Ningbo Aux Electric lists on HKEX

Aux Electric Co Ltd gets listed on the Hong Kong Stock Exchange. [Photo/Aux Electric Co Ltd]

Aux Electric Co Ltd debuted on the Hong Kong Stock Exchange's main board on Sept 2, becoming the second Ningbo-based company to go public in Hong Kong this year. This brings Ningbo's number of listed enterprises to 149, including 26 overseas.

Aux Electric's IPO raised HK$4.15 billion ($531 million) through the issuance of 238 million shares at HK$17.42 each — marking the largest overseas fundraising by a Ningbo company to date. The firm's market capitalization now stands at approximately HK$25.1 billion.

According to its prospectus, Aux Electric will allocate the funds toward global R&D (20 percent), upgrading smart manufacturing and supply chain systems (50 percent), expanding sales and distribution channels (20 percent), and general corporate purposes (10 percent).

Founded in 1994 and headquartered in Ningbo's Yinzhou district, Aux Electric is best known for its air conditioning business, which spans over 150 countries. According to Frost & Sullivan, as of 2024, Aux Electric ranked as the world's fourth-largest residential air-conditioner company by sales volume, and the fifth-largest air-conditioner provider globally, with a market share of 7.1 percent.

In recent years, Aux Electric has shown strong growth. Revenue rose from 19.52 billion yuan ($2.5 billion) in 2022 to 29.75 billion yuan in 2024, while net profit surged from 1.44 billion yuan to 2.91 billion yuan.