Good News on Listing | Frost & Sullivan Assists Shanghai Zhida Technology Development Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (2650.HK)

Shanghai Zhida Technology Development Co., Ltd. (hereinafter referred to as 'Zhida Technology') successfully listed on October 10, 2025. The company plans to issue 5.9789 million H shares, of which 90% will be international offerings and 10% will be Hong Kong offerings. The maximum offering price per share is HK$83.63, with a maximum net raise of HK$500 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of June 30, 2025), from January to June 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 29 (market share 71%), 60 (market share 67%), and 164 (market share 69%) Hong Kong IPOs respectively, ranking first in terms of number. It possesses rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.

• The company is the largest provider of home charging solutions for electric vehicles;

   

• Integrating business models to provide a full-process solution by combining electric vehicle charging pile products with increasingly rich home energy management services;

   

• We have established a strong brand image with a high-quality and diversified product matrix;

   

• With strong manufacturing capabilities, we can rapidly and effectively expand our production capacity in China and overseas at a cost-effective manner through proprietary production processes and customized manufacturing facilities and equipment;

   

• A full-channel marketing strategy has been adopted, combining online and offline channels to effectively increase user engagement and loyalty. At the same time, diversified monetization channels have been expanded;

   

• Diversified digital energy management services powered by technology;

   

• A management team with outstanding insights and extensive experience.

According to the Frost & Sullivan report, the company:

• Based on the sales volume of household electric vehicle charging piles during the past performance period, it ranks first globally;

   

• Ranked fourth globally in terms of sales volume of home electric vehicle charging piles based on past performance records;

   

• Based on the sales volume and revenue of household electric vehicle charging piles during the past performance period, it ranks first in China.

The home charging solution for electric vehicles mainly refers to the provision of home charging solutions for electric vehicles, including product types and services, to provide a safe charging experience and efficient energy management. Specifically, the product types of home charging solutions for electric vehicles mainly include household electric vehicle charging piles and related accessories, including portable piles. Services mainly include the installation and after-sales service of household electric vehicle charging piles, as well as digital energy management services during the charging process, such as intelligent remote control, safe charging, off-peak charging, and data analysis.

The sales volume of home electric vehicle charging stations refers to the sales of manufacturers of home electric vehicle charging stations, including automakers and third-party suppliers. Driven by the growth in electric vehicle sales, the global sales volume of home electric vehicle charging stations increased from 0.4 million units in 2020 to 5.7 million units in 2024, with a compound annual growth rate of 93.2%. In 2020, affected by the COVID-19 pandemic, on-site installation services for electric vehicle charging stations were hindered, leading to a decline in the sales volume of home electric vehicle charging stations. During the period from 2020 to 2024, the sales volumes of home electric vehicle charging stations in China, Europe, North America, South America, the Middle East, and Southeast Asia grew at compound annual rates of 111.7%, 53.2%, 57.8%, 109.3%, 97.5%, and 277.8%, respectively. It is expected that the growth of the electric vehicle industry will drive rapid growth in the sales of home electric vehicle charging stations. By 2029, the global sales volume of home electric vehicle charging stations is expected to reach 14.4 million units, with a compound annual growth rate of 20.3% from 2024 to 2029. During the same period, the sales volumes of home electric vehicle charging stations in China, Europe, North America, South America, the Middle East, and Southeast Asia are expected to grow at compound annual rates of 15.1%, 15.0%, 14.5%, 51.6%, 52.3%, and 64.9%, respectively.

Source: International Energy Agency; China Electric Vehicle Charging Infrastructure Promotion Alliance; Frost & Sullivan analysis

●Supporting Policies

To support the development of the electric vehicle industry, governments around the world are committed to promoting the construction of charging infrastructure, including home charging for electric vehicles, which has driven the development of the global market for electric vehicle home charging solutions. For example, in 2022, the National Development and Reform Commission and the National Energy Administration of China issued the 'Implementation Opinions on Further Enhancing the Service Guarantee Capacity of Electric Vehicle Charging Infrastructure', suggesting accelerating the construction and installation of charging facilities in residential communities. In Europe, France provides a tax credit of up to 500 euros for residents purchasing and installing electric vehicle charging piles, while all residents in Germany can apply for a subsidy of 900 euros for purchasing and installing electric vehicle charging piles. These supportive policies provide policy guarantees for the rapid development of the global market for electric vehicle home charging solutions.

● Sales of electric vehicles are growing steadily

As the world increasingly values environmental protection and sustainable development, the global energy structure is transitioning from fossil fuels to green energy, driving rapid growth in the sales of electric vehicles. From 2020 to 2024, global electric vehicle sales increased from 3 million units to 17.2 million units, with a compound annual growth rate of 55.1%. In the future, it is estimated that global electric vehicle sales will reach 38.2 million units by 2029, with a compound annual growth rate from 2024 to 2029 of 17.3%. The global popularization of electric vehicles and the outstanding advantages of electric vehicle home charging in terms of low cost, convenience, and safety provide tremendous development potential for the global market for electric vehicle home charging solutions.

