According to a disclosure by the Hong Kong Stock Exchange on April 24, 2026, Meikesheng Energy Technology Co., Ltd. (Meikesheng Energy) submitted its listing application to the Hong Kong Stock Exchange, with Guotai Haitong acting as the exclusive sponsor.
According to Zhitong Finance App, on April 24, 2026, the Hong Kong Stock Exchange disclosed that Meikesheng Energy Technology Co., Ltd. (Meikesheng Energy) submitted an application for listing, with Guotai Haitong as the exclusive sponsor.
Company Profile
The prospectus shows that Meikesheng Energy is a leading new electricity service provider in China driven by artificial intelligence and based on distributed energy storage (DES) assets. According to data from CIC Consulting, as of December 31, 2025, with an operational scale of 799.5 MWh and a market share of 7.4%, the company has become the largest new electricity service provider in China in terms of the scale of distributed energy storage asset operations. The company invests in and develops distributed energy storage assets while providing power services. It is committed to integrating real-time dispatchable terminal power resources to maximize the value of distributed energy storage assets, reduce electricity costs, and promote grid stability.
The company develops distributed energy storage assets and provides power services. Currently, it focuses on investing in and developing distributed energy storage assets at physical power nodes in China to expand its network of user-side power resources that can be dispatched in real time, thereby promoting the large-scale development of power services.
The company concentrates on key high-load provinces in China, particularly regions such as the Yangtze River Delta and the Pearl River Delta, for distributed energy storage asset development. Its distributed energy storage asset development includes optimal energy storage solution planning, standardized delivery, and acceptance.
The company primarily provides power services to electricity users, typically industrial and commercial enterprises characterized by high electricity consumption, long-term demand for electricity, and significant fluctuations in daily load. The company's current power services mainly include peak-valley arbitrage, operation and maintenance, power trading, and virtual power plants. In terms of peak-valley arbitrage and operation and maintenance, the company deploys remote scheduling and control technology to physical power nodes and combines them with user-side load curves to optimize electricity cost services for power users.
In terms of power trading, the company participates in annual, monthly, day-ahead, and real-time market power trading, including position management, volume declaration, and bid quotation services for electricity users. In the area of virtual power plants, the company aggregates distributed energy storage assets, enabling them to act as a unified generation entity in power system optimization, including peak shaving, valley filling, and demand response. The company has developed an artificial intelligence platform for analyzing and forecasting load, power generation, electricity prices, and operational conditions to support its power services.
Financial Information
Revenue
The company reported revenues of approximately RMB 174 million, RMB 125 million, and RMB 520 million in 2023, 2024, and 2025, respectively.
Annual profit
The company recorded net profits of approximately -RMB 291 million, -RMB 299 million, and -RMB 235 million in 2023, 2024, and 2025, respectively.
Gross profit
The company recorded gross profits of RMB 4.508 million, RMB 5.189 million, and RMB 51.884 million in 2023, 2024, and 2025, respectively.
Industry Overview
In terms of the scale of distributed energy storage asset operations, the market size of China’s distributed energy storage asset operation service industry grew from 0.2 GWh in 2020 to 10.7 GWh in 2025, with an average annual compound growth rate of 123.1%. As a core carrier for achieving spatiotemporal energy transfer and flexible system regulation, distributed energy storage assets meet the fundamental needs of building a new power system, rapidly increasing their penetration across various scenarios and driving robust industry expansion. It is expected that the market size of China’s distributed energy storage asset operation service industry will maintain rapid growth, reaching 123.3 GWh by 2030, with an average annual compound growth rate of 62.9% from 2025 to 2030.
Electricity trading refers to the transactions conducted by various participants through mechanisms such as bilateral negotiation, centralized bidding, and listing transactions in the market. In terms of trading volume, the market size of China's electricity trading service industry is expected to reach 6,639.4 TWh by 2025.
By 2025, China's electricity trading service market will be primarily dominated by medium- and long-term electricity trading services, which account for over 95% of the overall electricity trading service market. However, to address short-term imbalances between electricity supply and demand, a spot trading service market has emerged. This market utilizes price signals to effectively adjust demand, support real-time grid balancing, and ensure the stable operation of the power system under high penetration of renewable energy. In China, the electricity spot trading markets in certain provinces, including Shanxi and Guangdong, officially commenced operations at the end of 2023. With the comprehensive advancement of spot market construction and the increasing demand for dispatchable resources, including distributed energy storage assets, its share is expected to grow steadily. In terms of trading volume, the market size of China's electricity spot trading service industry is projected to increase from 287.2 TWh in 2025 to 916.9 TWh in 2030, with an average annual compound growth rate of 26.1%. During this period, its market share within the overall electricity trading service market will rise from 4.3% to 10.0%.
Board of Directors and Senior Management Information
The company's board of directors currently consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors.
Equity Structure
The controlling shareholder group of the company includes: (i) Ms. Wei, (ii) Shanghai Tuxin, an entity controlled by Ms. Wei, and (iii) Dr. Yan, who collectively hold approximately 40.43% of the total issued shares of the company.
Intermediary team
Sole sponsor: Guotai Junan Capital Limited
Legal counsel to the company: Regarding Hong Kong and U.S. laws: Han Kun Law Offices LLP; regarding Chinese law: Shanghai Jingtian & Co., Ltd.
Independent auditor and reporting accountant: Ernst & Young
Industry Advisor: CIC Management Consulting (Shanghai) Co., Ltd.
Compliance Advisor: HaoDe Financing Co., Ltd.