Zhongheng Electric

Zhongheng Electric (中恒电气, formally Hangzhou Zhongheng Electric Co., Ltd.) is a Chinese electrical-equipment company headquartered in Hangzhou, Zhejiang. It is best known as a supplier of power-conversion and power-supply systems: telecommunications base-station power supplies, high-voltage direct-current (HVDC) power systems for data centers, uninterruptible power supplies, and electric-vehicle charging equipment. The company is listed on the Shenzhen Stock Exchange under the ticker 002364. Zhongheng built its early reputation serving China's fast-growing telecom operators, supplying rectifier and DC power systems for mobile base stations as the country's 2G/3G/4G networks were rolled out. From that base it extended into data-center power, where its HVDC and modular UPS offerings compete with conventional AC UPS architectures by promising higher efficiency and simpler maintenance for internet and cloud operators. A second growth pillar is electric-vehicle charging. Zhongheng supplies DC fast chargers, charging modules and charging-station systems to grid companies, operators and fleet customers in China, a market that expanded rapidly under national new-energy-vehicle policy. The company also offers power electronics for industrial and new-energy applications, including products tied to renewable-energy and energy-storage integration. Zhongheng's customer base is concentrated among Chinese state grid and telecom operators, data-center builders and charging-network operators, making its fortunes sensitive to infrastructure capital-spending cycles. It operates primarily in the domestic Chinese market and positions itself as a domestic technology supplier of efficient power-conversion equipment rather than a consumer-facing brand.

Zhongheng Electric was established in Hangzhou, Zhejiang, in the mid-1990s, a period when China's telecommunications build-out was creating strong demand for reliable DC power systems at base stations and exchange sites. The company developed rectifier and power-supply products for telecom operators and grew alongside the successive rollout of 2G, 3G and 4G mobile networks, where thousands of remote sites required compact, efficient and remotely monitored power equipment. As its power-conversion engineering matured, Zhongheng diversified beyond telecom. The rapid expansion of Chinese internet and cloud data centers from the 2010s onward opened a market for high-voltage direct-current (HVDC) power architectures, an alternative to conventional AC UPS systems that appealed to large operators for efficiency and modularity. Zhongheng became one of the domestic suppliers of HVDC and modular power systems for data centers, alongside its established telecom power business. A third phase came with electric mobility. China's national push for new-energy vehicles created demand for charging infrastructure, and Zhongheng applied its power-electronics capabilities to DC fast chargers, charging modules and complete charging-station systems sold to grid companies, charging-network operators and fleet users. The company also extended into broader new-energy and industrial power electronics, including products connected to renewable generation and energy storage. The company is publicly listed on the Shenzhen Stock Exchange under code 002364, giving it access to capital for research and expansion. Its business remains concentrated in the domestic Chinese market and is closely tied to the capital-spending plans of state grid and telecom operators, data-center builders and charging-network investors, so revenue and margins move with infrastructure investment cycles. Over time Zhongheng has positioned itself as a domestic technology supplier of efficient power-conversion equipment rather than a consumer brand.

• 1996

  Company established in Hangzhou, Zhejiang, serving China's telecom power market.

• Listed on the Shenzhen Stock Exchange under ticker 002364.

• Expanded into HVDC and modular power systems for data centers.

• Entered the electric-vehicle charging market with DC fast chargers and charging modules.

Domestic Chinese supplier of efficient power-conversion and power-supply equipment for telecom, data-center and EV-charging infrastructure.

• Telecom DC power supply systems

• HVDC data-center power systems

• Modular UPS

• EV DC fast chargers

• Charging modules

• Industrial power electronics

• 2026.08.14

  Zhongheng Electric and CATL sign strategic cooperation agreement in three areas[1]中恒电气与宁德时代签署三大领域战略合作协议stcn.com

  On August 14, Zhongheng Technology Investment, Zhongheng Electric, CATL and its subsidiary Times Tianyuan signed a Strategic Cooperation Agreement. Zhongheng Electric and CATL will collaborate in three areas: computing infrastructure, new energy (including battery charging and swapping), and new power systems and trading, with subsidiaries carrying out the specific work.

• 2026.08.14

  CATL to invest RMB 4.1 billion in Zhongheng Technology Investment for 49% stake[1]中恒电气与宁德时代签署三大领域战略合作协议stcn.com

  Zhongheng Electric announced on August 14 that its controlling shareholder Zhongheng Technology Investment and its shareholders signed a capital increase agreement under which CATL will subscribe to RMB 14.4118 million of newly registered capital in Zhongheng Technology Investment for a consideration of RMB 4.1 billion, comprising RMB 3.512 billion in cash and RMB 590 million in equity (49% of Times Tianyuan). After the increase, CATL will hold 49% of Zhongheng Technology Investment while Zhu Guoding and Bao Xiaoru together hold 51%, with the controlling shareholder and actual controller unchanged.

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1. 1中恒电气与宁德时代签署三大领域战略合作协议stcn.com