Leading high-voltage prefabricated substation manufacturer Trina Electric to IPO in Hong Kong, facing both overseas expansion and accounts receivable pressure

This week, global capital markets experienced increased volatility, with the domestic power equipment sector becoming a popular safe haven for funds. Following Sin Yuan Electric’s initiation of the Hong Kong listing process, Qingdao Trina Electric Co., Ltd. (referred to as “Trina”) also took action, officially submitting its prospectus to the Hong Kong Stock Exchange on February 26, with Galaxy International and GF Securities serving as joint sponsors.

Founded in 2004 and headquartered in Qingdao, Shandong, Trina was listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in October 2009, with the stock code 300001.SZ. As of March 6, 2026, the company’s market capitalization reached 34.97 billion yuan, with a 29.01% increase in stock price year-to-date, marking four consecutive years of positive annual moving averages since 2023. In its equity structure, Dery Investment and founder Yu Dexiang hold approximately 32.82% of shares, forming the largest single shareholder group. The board consists of six executive directors and three independent directors, with Yu Dexiang serving as chairman. He is 60 years old and holds an EMBA from Tsinghua University and a PhD in Management from the University of Paris 9. Vice Chairman Kang Xiaobing, aged 51, graduated from Huazhong University of Science and Technology with a major in power systems and holds a master’s degree from CEIBS.

As a leader in both high-voltage prefabricated substation and electric vehicle charging equipment, Trina’s business covers power equipment R&D, manufacturing, and charging network operations. Its core products include all-voltage-level prefabricated substations, transformers, and switchgear, widely used in power generation, grid, rail transit, and data centers. In the EV charging sector, the company operates a nationwide charging network through the “Teld” platform, providing smart charging equipment leasing and value-added services. It has partnered with over 80 automakers, including international brands like Audi and Porsche.

Financial data shows that from 2023 to October 2025, the company’s operating revenues were 12.691 billion yuan, 15.375 billion yuan, and 11.329 billion yuan, respectively, with net profits of 527 million yuan, 939 million yuan, and 835 million yuan, maintaining a gross profit margin of around 26%. The proportion of revenue from power equipment increased from 67.5% to 74%, becoming the main growth driver; overseas market revenue rose from 1.6% to 9.5%, with products now present in over 60 countries and regions, focusing on the Middle East, Southeast Asia, and Europe.

The company’s customer base includes major energy giants such as State Grid and China Southern Power Grid, as well as data infrastructure operators like China Mobile and Alibaba. However, receivables pressure has increased significantly with business expansion, with trade receivables rising from 9.04 billion yuan at the end of 2023 to 11.067 billion yuan in October 2025, with the turnover days extending to 255.2 days. Meanwhile, cash and cash equivalents decreased by 584 million yuan to 1.648 billion yuan. Despite a total dividend payout of 314 million yuan, liquidity management remains a challenge.

Industry-wise, the global prefabricated substation market is experiencing rapid growth. According to Zhuoshi Consulting, the market size increased from 31 billion yuan in 2020 to 81.5 billion yuan in 2024, with a compound annual growth rate of 27.3%, and is expected to surpass 179.7 billion yuan by 2030. Although Trina holds an 8.6% market share, ranking first globally, the market remains relatively fragmented, with the top five companies accounting for only 27.3%. Competitors like Sin Yuan Electric and Baili Electric continue to exert pressure. As the demand for grid connection of renewable energy and data center computing power expansion drives upgrades in substation equipment, increasing industry penetration and overseas market expansion will be key paths for Trina to break through competition.