- Gold Electronic becomes first listed company in China focused on energy storage BMS
- Record subscription reflects investor appetite as firm plans major capacity expansion
Gold Electronic (高特电子), a Hangzhou-based energy storage battery management system (BMS) developer, surged 624.58% in its debut on China’s ChiNext board on June 9, marking a milestone as the mainland’s first listed company focused solely on storage BMS.
The stock opened at 63.65 yuan ($9.40), nearly eight times its 7.08 yuan issue price, and closed at 51.30 yuan, giving the company a market capitalization of 24.6 billion yuan ($3.2 billion).
Investors oversubscribed the offering by more than 4,600 times, the highest for a ChiNext IPO this year.
Expanding production capacity
Gold Electronic sold 120 million shares and raised 850 million yuan, of which 600 million yuan is earmarked for a smart manufacturing center for energy storage BMS.
With the storage industry gaining momentum, Gold Electronic plans to use the IPO proceeds to expand production capacity, cementing its position as a domestic leader in battery management systems.
Founded in 1998 in Hangzhou’s Yuhang District, Gold Electronic started in lead-acid battery testing before moving into power battery BMS and eventually focusing fully on the energy storage segment.
BMS devices act as the backbone of new energy storage systems, monitoring battery data, managing safety and performing predictive maintenance.
Ranking first by installed capacity
According to the China Electricity Council, a non-governmental organization, Gold Electronic ranks first among the top five BMS vendors by installed capacity in operational power plants, eclipsing industry heavyweights such as BYD and HyperStrong (海博思创).
In 2025, the company reported revenue of 1.255 billion yuan and net profit of 137 million yuan.
In the first quarter of 2026, revenue rose 26.14% to 233 million yuan, while net profit climbed 29.85% to 15 million yuan.
Shared college years, divergent entrepreneurial paths
Founder and controlling shareholder Xu Jianhong, a Class 1983 graduate of Zhejiang University’s radio electronics program, is a classmate of renowned billionaire investor Duan Yongping.
While Duan went on to build legendary consumer brands like Xiaobawang and BBK Electronics, Xu took a different path, spending 14 years at state-owned Hangzhou Semiconductor Device Factory before quitting to start his own company at the age of 37.
In the years that followed, he steered the company through multiple boom-and-bust cycles with a strategy of “early foresight and sustained investment” and finally bet on BMS for energy storage — a growing sector critical to renewables as well as China’s “Dual Carbon Goals.”
