QingTao Energy Files for HKEX Listing to Become First Solid-State Battery Firm on Hong Kong Stock Exchange; Volkswagen Unveils Plan for 13 New Energy Vehicles by 2026

On April 8, QingTao (Kunshan) Energy Development Group Co., Ltd. filed an IPO application with the Hong Kong Stock Exchange, aiming to become the first Hong Kong-listed company specializing in solid-state batteries. Founded in 2016, the company focuses on the research and development, manufacturing, and sales of hybrid solid-liquid and all-solid-state batteries, with applications in electric vehicles (EVs) and energy storage systems. Its solid-state batteries have been deployed in over 30 vehicle models from automakers such as IM Motors, MG, and Foton, with cumulative deliveries exceeding 16,800 units. In the energy storage sector, its solutions span grid-scale, commercial/industrial, and residential use cases. According to Frost & Sullivan, the company is projected to hold a 33.6% global market share and a 44.8% share in China by 2025 in the combined hybrid solid-liquid and all-solid-state battery market. Revenue for 2023, 2024, and 2025 is estimated at RMB 248 million, RMB 405 million, and RMB 943 million, respectively, while net losses during the same periods are expected to reach RMB 8.53 billion, RMB 9.99 billion, and RMB 13.02 billion, primarily due to high R&D investment and expenses associated with ramping up production capacity. The company plans to achieve profitability by expanding its customer base and order volume, advancing technological iterations, and pursuing global expansion. On the same day, Volkswagen Passenger Cars unveiled its largest-ever new energy vehicle (NEV) product plan in China: it will launch 13 NEV models in 2026, covering battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and range-extended EVs, with more than 30 new NEVs to be introduced cumulatively by 2029. Three core new models were simultaneously revealed: - The Volkswagen Anhui Zhong 08, an 800V architecture BEV SUV with a CLTC range of 730 km, priced between RMB 239,900 and RMB 299,900, launching on April 16; - The SAIC Volkswagen ID. ERA9X, a range-extended SUV offering over 400 km of pure electric range and over 1,600 km of total range, with a pre-sale price of RMB 329,800–RMB 379,800, launching on April 25; - The FAW-Volkswagen ID. AURA T6, built on the locally developed CEA (China Electronic Architecture) platform and equipped with enhanced L2-level driver assistance, set to debut at the Beijing Auto Show. Volkswagen is accelerating localized full-stack R&D through its Hefei-based tech company, reducing product development cycles to 24 months, and has introduced its “Xingyun ZhiXing” intelligent driving and “Yunqi ZhiCang” smart cockpit technology ecosystems. Separately, according to Reuters, Tesla is developing a new compact electric SUV, approximately 4.28 meters long, to be produced in China and later expanded to the U.S. and European markets. This model is not a derivative of the Model 3 or Model Y and will be priced significantly below the Model 3 (which starts at USD 34,000 in China). Cost reductions will be achieved through a smaller battery pack, resulting in a lower range compared to the Model Y. Tesla declined to comment, and Tesla China stated the report was inaccurate. Also on April 8, Zhejiang Laneng Hydrogen Technology Co., Ltd. voluntarily terminated its A-share IPO process. The company specializes in high-pressure hydrogen storage cylinders, hydrogen refueling station equipment, and hydrogen storage and transportation systems, holding over 80% domestic market share in station-based hydrogen storage cylinder bundles and over 75% in hydrogen tube trailers. It completed its Series B financing in 2023, with investors including SAIC Motor and Sinopec Capital. Having previously completed eight rounds of IPO tutoring, the company cited strategic and capital planning considerations as the reason for the termination. The hydrogen industry remains in the early stages of commercialization, prompting multiple companies to adjust their listing timelines. Additionally, Chery Automobile officially inaugurated its European Operations Center and established the Spain R&D Institute in Barcelona on April 8, 2026—the company’s first regional headquarters in Europe—responsible for operations, compliance, and supply chain coordination. The institute will focus on electrification, intelligent mobility, and sustainability, with plans to recruit local engineering and product development talent. Chery currently operates in 18 European countries, serving over 100,000 customers. From January to February 2026, its sales in the UK and EU reached 39,000 units, a 200% year-over-year increase, including 11,500 new energy vehicle exports—a 250% YoY surge. For every five new energy vehicles Chery exports globally, one is sold in Europe.