"A+H" Power Equipment Leader is Coming! Huaming Equipment Files Application with Hong Kong Stock Exchange, Overseas Revenue CAGR Exceeds 32% Over Three Years|HK Voice

Source | Times Business Research Institute

Author | Intern Chen Jiajie

Editor | Zheng Lin

On March 6, 2026, according to the Hong Kong Stock Exchange disclosure, Huaming Power Equipment Co., Ltd. (hereinafter referred to as “Huaming Equipment”), a global leading manufacturer of disconnect switches with over 30 years of experience in the power equipment industry, submitted an application for listing on the Main Board of the Hong Kong Stock Exchange. The company plans to list in H-shares, with J.P. Morgan and Haitong International serving as joint sponsors. If successful, the company will become one of the few power equipment industry leaders listed in both the A-share and H-share markets.

According to the prospectus and a report by Frost & Sullivan, based on 2024 revenue, Huaming Equipment ranks second globally in the disconnect switch market, with a market share of approximately 17.9%. In a highly concentrated market where the top three participants hold about 82.5% of the market, the company is the only Chinese enterprise. Leveraging its absolute leadership position in the Chinese market, the company’s 2024 sales volume accounts for about 80% of the Chinese market, and its global market share in the mainstream voltage level below 500 kV reaches approximately 57.3%.

Overseas market expansion has been a key growth driver for Huaming Equipment in recent years. In 2025, its overseas sales revenue reached 479 million yuan, increasing its proportion of total revenue from 14.1% in 2023 to 19.9%. From 2023 to 2025, its compound annual growth rate (CAGR) of overseas sales revenue was 32.1%. Besides two major integrated manufacturing bases in China (Fengxian, Shanghai and Zunyi, Guizhou), the company has overseas manufacturing bases in Turkey and Indonesia, and sales and service outlets in the United States, Brazil, Singapore, and other regions, with products covering over 120 countries and regions worldwide.

In 2022, Huaming Equipment’s ±500 kV ultra-high-voltage converter transformer vacuum load break switch was successfully put into operation, breaking the long-standing monopoly of foreign manufacturers in this field. In 2025, its new vacuum load break switch was commercially operated in bulk on the Longdong-Shandong ±800 kV ultra-high-voltage direct current transmission project. The company also operates China’s first disconnect switch laboratory based on IEC/ISO 17025 standards and recognized by CNAS. Additionally, it has led the drafting and promulgation of multiple national and industry standards. Its employees actively participate in activities of international standard organizations such as the Institute of Electrical and Electronics Engineers (IEEE), demonstrating its technological leadership and industry influence.

Financial data shows that Huaming Equipment exhibited high growth, high profitability, and strong cash flow from 2023 to 2025. Its operating revenue increased from 1.946 billion yuan in 2023 to 2.412 billion yuan in 2025, with a CAGR of 11.3%. The core power equipment business revenue grew from 1.611 billion yuan to 2.088 billion yuan, with a CAGR of 13.9%. Its profitability was also notable. From 2023 to 2025, the company’s overall gross profit margins were 51.5%, 48.3%, and 53.9%, respectively; net profit margins were 28.3%, 26.8%, and 29.8%. In 2025, net profit reached 720 million yuan.

However, it should be noted that Huaming Equipment’s business growth is significantly influenced by global and Chinese power grid investments and energy restructuring policies. A reduction in related investments or weakening policy support could adversely affect performance. The company also faces fierce competition from internationally renowned manufacturers, requiring continuous investment to maintain technological leadership and market position.

For this IPO, Huaming Equipment plans to raise funds to: enhance core R&D capabilities, expand global sales and service networks, strengthen brand marketing, develop overseas supply chains, upgrade digital, intelligent, and automated manufacturing capabilities, increase production capacity, and support operational expenses.

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