Asia Tech Wire (June 7) -- Chinese battery maker Sunwoda Electric Vehicle Battery Co. is considering an initial public offering (IPO) in Hong Kong instead of Shenzhen, according to Bloomberg.

The report cited people familiar with the matter as saying that discussions are still ongoing, and that the company could finalize plans to go public in the next few quarters.

Sunwoda EV Battery's parent company is Shenzhen-based Sunwoda Electronic Co.,Ltd (300207.SZ).

In July 2023, Sunwoda announced that it intended to spin off the battery subsidiary and list it on the Shenzhen Stock Exchange's Growth Enterprise Market.

Sunwoda EV Battery then hired CITIC Securities as a sponsor to formally launch the IPO process.

However, due to the slow process and other factors, the company then considered switching to a Hong Kong listing.

Founded in 2014, Sunwoda EV Battery has received investments from about 70 well-known institutions and industrial parties, including IDG Capital, Shenzhen Capital Group, National Green Development Fund, Li Auto, Nio, Xpeng, Meituan, SAIC, GAC, Dongfeng Motor, and Country Garden Venture Capital.

In June last year, the company completed its last round of financing before listing counseling, raising 1.65 billion yuan, bringing its valuation to about 35.5 billion yuan.