Growatt has submitted its IPO prospectus to the Hong Kong Stock Exchange for the third time, continuing a drawn-out public listing process, KrASIA reported in June 2023. The company initially filed for an IPO in June 2022 and passed its listing hearing but did not proceed to bookbuilding. A second filing took place in March 2023, but the listing was postponed.
The latest submission also marks a change in Growatt's sponsorship, with Huatai International replacing Credit Suisse and CICC as underwriters. Growatt's predecessor had earlier planned a listing on the Shenzhen Stock Exchange, completing listing counseling in November 2017, but that effort was terminated in September 2021.
For Japanese investors, Growatt’s repeated attempts to go public highlight the challenges faced by renewable energy firms in navigating regulatory and market conditions in Greater China, a region increasingly critical for sustainable investment flows.