What happened in China Sigenergy, a Shanghai-based energy storage company founded in May 2022 by former Huawei executive Xu Yingtong, has filed for a Hong Kong IPO for the third time after two previous lapses. The filing is not a curiosity — it is a signal flare. The numbers embedded in the prospectus are striking. Sigenergy posted revenue of RMB 5.64 billion (≈$789 million) in the first nine months of 2025 alone, with net profit reaching RMB 1.89 billion (≈$265 million) over the same period. To understand the velocity: distributor revenue ran at RMB 42 million (≈$5.9 million) in 2023, RMB 1.263 billion (≈$177 million) in 2024, and RMB 5.51 billion (≈$771 million) in just the first three quarters of 2025. That is not a growth curve — it is a near-vertical line. The company's own headline describes it accurately: revenue up 23x. From January to April 2025 alone,…