● Overseas market demand

Global electric vehicle sales are mainly concentrated in China, Europe, and the United States, with China accounting for 71.2% of global sales in 2024. In some overseas regions, such as Southeast Asia and South America, the electric vehicle industry is still in its infancy, with tremendous growth potential. Southeast Asia's electric vehicle sales are expected to increase from 226,300 units in 2024 to 2.4 million units in 2029, with a compound annual growth rate of 59.7%. South America's electric vehicle sales are expected to grow from 127,800 units in 2024 to 856,100 units in 2029, with a compound annual growth rate of 46.3%. The rapid development of the electric vehicle industry overseas will stimulate a significant increase in demand for home charging solutions for electric vehicles, which will bring broad development opportunities to market participants already operating in overseas markets.

●Digital Energy Solutions

Electric vehicle home charging solutions can further optimize energy management models by leveraging digital energy solutions such as V2H (vehicle-to-home). V2H technology can use electric vehicles as energy storage systems to power household devices during power outages or when electricity prices are high. The emergence and widespread application of digital energy solutions will help electric vehicle home users make more flexible and efficient use and management of energy, and provide them with more stable and low-cost electricity services.

During the period of previous performance records, the global sales volume of electric vehicle charging stations reached approximately 1.92 million units, with sales to households accounting for about 77.3%. During the period, based on the sales volume of electric vehicle charging stations for households globally, the top five providers of home charging solutions for electric vehicles accounted for about 33.7%, with our group ranking first, holding a market share of about 9.0%.

Data source: Analysis by Frost & Sullivan

During the past performance period, based on the sales of global household electric vehicle charging stations, the top five global providers of home charging solutions for electric vehicles accounted for approximately 51.4%, with our group ranking fourth, holding a market share of about 5.7%.

Data source: Analysis by Frost & Sullivan

Home energy management based on smart electric vehicle home charging refers to the integration of various devices within a household, including electric vehicles, power generation, electricity consumption, and storage, into a home microgrid. An energy management system is used for home energy control and management, providing diverse digital energy services to household users. In the home energy management ecosystem based on smart electric vehicle home charging, electric vehicles serve both as household electrical equipment and as household energy storage devices, connected to the home microgrid through electric vehicle bidirectional charging stations. Electric vehicle battery packs are one of the most cost-effective forms of energy storage because they do not require additional hardware investment. Electric vehicle bidirectional charging stations that apply technologies such as V2H and V2E are an important foundation of the home energy management ecosystem based on smart electric vehicle home charging. V2H (vehicle-to-home) technology allows electric vehicles to store energy from the grid or renewable sources (such as solar or wind energy) using their battery packs to power the household, and then supply electricity to the household when needed (such as during a power outage or when electricity prices are high). In addition, the development of automatic electric vehicle charging robots, as hardware gateways for home energy management, can also play an important role in this interaction between vehicles and households.

Before 2023, the development of global V2H (Vehicle-to-Household) energy services was in its infancy, with revenue mainly coming from pilot or small-scale application projects. In the future, driven by the increasing popularity of electric vehicles, favorable policies, and the stimulation of strong market demand due to reduced power generation costs, the total revenue from global V2H energy services is expected to grow significantly. By 2029, it is projected to reach approximately 220.4 billion yuan, with a compound annual growth rate of 130.3% from 2024 to 2029. Overseas regions such as Europe, the United States, Southeast Asia, and the Middle East are expected to have tremendous growth potential. By 2029, the total revenue from V2H energy services in Europe, the United States, Southeast Asia, and the Middle East is expected to reach 121.9 billion yuan, 36.8 billion yuan, 22.5 billion yuan, and 16.3 billion yuan, respectively.

Source: Eurostat; Energy Storage Application Sub-committee of the China Power Supply Industry Association; Frost & Sullivan analysis

●Diversified digital energy services for families

With the development of digital energy and bidirectional charging technologies such as V2H/V2E, the interaction between electric vehicles and energy will bring diverse potential business scenarios, such as aggregated trading platforms, home green power supply, and private energy trading. The expansion of home digital energy service coverage can further alter the business models of market participants. For instance, in order to monetize digital energy services for a wider range of household users, solution providers may voluntarily give up some profits or even revenue from product supply.

● Technological progress

The continuous advancement of technology will promote the popularization of home energy management solutions based on smart electric vehicle home charging. Technological innovations in energy storage batteries, such as the development of solid-state batteries, will further increase the energy density of home energy storage systems, extend their service life, and provide a more convenient charging experience. In addition, with the development of IoT and big data technologies, V2H home energy management systems will evolve towards systems that can achieve real-time monitoring, remote control, and energy consumption planning, further enhancing user stickiness to the system.

● Strengthen cross-industry cooperation

V2H and V2E home energy services create opportunities for cross-industry collaboration among equipment manufacturers, automakers, energy companies, and technology companies. By leveraging their respective strengths, they provide more efficient energy management solutions for home users. In addition, strengthening cross-industry collaboration can also promote innovation in business models. For example, equipment manufacturers with digital platforms can cooperate with energy companies by providing an energy trading aggregation platform, allowing energy companies to reach out to home user resources. Meanwhile, platform operators can assist their platform users in managing home energy and earning commissions from energy transactions.