--- title: "With a valuation of 18.5 billion, Weilan New Energy is sprinting towards an IPO, with Huawei and Xiaomi lurking behind" type: "News" locale: "en" url: "https://longbridge.com/en/news/269708863.md" description: "Weilan New Energy officially submitted its IPO counseling record to the Growth Enterprise Market on December 10, aiming to become the \"first solid-state battery stock\" in A-shares. The company's valuation reached 18.5 billion yuan, supported by 48 capital entities including Huawei and Xiaomi. This listing comes at a critical time when global shipments of semi-solid-state batteries are surging, and Weilan New Energy hopes to maximize its IPO returns through this opportunity" datetime: "2025-12-15T11:05:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/269708863.md) - [en](https://longbridge.com/en/news/269708863.md) - [zh-HK](https://longbridge.com/zh-HK/news/269708863.md) generator: "portal-rs" --- # With a valuation of 18.5 billion, Weilan New Energy is sprinting towards an IPO, with Huawei and Xiaomi lurking behind ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Okw_qv96oOOrkKp_k_CAJP2s1sFunmHScriQ-NYLV11BoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) On December 10th, Weilan New Energy officially submitted its IPO counseling filing to the Growth Enterprise Market, aiming to become the "first solid-state battery stock" in A-shares. This unicorn, backed by the Institute of Physics of the Chinese Academy of Sciences, has gathered 48 investors including Huawei, Xiaomi, and Nio through 9 rounds of financing, with its valuation soaring to 18.5 billion yuan. As the solid-state battery sector is currently experiencing explosive growth, this listing carries many considerations; behind its 18.5 billion valuation, there are also undercurrents at play. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OvOmW3AFMP3ue-FPav6GtY8jcsqi4mnmvMIfsVLDhtO60AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) On December 10th, the leading solid-state battery company Weilan New Energy officially submitted its IPO filing. If this listing is successful, this solid-state battery unicorn backed by the Institute of Physics of the Chinese Academy of Sciences will become the "first solid-state battery stock" in A-shares. From the angel round in 2017 to now gathering 48 shareholders including Huawei, Xiaomi, and Nio, Weilan New Energy has built a luxurious shareholder lineup through 9 rounds of financing. Currently, it is a critical window period for the solid-state battery sector, with global semi-solid battery shipments surging year-on-year. The considerations for early shareholders to exit and the company's long-term financing needs have also reached a point of release. However, the 18.5 billion valuation of Weilan New Energy not only hides expectations for the mass production of solid-state batteries but also conceals challenges from intensified competition in the global solid-state battery industry. **![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OmuJQMCLEeuh4PQNMz4O6Gw-iH8_tsG0TCVvk40ELQYQAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)**********First Solid-State Battery Stock******** ******Rushing for IPO****** On December 10th, Weilan New Energy officially submitted its IPO counseling filing to the Beijing Securities Regulatory Bureau. As the only industrialization platform for solid-state battery technology from the Institute of Physics of the Chinese Academy of Sciences, if Weilan New Energy successfully goes public, it will become the first "solid-state battery" stock in A-shares. Public information shows that since introducing Haibosi Chuang and Dingfeng Kechuang in 2017, Weilan New Energy has undergone 9 rounds of financing. The shareholders behind the company include industrial capital (Tianqi Lithium), star institutions (Huawei Hubble, Xiaomi Yangtze River Industry Fund, IDG Capital), and state-owned assets (China Chengtong Mixed Reform Fund, Guotou Chuangyi), among 48 major shareholders. From the current equity situation of Weilan New Energy, the actual controller Yu Huigen controls a total of 29.25% of the shares, while the fund under Nio Capital holds 14.98% of the shares, becoming the largest shareholder. From the perspective of the listing timing, global semi-solid battery shipments are surging year-on-year, and solid-state batteries are transitioning from technology validation to mass production. Weilan New Energy's choice to go public at this time can also maximize IPO returns amid market enthusiasm Since 2017, some early shareholders have accompanied the company for nearly 8 years, and as it enters the exit period, the company's listing at this time can help them realize their exit and cash out profits. From the company's perspective, the IPO is also a key to opening long-term financing channels for Weilan New Energy. Although the company's 9 rounds of financing have been impressive, the cumulative fundraising of 5 billion yuan is still far from the billion-level capital demand for the planned capacity of over 100 GWh. The funds raised from this IPO will also be used to promote the implementation of production lines and reserve space for subsequent capital operations. **![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/On6glq21QCLeywaKktG2HDRMyehDw-_rwjpTk31CccpnEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)** The valuation of 18.5 billion yuan in the game currently has no pure solid-state battery company listed in the industry, and Weilan New Energy, as the "first mover," has received a significant premium from capital. Public data shows that as of June this year, Weilan New Energy's valuation has reached 18.5 billion yuan. It seems that the market's valuation of Weilan New Energy may reference the valuation of its U.S. counterpart Solid Power; if we look at Solid Power's sales for 2024, its P/S valuation has already exceeded 45 times. In contrast, traditional lithium battery companies have a P/S valuation range of only 8-10 times. Of course, the logic behind the high premium given by the market mainly bets on its all-solid-state battery technology roadmap, which is expected to achieve small-scale production in 2027 and large-scale implementation in 2030. However, the competition in the solid-state battery sector is fierce. First, there is Toyota, which has been developing solid-state batteries for over 20 years and has spent more than 10 billion dollars, currently holding 60% of the global core patents for sulfide solid-state batteries, forming a "patent moat." Additionally, Samsung SDI and Panasonic are rapidly transitioning to solid-state batteries based on their years of experience with ternary batteries, and their global capital layout and customer channels pose significant challenges for Weilan New Energy's future