Hithium files for Hong Kong listing as global demand for energy storage surges

Chinese battery energy storage maker and system integrator Hithium has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange. The company, headquartered in Xiamen, plans a main board listing with Huatai International, CITIC Securities, ABC International, and BOC International acting as joint sponsors.

Hithium’s IPO prospectus states the company has rapidly emerged as a major global player in energy storage since its foundation, in 2019. In 2024, the company shipped 35.1 GWh of lithium-ion batteries, ranking third worldwide, behind CATL and EVE Energy, and with an 11% global market share, according to CNESA data.

Hithium develops battery cells and complete energy storage systems. Over the last four years, the company has introduced high-capacity batteries, featuring 280 Ah and 314 Ah lithium-ion cells; 587 Ah and 1175 Ah long-duration storage cells; N162Ah sodium-ion battery cells, which according to Hithium were fetured in “the world’s first sodium-ion storage battery with a more-than-20,000 cycle life”; 5 MWh liquid-cooled storage systems; and the 6.25 MWh two- and four-hour energy storage systems.

Between 2022 and 2024, Hithium’s storage system shipments grew at a combined annual growth rate (CAGR) of 167%. The company has established partnerships with major industry players including Jupiter Power, Lightsource BP, Samsung C&T, Datang Group, China Electric Equipment, and Longyuan Power.

Hithium’s financials reflect its rapid expansion. Revenue rose from CNY 3.62 billion ($498 million), in 2022, to CNY 10.2 billion in 2023 and CNY 12.92 billion last year, for a CAGR of 89%. Gross profit increased from CNY 410 million, in 2022, to CNY 2.31 billion last year, with gross margins improving from 11.3% to 17.9%. Last year also marked the company’s first profitable 12 months, with net income of CNY 318 million after net losses of CNY 105 million in 2022 and CNY 225 million in 2023.

Hithium said the company plans to allocate the IPO proceeds toward expanding battery production capacity to meet growing demand, enhancing R&D to strengthen its technological leadership in energy storage, and building a global sales and service network to support international expansion.

The company also outlined differentiated business models for domestic and overseas markets. In China, Hithium will sell battery cells to system integrators while in international markets it will directly sell its integrated storage systems and solutions.

Despite being founded so recently, Hithium has swiftly ascended to a leading position in the energy storage industry. A successful IPO would provide the company with greater financial flexibility to fuel its overseas expansion, a key area where its performance will be closely watched.