On July 28, 2026, Ningbo Deye Technology Corporation (hereinafter referred to as "Deye Technology"), an A-share listed company based in Beilun District, Ningbo, Zhejiang Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its renewed application following the lapse of its initial submission on January 27, 2026.
Deye Technology (605117.SH) was listed on the Shanghai Stock Exchange on April 20, 2021. As of the market close on July 28, 2026, its total market capitalization stood at approximately RMB 105.1 billion.
Deye Technology Prospectus Link
Core Business
Established in 2016, Deye Technology is a globally leading provider of photovoltaic and energy storage solutions, committed to delivering comprehensive solar and energy storage products.
According to data from Frost & Sullivan, in 2025, the company ranked as the world's largest provider of residential energy storage inverters by sales revenue.
Deye Technology’s core growth driver is its new energy business, focusing on energy storage inverters, photovoltaic inverters, and energy storage battery packs. Additionally, the company has long maintained a strong presence in environmental management equipment, including dehumidifiers, solar air conditioners, and heat exchangers. This strategically diversified product portfolio has contributed to both business growth and resilience.
Deye Technology has established a comprehensive product matrix catering to both residential and commercial & industrial applications, enabling it to meet evolving market demands. Its diverse and multi-purpose products are sold across more than 150 countries and regions spanning six continents, with significant achievements already realized across multiple domains.
Deye Technology’s revenue primarily derives from the sale of new energy products and environmental management equipment.
Shareholding Structure
As disclosed in the prospectus, prior to its Hong Kong listing, Deye Technology’s shareholding structure was as follows:
Mr. Zhang Hejun and Ms. Lu Yazhu, as a married couple, collectively held approximately 60.26% of the shares, making them the controlling shareholders.
Directors and Senior Management
The Board of Directors of Deye consists of nine directors, including:
4 executive directors:
Mr. Zhang Hejun (Chairman);
Mr. Zhang Dongye (Vice Chairman and General Manager) (son of Mr. Zhang Hejun);
Mr. Zhang Dongbin (primarily responsible for major operational decisions and direct day-to-day management) (son of Mr. Zhang Hejun);
Mr. Tan Zui (Deputy General Manager and Chief Financial Officer);
1 Non-Executive Director:
Ms. Le Jingna (Sales Director, Zhejiang Deye Environmental Appliances);
4 Independent Non-Executive Directors:
Mr. Zhu Yihong (Associate Professor, Business School, Ningbo University);
Mr. Zhu Chenggang (Managing Partner, Ningbo Junlian Certified Public Accountants);
Mr. Sha Liangliang (Attorney, Zhejiang Yahui Law Firm);
Mr. Lu Zhichao (Chief Strategy Officer and Chief Operating Officer, Byrne Group).
In addition to executive directors, senior management includes:
Mr. Ji Dehai (Deputy General Manager);
Mr. Liu Shujian (Board Secretary and Joint Company Secretary).
Company performance
According to the prospectus, Deye Corporation's revenue for the past periods—2023, 2024, 2025, and the first four months of 2026—was RMB 7.48 billion, RMB 11.206 billion, RMB 12.224 billion, and RMB 6.18 billion, respectively, with corresponding net profits of RMB 1.791 billion, RMB 2.96 billion, RMB 3.169 billion, and RMB 1.61 billion.
Intermediary Team
The main intermediaries for Deye Corporation’s IPO are as follows:
CICC, CITIC Securities, and CMB International acted as its sole sponsors;
Baker Tilly Huatai served as its auditor;
Dacheng as its PRC legal counsel;
Latham & Watkins acted as its Hong Kong and U.S. legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Herbert Smith Freehills served as its Hong Kong legal counsel for the sponsor;
Yangtze Securities acted as its compliance adviser;
Frost & Sullivan served as its industry consultant.