman of the Board Mr. Xiao Juncheng directly holds 11,599,268 A-shares, representing approximately 2.8% of the company's voting rights at shareholder meetings (excluding 3,079,900 shares held in treasury A-shares as of the last practicable date); and MegaMax directly holds 122,836,704 A-shares, representing approximately 29.2% of the company's voting rights at shareholder meetings (excluding 3,079,900 shares held in treasury A-shares as of the last practicable date). As MegaMax is 100% controlled by Mr. Xiao, he and MegaMax form a controlling shareholder group of the company. As of the last practicable date, Mr. Xiao and MegaMax together have the right to exercise about 32.0% of the company's voting rights at shareholder meetings (excluding 3,079,900 shares held in treasury A-shares as of the last practicable date). Therefore, Mr. Xiao and MegaMax constitute a controlling shareholder group. Following the completion of the [redaction] (assuming the [redaction] is not exercised, and no other changes in the company's issued share capital from the last practicable date to the [redaction] period), Mr. Xiao and MegaMax will have the right to exercise about [redaction] of the voting rights at the shareholder meetings (excluding 3,079,900 shares held in treasury A-shares). Intermediary Team Exclusive Sponsor: Guotai Junan Financing Limited Company Legal Advisors: Tianyuan Law Firm, Universal Law Firm, Eversheds Sutherland Exclusive Sponsor Legal Advisors: Tong Dazhao Law Firm, Jin Tiancheng Law Firm in Shanghai Appointed Accountants and Auditors: Rongcheng (Hong Kong) Certified Public Accountants Limited Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultants: Guotai Junan Financing Limited