BRIEF: Global third in lithium-ion ESS batteries, Hithium prepares for Hong Kong IPO
Xiamen Hithium Energy Storage Technology Co. Ltd. is becoming the latest green energy company to target a listing on Hong Kong’s stock exchange, with HTSC, CITIC Securities, ABCI and BOCI as joint sponsors, Bamboo Works has learned.
Based in the South Chinese city of Xiamen, the company says it delivered 35.1GWh worth of ESS batteries last year, making it the world’s third largest energy storage company in terms of lithium-ion ESS battery shipments. Established five years ago, Hithium’s ESS battery shipments grew by an average 167% annually from 2022 to 2024.
The company is also focused on global expansion. It currently operates in more than 20 countries and regions, including the U.S. and Europe, with overseas revenue accounting for 28.6% of its total last year. It is also actively exploring other markets, including the Middle East, Africa, Oceania and South America, and plans to use funds from its IPO for such expansion.
Its revenue has grown rapidly, more than tripling from 3.6 billion yuan ($498 million) in 2022 to 12.9 billion yuan last year. As its business has gained scale, the company’s gross margin improved by more than 6 percentage points from 11.3% in 2022 to 17.9% in 2024, lifting it from a net loss of 1.78 billion to a net profit of 287.6 million over that period.
By Doug Young
The Bamboo Works offers a wide-ranging mix of coverage on U.S.- and Hong Kong-listed Chinese companies, including some sponsored content. For additional queries, including questions on individual articles, please contact us by clicking here
To subscribe to Bamboo Works free weekly newsletter, click here
