Aodong New Energy Resubmits Hong Kong IPO Application; Revenue Declined 35% Over Three Years, Cumulative Losses Reach 1.38B Yuan

According to the Hong Kong Stock Exchange, Aodong New Energy resubmitted its Hong Kong IPO application on July 19, marking its second attempt after its initial filing lapsed in December 2025. If approved, it would become the first battery-swap operator listed on Hong Kong's main board.

The company's financial performance shows significant challenges. Revenue declined from 1.155 billion yuan in 2023 to 677 million yuan in 2025, representing a 35.2% cumulative decline, with 2024 and 2025 seeing year-over-year drops of 19.8% and 26.9% respectively. The company has accumulated losses of 1.382 billion yuan over three years. However, net losses narrowed from 655 million yuan in 2023 to 307 million yuan in 2025, and in the first four months of 2026, the company achieved gross margin profitability of 1.8% for the first time.

According to Analysys Intelligence, Aodong ranked third in China's battery-swap station operating service revenue in 2025. As of April 30, 2026, its platform connected 531 battery-swap stations and registered over 130,000 electric vehicles.