On March 27, Ligao New Energy Technology Co., Ltd. had its IPO application accepted by the Shenzhen Stock Exchange's ChiNext board. China Securities Co., Ltd. is serving as the sponsor, with plans to raise 1.925 billion yuan. According to the prospectus, the company is a leading domestic Battery Management System (BMS) enterprise, focusing on independent R&D, production, sales, and services of BMS modules. It has expanded its offerings to include high-voltage power distribution modules and other new energy management control system products, along with PCBA components and comprehensive electronic/electrical application solutions for wiring harnesses. Adhering to principles of integrity, pragmatism, dedication, and innovation, Ligao aims to build core competitiveness in intelligent control and key components for new energy, providing safe, stable, and efficient products and services to downstream power battery manufacturers, new energy vehicle makers, and energy storage companies.
According to NE Times statistics, Ligao ranks third in installation volume for China's new energy passenger vehicle BMS market in 2024 and 2025, following BYD and CATL, and holds the top position among third-party BMS suppliers. In terms of technology, the company has mastered core technologies including battery system state estimation, full-state battery balancing, active battery safety protection, BMS functional and information security, high-efficiency EOL test equipment development, data fusion applications for connected new energy vehicles, domain control technology for next-generation E/E architecture, integrated control technology for energy storage system components, and energy control for microgrid storage systems. It holds 93 invention patents, 84 software copyrights, and has participated in formulating three national standards. Some of its core technologies have been recognized as internationally advanced by the China Society of Automotive Engineers.
Through years of industry expertise, technological accumulation, and advanced intelligent manufacturing capabilities, Ligao has gained high customer recognition and established a strong brand reputation. Its products are used by six of the world's top ten power battery manufacturers, including CATL, LG Energy Solution, CALB, Gotion High-tech, EVE Energy, and SVOLT, based on SNEResearch's 2025 global installation rankings. According to the China Association of Automobile Manufacturers' 2025 sales rankings, Ligao's products are ultimately applied in vehicles from eleven of the top fifteen Chinese new energy automakers, including Geely Auto, SAIC Motor, Chongqing Changan Automobile Company Limited, Dongfeng Automobile Co., Ltd., Chery Auto, Leapmotor, Faw Jiefang Group Co., Ltd., Guangzhou Automobile Group Co., Ltd., XPeng Inc., Great Wall Motor Company Limited, and BAIC Group. Additionally, the company is actively expanding overseas, having established business cooperation with international automakers and battery producers such as Volkswagen, Stellantis, and LG Energy Solution.
As a leading domestic BMS provider, Ligao is supporting national energy security and technological self-reliance strategies by advancing core algorithms and enhancing supply chain security for key components, thereby increasing the autonomy of battery management systems and strengthening the resilience and safety of strategic industrial chains. Leveraging China's advantages in the global new energy sector, Ligao collaborates deeply with leading battery and new energy vehicle manufacturers to optimize global standards for battery system efficiency and safety through joint innovation and standardization, consolidating China's competitive edge and influence in the international new energy industry.
Proceeds from the IPO will be allocated as follows. Financially, the company reported revenues of approximately 559 million yuan, 803 million yuan, 1.633 billion yuan, and 1.916 billion yuan for 2022, 2023, 2024, and the first nine months of 2025, respectively. Net profits for the same periods were approximately 90.6889 million yuan, 96.2591 million yuan, 160 million yuan, and 212 million yuan.
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