On August 12, Hekang Xinneng issued a revised plan for issuing a shares to specific targets in 2026.
In this offering, Hekang Xinneng intends to issue shares to Midea Group, and the total amount of funds to be raised (including issuance expenses) shall not exceed 165,158
. There are three photovoltaic storage projects- photovoltaic grid-connected inverter R & D and industrialization project , ". The R & D and industrialization project of photovoltaic grid-connected inverter is jointly promoted by Hekang Xinneng and Anqingmei Hekang Green New Energy Co., Ltd. (Hereinafter referred to as "Anqingmei Hekang Green Energy"), which covers Beijing, Suzhou and Anqing, and focuses on technology research and development in Beijing and Suzhou bases. Anqing Base undertakes the task of large-scale production. The overall construction period of the project is 24 months. The total investment amount is 43. The project covers household, industrial and commercial, large power stations,
household energy storage system R & D and industrialization projects are also jointly promoted by Hekang Xinneng and Anqingmei's Hekang Green Energy. The implementation sites are also located in Beijing, Suzhou and Anqing, of which Beijing and Suzhou are responsible for R & D and Anqing is responsible for production. The construction period of the project is 24 months, with a total investment of 29,230. Hekang Xinneng said that through this project, the company will rapidly build household energy storage capacity to achieve capacity expansion and rapid expansion of business scale.
It is reported that Hekang Xinneng Anqing Optical Storage Manufacturing Base has been officially put into operation in June 2025, mainly producing household storage systems and other products, initially focusing on overseas markets . The
distributed photovoltaic benchmarking power station construction and R & D project is implemented by Hefei Midea Hekang Green Energy Co., Ltd. The core content of the project is the construction of distributed photovoltaic power station, with a construction period of 18 months and a total investment of about 18,380
. The shares issued have a par value of RMB 1 per share and are fully subscribed by Midea Group in cash.
Hekang Xinneng said that as of August 12, Midea Group held 208,685,418 shares of the company through its holding subsidiary, Midea HVAC, accounting for 18% of the total equity. The proportion of direct shareholding of Midea Group and indirect shareholding of HVAC through the United States may exceed 30% of the total equity. It has been six years
since Midea acquired Hekang Xinneng in 2020. According to the annual report of the Midea Group in 2025, the current US new energy business focuses on the "source, network, load, storage, and heat" full-link energy ecology, and its products cover large-scale energy storage and ". The Midea Group has two listed energy companies, Hekang Xinneng and Kelu Electronics. Hekang New Energy focuses on three main businesses, namely green energy solutions, household energy storage and photovoltaic inverters, and high-voltage inverters, while Kelu Electronics focuses on two major sectors, namely smart grid and new electrochemical energy storage.
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