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Anker Innovations Seeks Hong Kong Listing Amid US Scrutiny, Product Recalls

  • tech360.tv
  • 2 days ago
  • 2 min read

Portable charging device maker Anker Innovations plans a share listing in Hong Kong, facing US scrutiny and several product recalls. The Shenzhen-listed company, based in Changsha, Hunan province, will apply to offer shares on the Hong Kong stock exchange’s main board. This move aims to advance its global strategies and enhance competitiveness.


Credit: ANKER
Credit: ANKER

Anker Innovations holds a market capitalisation of USD 8 billion (58.9 billion yuan). It is known as a popular power bank brand on Amazon, and other international e-commerce platforms. The company gained social media attention in 2024 when President Donald Trump was observed using an Anker power bank.


Credit: ANKER
Credit: ANKER

Overseas markets contributed over 96.4% of Anker’s total sales in 2024, according to its annual report. However, the company’s global ambitions are under pressure from US scrutiny. A lawmaker called for an inquiry into Anker Innovations for alleged tariff evasion, and potential trade abuse.


The Hong Kong listing plan follows multiple product recalls by Anker Innovations both domestically and internationally. The company voluntarily recalled 410,000 mobile battery units, and 110,000 lithium-ion battery-powered speakers in Japan. Anker cited potential fire risks.


The company recalled more than 1.1 million power banks in the US. The US Consumer Product Safety Commission stated that lithium-ion batteries could overheat, posing fire and burn hazards. Anker Innovations also initiated a recall in China, affecting more than 712,000 units across seven power bank models.


Former Google engineer Steven Yang Meng founded Anker Innovations in 2011. Chief Executive Officer Yang, a Peking University graduate, started the company with his mother’s life savings and less than USD 1 million in funding. The company now employs over 5,000 people globally, operating in more than 146 countries and regions.


Anker Innovations announced plans this year to enter humanoid robotics, beginning with household robots like vacuum cleaners, and lawn mowers. Its charging and energy-storage businesses comprised 50% of total revenue in 2024, with smart home and audio products making up the remainder.


Anker Innovations’ revenue increased 41% year-on-year in 2024 to 24.7 billion yuan. Net income grew 31% to 2.1 billion yuan. The company’s Shenzhen shares rose 0.5% to 110.21 yuan.

  • Anker Innovations plans to seek a share listing on the Hong Kong stock exchange.

  • The company faces ongoing US scrutiny and has initiated several product recalls globally.

  • Recalls include over 1.1 million power banks in the US, 410,000 battery units in Japan, and 712,000 power bank units in China.


Source: SCMP

 
 
 

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