NEWS WRAP: Hithium likely to continue Hong Kong IPO process after initial application

The energy storage company’s initial filing expired after a six-month limit, with an update likely by year-end as it reports rapid growth for its international and storage systems businesses

By Doug Young

Xiamen Hithium Energy Storage Technology Co. Ltd. is likely to restart its Hong Kong IPO process in the next three months, after its application filed earlier this year expired, as it seeks funds for its global expansion and ramps up its energy storage systems business.

The company’s original March listing application lapsed late last month after it failed to complete the IPO within six months, a common occurrence for most companies in their first listing attempts, rather than a sign of failure. The development comes not long after a similar application by another energy storage company, Sigenergy, also expired after it failed to complete the listing within six months after filing.

A knowledgeable source told Chinese media that Hithium is likely to restart its Hong Kong IPO process by the end of this year.

The energy storage sector is currently thriving in the capital markets, attracting strong investor interest on strong growth prospects and supportive government policies. Hithium is seeking to tap booming global demand for both batteries and systems used to store energy from a growing number of solar, wind and other new energy farms and other generating stations being built worldwide. Such storage is a critical component for these facilities, allowing them to store excess electricity during peak generating times for later release during production lulls.

As demand ramps up, the global energy storage market is expected to pass 1,000 GWh per year by 2030, according to third-party market data in Hithium’s original March prospectus.

Founded in 2019, Hithium provides batteries and energy storage systems for residential, commercial and industrial customers. It is the world’s third largest provider in its sector, with about 11% of the global market. Its shipments grew by an average 167% annually between 2022 and 2024 to reach 35.1 GWh last year.

A recent boom in overseas demand for energy storage has helped Hithium to win multiple international orders from Europe, the U.S. and the Middle East, propelling it to second in global energy storage shipments in the first half of 2025. The company’s two production bases in the cities of Xiamen and Chongqing have been operating at full capacity since March, and it is also building a new facility in the city of Heze in Shandong province to boost its capabilities. In a move to hedge against U.S.-China trade frictions, the company has already put a new facility in the U.S. state of Texas into operation — making it the first Chinese enterprise in this sector to establish and launch such a production base in the United States.

Hithium’s revenue grew 26% last year to 12.9 billion yuan ($1.81 billion) from 10.2 billion yuan in 2023. Within that bigger figure, revenue from energy storage systems, which typically carry higher profit margins, more than doubled last year to 4.67 billion yuan from 1.97 billion yuan the previous year, rising to 36.2% of the total from 19.3% over that time.

The company is also rapidly building up its overseas business, which grew from just 1% of sales in 2023 to 28.6% last year. Hithium made a big advance on that front in August, when it signed a major supply deal with Saudi Electricity Co. worth about 2.6 billion yuan. On the bottom line, Hithium also passed another major milestone last year when it became profitable on an adjusted basis, reporting a 318 million yuan adjusted profit for the year.

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