WanBang Digital transitions to Hong Kong stock market IPO, but the sub-brand "Xingxing Charging" is spun off

Leading charging pile companies are trying to divest heavy asset operations to exchange for a valuation logic that is more technology-oriented. Recently, Wanbang Digital Energy Co., Ltd. (hereinafter referred to as "Wanbang Digital") officially submitted its prospectus to the Hong Kong Stock Exchange, initiating its IPO in Hong Kong. Prior to this, Wanbang Digital had attempted IPO counseling twice but ultimately chose to shift to the Hong Kong market. Wanbang Digital is best known in the C-end market for its electric vehicle charging operation brand "Xingxing Charging," but this business has been divested from the parent company. The prospectus shows that Wanbang Digital has separated the energy operation business (charging station operation and energy management services) under the "Xingxing Charging" brand from the listed entity and transferred it to Jiangsu Wanbang Taiyi Technology Co., Ltd. This means that Wanbang Digital will no longer hold the charging station assets familiar to C-end users and will instead become a pure energy equipment software and hardware service provider. A person close to Wanbang Digital told Xinfeng that the company hopes to be seen by the market as a "technology company combining software and hardware," promoting an international strategic layout, rather than just a charging pile company. "In the future, the company's software and hardware going overseas will not be limited to the Xingxing Charging brand; the business combination is quite flexible. For example, our software can be licensed to other hardware companies, and the equipment can also integrate with other manufacturers' software platforms," the person explained to Xinfeng. Specifically, in the expansion of its overseas business, Wanbang Digital mainly focuses on cooperation with local companies or OEMs. For instance, to promote charging equipment and services in Europe, Wanbang Digital has jointly established Schneider eStar Holding B.V. with Schneider Electric. In fact, although "Xingxing Charging" has a huge presence in the consumer market, its contribution to Wanbang Digital's revenue does not constitute an absolute dominance, accounting for less than 1/5 of total revenue in both 2023 and 2024. After divesting the "Xingxing Charging" business, Wanbang Digital's current core business covers equipment manufacturing and sales in the fields of smart charging, microgrids, and large-scale energy storage. In the first three quarters of 2025, Wanbang Digital achieved revenue of 3.072 billion yuan and a net profit of 305 million yuan. According to Frost & Sullivan's data, based on revenue and sales in 2024, Wanbang Digital is the largest supplier of smart charging equipment in the world, with global sales exceeding 470,000 units that year. Overall, by cutting the burden of heavy asset operations, Wanbang Digital is attempting to break the market's stereotype of charging pile companies as "infrastructure rental" and instead tell a story of a "global energy technology leader" with higher profit margins and greater imagination. However, in the current environment of the Hong Kong stock market, whether this valuation logic can be accepted by investors ultimately depends on its real monetization capability in global technology output