Former Huawei executive Xu Yingtong becomes billionaire amid energy storage boom

The company’s stock doubled on Thursday, its first day of trading on the Hong Kong stock exchange. Xu, 51, who serves as chairman and CEO, now has an estimated net worth of $2 billion based on his stake, according to Forbes.

Established in 2022, Sigenergy has reached a market capitalization of HKD90.5 billion ($11.5 billion). It raised HKD4.4 billion through its initial public offering, which drew more than a dozen cornerstone investors, including Hillhouse, Goldman Sachs Asset Management and UBS Asset Management, Reuters reported.

Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International, said the company’s outlook is supported by geopolitical developments.

The Iran war has heightened global focus on stable energy supply and alternative sources, he said, as quoted by Forbes.

Disruptions to oil flows through the Strait of Hormuz have contributed to power shortages, particularly in Southeast Asia, bringing energy storage firms into the spotlight as their solutions can help add electricity capacity, he added.

Sigenergy is best known for its SigenStor system, which integrates components such as a battery pack and a solar inverter to store energy generated from renewable sources and release it when required. Expanding global data center construction is also fueling demand, as AI training requires significant energy.

“There is a high demand globally for energy storage products,” Ng says. “The industry is developing rapidly.”

In 2025, the company’s revenue climbed nearly sevenfold to CNY9 billion ($1.3 billion) from the previous year, while net profit surged 34.8 times to CNY2.9 billion, according to its prospectus.

Its key markets include Australia, Vietnam, Germany and Sweden, with mainland China contributing just 1% of sales last year, reflecting its largely international business.

Shares of Chinese energy storage firms have climbed over the past year, led by CATL, whose mainland- and Hong Kong-listed shares have risen 89% and 149%, respectively, with gains also recorded by peers Rept Battero Energy Co and CALB Group Co Ltd, according to Bloomberg.

Workers install a product of Sigenergy Technology. Photo courtesy of the company

The sector has been supported by increasing demand for batteries and storage systems, while some manufacturers are also anticipating a near-term boost to profits from energy price volatility tied to tensions involving Iran.

Xu appears to have targeted global expansion from the outset. “Our global footprint as part of our international growth strategy” has expanded rapidly since inception, the prospectus states, noting that overseas markets offer higher selling prices than mainland China.

Before founding Sigenergy in 2022, Xu spent more than 20 years at Chinese telecommunications giant Huawei. After earning a bachelor’s degree in radio technology from Nanjing University of Science & Technology, he joined the company in 1999.

Prior to his departure, he served as president of Huawei’s Ascend AI Computing business, which develops AI infrastructure products based on the Ascend chip series.

Sigenergy’s president, Zhang Xianmao, 41, is also a former Huawei executive, having worked there for 11 years and previously led its photovoltaic inverter business.

Xu’s wife, Yang Ting, 46, serves as a non-executive director, providing professional advice to the board.