One of China’s largest waste-to-energy operators has filed for an initial public offering in Hong Kong, aiming to raise capital to support expansion projects and strengthen its position in the country’s fast-growing environmental services sector.

The company, widely regarded as a national champion in converting municipal solid waste into electricity, submitted its listing application to the Hong Kong exchange this week.

Proceeds from the offering are expected to be directed toward new plant construction, technological upgrades and potential acquisitions, as China continues to scale up urban waste treatment capacity alongside its broader clean energy transition.

Waste-to-energy facilities incinerate household refuse to generate power, reducing landfill reliance while producing electricity for local grids.

Industry data show that China has become the world’s largest waste-to-energy market by installed capacity, driven by rapid urbanisation, tightening environmental standards and policy incentives encouraging renewable and low-carbon power generation.

The listing comes at a time when Hong Kong is positioning itself as a preferred offshore fundraising hub for mainland companies in strategic sectors, including green infrastructure and sustainable energy.

Market participants note that investor appetite for environmental, social and governance-linked assets has remained resilient, even amid broader volatility in equity markets.

Financial disclosures in the prospectus indicate steady revenue growth in recent years, supported by long-term concession agreements with municipal governments.

Analysts say the company’s scale and geographic diversification across multiple provinces provide operational stability, although sector participants continue to face regulatory adjustments and evolving tariff frameworks.

The IPO filing underscores renewed activity in Hong Kong’s primary market pipeline, with several mainland firms exploring listings to finance expansion and refinance debt.

For China’s waste-to-energy industry, access to international capital through Hong Kong could provide additional momentum as policymakers intensify efforts to improve urban waste management and advance carbon reduction targets.

Final pricing details and the timetable for the offering will be determined following regulatory review and investor roadshows, with market observers watching closely to gauge demand for large-scale green infrastructure assets.