RelyEZ Energy Storage Surges 129% on Hong Kong Debut, Highlighting Strong Investor Demand for China's Energy Storage Sector

RelyEZ Energy Storage Technology, trading under stock code 09621, opened at HK$21 per share, approximately 114.7% above its IPO price of HK$9.78, before climbing to HK$22.40 during its first trading session. The performance significantly outpaced the broader Hang Seng Index, which was trading approximately 1% higher when Reuters reported the surge. The company offered approximately 57.54 million shares at a price near the middle of its marketed range of HK$8.54 to HK$11.10. Investor demand was particularly strong in Hong Kong’s retail market, where the offering was oversubscribed nearly 1,389 times, compared with approximately 1.3 times subscription in the international tranche. Cornerstone investor CDH Global Frontier Ventures received an allocation of 3.21 million shares, worth approximately HK$31.4 million at the offer price. The substantial difference between retail and institutional subscription levels suggests particularly strong enthusiasm among individual investors, although it does not necessarily indicate equally strong long-term institutional demand.

Founded in 2019, RelyEZ specializes in integrated energy storage system solutions, combining hardware manufacturing, software development, energy management platforms and supporting services. Its products serve large-scale renewable energy power stations, industrial facilities and commercial energy storage applications. According to company disclosures citing Frost & Sullivan, RelyEZ ranked tenth in China’s energy storage system solutions market in 2025, with shipments of approximately 5.4 gigawatt-hours and a 2.1% market share. The company has undergone a significant business transformation, with revenue increasing from RMB434.6 million in 2023 to RMB1.14 billion in 2024 and RMB1.87 billion in 2025. Large-scale energy storage solutions accounted for approximately 89.4% of total revenue in 2025, compared with just 1.6% in 2023. This shift reflects the company’s increasing emphasis on utility-scale projects, where energy storage infrastructure is becoming important for managing intermittent electricity generation from solar and wind power.

RelyEZ’s financial performance also demonstrates the opportunities and volatility associated with the rapidly developing energy storage market. During the first four months of 2026, the company reported revenue of approximately RMB280 million, compared with RMB8.47 million during the corresponding period in 2025. Gross profit reached RMB76.6 million, representing a gross profit margin of approximately 27.4%, compared with a negative margin a year earlier. The company also recorded net profit of approximately RMB23.25 million, reversing a loss of RMB28.73 million in the previous corresponding period. However, the sharp year-on-year increase should be interpreted carefully because energy storage project deliveries can be uneven across reporting periods. International expansion is becoming an increasingly important growth driver. Overseas revenue reached approximately RMB125 million in the first four months of 2026, accounting for 44.6% of total revenue during that period, compared with overseas sales of only RMB8.8 million throughout 2025. European markets, particularly Poland and Hungary, have emerged as important contributors to the company’s international business.

Following the IPO, RelyEZ plans to invest approximately 45% of its net proceeds in technology development and research and development capabilities, including energy storage hardware and software. Another 25% will support overseas expansion, while approximately 20% will be allocated to its planned manufacturing facility in Wuzhen, Zhejiang province, with the remaining 10% reserved for working capital and general corporate purposes. The company is pursuing this strategy as energy storage providers face increasing demand for integrated solutions capable of improving renewable energy utilization and supporting grid reliability. Nevertheless, competition among Chinese manufacturers, project execution risks, pricing pressure and the challenges of establishing overseas operations remain important considerations. RelyEZ’s debut reflects strong investor interest in China’s energy transition supply chain, but its longer-term valuation will depend on the company’s ability to translate growing energy storage demand into consistent earnings, sustainable margins and successful international expansion.