A lithium battery giant with a market cap of 67.5 billion yuan is going IPO

Yangtze Evening News, March 21 — (Reporter Bo Yunfeng) Recently, Shanghai Putailai New Energy Technology Group Co., Ltd. (referred to as “Putailai”) officially submitted its prospectus, planning to list on the Main Board of the Hong Kong Stock Exchange. This means that the lithium battery giant, with a market value of 67.5 billion yuan in A-shares, is about to enter the era of dual listing in “A+H” shares.

Putailai is expected to achieve revenue of 15.656 billion yuan in 2025, with a profit of 2.614 billion yuan during the period. Amid widespread losses and overcapacity in the industry, this capital heavyweight also declared a substantial final dividend of 484 million yuan.

Born in 1968, Liang Feng initially worked in product manufacturing at Dongguan Xinke Magnetoelectric in Guangdong before entering the financial sector. He has collaborated with CITIC Group Shenzhen Zhongda Investment, CITIC Fund, and AIA Huatai Fund, and has long been involved in project evaluation and judgment in the capital markets.

In 2012, Liang Feng teamed up with Chen Wei, who has a background in new energy technology, to directly establish Putailai and enter the lithium battery industry chain. Chen Wei is a top technical expert in the field, one of the founders of New Energy Technology (ATL), and has served as a project director, holding extensive industry resources in lithium-ion batteries. With one understanding capital operations and the other technical implementation, this duo focused on the new energy vehicle sector. They did not manufacture complete vehicles or batteries but chose a more “fundamental” position—materials. They expanded their business step by step into anode materials, separator coating, and equipment manufacturing. Through mergers, acquisitions, and integrations—from Dongguan Kaixin to Shandong Xingfeng, and a series of upstream and downstream companies—Putailai has pieced together the industry chain with capital.

When the new energy vehicle market exploded after 2015, Putailai was perfectly positioned to benefit from the boom. By 2017, just five years after its founding, the company listed on the A-share market. At that moment, Liang Feng had successfully transitioned from a fund manager to a listed company chairman, completing his role transformation in five years.

As the new energy vehicle boom continued, industry growth entered an upward trajectory, and Putailai captured the most critical cycle. Revenue grew from less than 2.3 billion yuan in 2017 to nearly 15.5 billion yuan in 2022, and is projected to reach 15.656 billion yuan in 2025, nearly keeping pace with industry growth.

In the field of separator coating and processing, Putailai is the undisputed leader. By 2025, its coating processing volume reached 10.942 billion square meters, a 56.3% increase year-over-year. It holds approximately 35.3% of the global new energy battery separator coating market, maintaining the world’s number one position for seven consecutive years.

In 2025, Putailai’s overseas revenue was 936 million yuan, accounting for less than 6%. Liang Feng understands that to maintain his 22.5 billion yuan fortune and continue doubling it, going global is the only way.

By the end of 2025, Putailai had established an annual production capacity of 250,000 tons of anode materials, but the actual shipment volume for the year was only 143,000 tons, indicating underutilized capacity. If the 50,000-ton project in Malaysia is completed, total capacity will reach 300,000 tons.

To absorb the excess anode material capacity, Putailai’s IPO in Hong Kong is a strategic move to stockpile “grain” for future global market changes. Since the Malaysia project has a construction period of several years and cannot generate immediate performance, it requires substantial financial investment.

The reporter notes that Putailai’s “family” influence is very strong. Founder Liang Feng not only holds a controlling stake directly, but his wife, Shao Xiaomei, is also deeply involved. Through various partnership companies, they control approximately 45.01% of the company’s voting rights.