Shanghai-based electric vehicle (EV) charging systems manufacturer Zhida Technology Development (ZD Energy) plans to launch an initial public offering (IPO) in Hong Kong later this year to raise around HKD1bn (US$128m), according to local reports citing a source ‘close to the company’.

ZD Energy, established in 2010, was understood to have engaged Chinese state owned brokerage firm Shenwan Hongyuan Group with a preliminary prospectus expected out in weeks once details had been agreed, including the size of the IPO.

ZD Energy charging systems, which include home and portable charging, are used by 1m vehicle owners of 70 brands throughout China. Last month the company said it had completed construction of its first overseas factory, in Thailand.

Other mainland charging equipment manufacturers were also understood to be considering IPOs in Hong Kong, including Jiangsu based Star Charge in the second half of 2024.