internationalization. On the domestic front, many lithium battery giants are also increasing their investments in solid-state batteries. CATL, with its capital of hundreds of billions, has put into production a 5 GWh sulfide all-solid-state pilot line in Hefei and plans to achieve small-scale production in 2027. Moreover, the supply chain resources of leading companies bound through capital mergers and acquisitions are also difficult for Weilan New Energy to reach. BYD, leveraging its existing industrial chain advantages, has vertically integrated its solid-state business into its vehicle manufacturing production line, with all-solid-state samples already offline in 2024. For Weilan New Energy, the most direct threat comes from Qingtao Energy, supported by SAIC, which, like Weilan New Energy, is also focusing on the oxide route and rapidly validating automotive-grade products and expanding production capacity, forming a "North Weilan, South Qingtao" rivalry. On the capital side, given that some early investors mentioned above have entered the countdown to exit, there may be concentrated reductions in holdings after the IPO lock-up period expires In addition, the company's high valuation mainly relies on the goal of small-scale mass production of all-solid-state batteries by 2027. If the production capacity ramp-up falls short of expectations or there are delays in technological research and development, it may trigger a decline in capital enthusiasm for the solid-state battery sector, leading to valuation adjustments and other issues. Of course, WeiLan New Energy can also leverage its rich shareholder resources to address the above challenges. The company has currently achieved mass production of semi-solid-state batteries, and in March 2025, it realized the world's first mass production of 314Ah large-capacity semi-solid-state batteries, which provides fundamental support for its IPO. Moreover, the state-owned and industrial capital of WeiLan New Energy not only brings cost advantages to the company (policy endorsement and upstream collaboration with Tianqi Lithium to reduce costs) but also transforms the company's capital ecosystem into core competitiveness through industrial collaboration (Nio dispatched an engineering team of over 100 people to participate in the construction of the Huzhou base and signed a procurement agreement worth 4 billion yuan when introducing Guangdong Energy Group). **![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ok7tLa18bJ1eNqxqg9xU7hWbTZ_kD1sA3D98UM0gPwTNsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)******\*\*\*\* Yu Huigen's \*\*\*\*\*\*\*\* ******operational logic****** As the founder of WeiLan New Energy, Yu Huigen's entrepreneurial journey is quite different from that of other capital tycoons. After graduating from the Department of Chemistry at Lanzhou University in 1992, Yu Huigen has been deeply engaged in the new energy field for decades, accumulating a solid technical foundation and industrial resources from being a graduate supervisor at the Institute of Physics, Chinese Academy of Sciences, to serving as the chief engineer of BAIC New Energy. In 2016, at over fifty years old, Yu Huigen resigned from his position as chief engineer of BAIC New Energy to start his own business. At that time, the solid-state battery sector was niche and the technological route was unclear. After two years of exploration with "the father of lithium batteries in China," Academician Chen Liquan, and researcher Li Hong from the Chinese Academy of Sciences, they determined a pragmatic route of transitioning through semi-solid-state batteries to ultimately achieve mass production of all-solid-state batteries. Furthermore, Yu Huigen realized that relying solely on technological research and development would not attract capital; it was essential to bind industrial resources to increase capital's certainty about the company's future. Thus, he proactively connected with industrial investors such as Three Gorges Capital and Tianqi Lithium, addressing funding needs while securing upstream lithium resources and downstream energy storage scenarios in advance. More critically, he decisively cut off consumer businesses such as mobile phone batteries and Bluetooth headset batteries, even though these businesses were already generating revenue. His "cutting off the arm" determination allowed capital to see the company's strategic resolve. In 2021, Nio was looking for battery suppliers that could support a range of 1000 kilometers. After visiting several companies without success, they found WeiLan New Energy. Yu Huigen did not hesitate to take on this industry challenge and repeatedly visited the site to coordinate resources, forming a 100-person on-site team with Nio to tackle technical difficulties, ultimately successfully delivering a 360Wh/kg semi-solid-state battery in 2023. On the capital side, Yu Huigen simultaneously brought in Nio as a strategic investor, deeply binding the interests of both parties. In the B round and B+ round of 2021, star institutions such as Huawei Hubble, Xiaomi Yangtze River Industry Fund, and IDG Capital flocked to participate, and the company's valuation soared from several hundred million yuan to 5 billion yuan, successfully completing the transition from "startup company." To the leap to "unicorn." In the D round of financing in 2022, Yu Huigen introduced national-level capital such as China Chengtong Mixed Reform Fund and State Investment Innovation Fund, not only obtaining 1.5 billion yuan in funding support but also gaining policy endorsement and industry resources; in the last round of financing before the IPO in 2025, Yu Huigen attracted investors such as Beijing Green Energy Fund, ICBC Capital, and Guangdong Energy Group, paving the way for the IPO while binding downstream customers. From the early stage of "technology for funds" to the mid-stage of binding industries for market exchange, and now to the sprint for the IPO, Yu Huigen's operational logic is clear and coherent. Editor δΈ¨ Chen Bin ### Related Stocks - [HUAWEI.NA](https://longbridge.com/en/quote/HUAWEI.NA.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) ## Related News & Research - [China's Huawei to launch two new AI chips in 2027](https://longbridge.com/en/news/299258935.md) - [Huawei Eyes to Become NVIDIA in ICT and Computing](https://longbridge.com/en/news/299129182.md) - [GAC-Huawei's Aistaland to launch GX7 SUV on September 23](https://longbridge.com/en/news/299284581.md) - [SpaceX Investors Just Got Some Bad News From Anthropic Founder Dario Amodei](https://longbridge.com/en/news/299321568.md) - [SpaceX (SPCX) May Buy Data from Failed Startups to Train Grok](https://longbridge.com/en/news/299353736.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**