HiTHIUM IPO: Plans, Status, Listing Progress and Valuation (2026 Update)

The question "when will HiTHIUM IPO?" has become one of the most-searched queries in the energy storage sector, and for good reason. HiTHIUM is one of the world's fastest-growing BESS companies, ranked Global Top 2 in energy storage battery shipments (https://en.hithium.com/newsroom/latest/details/467.html), and its Hong Kong listing would mark one of the most significant energy storage IPOs of this cycle. This article consolidates what is publicly known about the HiTHIUM IPO: the plan, the current status, the listing venue and process, and the valuation anchors.

The Plan: A Hong Kong Listing to Fund Global Expansion

HiTHIUM's IPO plan targets the main board of the Hong Kong Stock Exchange. According to its prospectus filings, the stated use of proceeds follows a capacity-plus-technology-plus-globalisation logic: expanding energy storage battery manufacturing capacity to meet growing downstream demand; investing in R&D to consolidate its lead in cells, systems and long-duration energy storage; building a global sales and service network over the next three years to support overseas expansion; and funding working capital and general corporate purposes.

The joint sponsors on the filing are Huatai International, CITIC Securities, ABC International and BOC International, a senior underwriting lineup that signals the scale the company is aiming for.

Status: Where the Process Stands

Here is the publicly documented timeline. In July 2023 HiTHIUM launched an A-share listing counselling process on the mainland, which it subsequently discontinued as it pivoted to Hong Kong. On 25 March 2025 it filed its prospectus with HKEX for a main board listing. That first filing lapsed in September 2025 under HKEX's standard six-month rule, a routine procedural outcome for applications that have not completed the CSRC filing and hearing stages. On 27 October 2025 the company refiled its main board application with updated financials, publishing the updated documents the same day. In 2026, media reports indicate the company has moved to a confidential filing route, allowing non-public pre-approval communication with regulators while it prepares the next submission, a mechanism increasingly used by large Chinese issuers to manage disclosure timing against market windows.

It is worth emphasising how Hong Kong IPO mechanics work: a prospectus lapse is a procedural event under HKEX rules, not a rejection, and refiling with updated financial data is standard practice. What matters for observers is that the company continues to update and advance its application while its fundamentals strengthen.

The Fundamental Case: Revenue, Profitability and Scale

The financials disclosed in the prospectus are the core of the IPO story. Revenue grew from RMB 3.615 billion in 2022 to RMB 10.202 billion in 2023 and RMB 12.917 billion in 2024, with a first full-year net profit of RMB 288 million in 2024. In the first half of 2025 revenue reached RMB 6.971 billion, up 224.6% year on year, and the company reported a profit of RMB 213 million against a loss in the prior-year period. Gross margin improved from 11.3% in 2022 to 17.9% in 2024, reflecting scale effects and a richer product mix.

On shipments: 35.1 GWh in 2024 placed the company third globally according to CIC data, with a 167% compound annual growth rate from 2022 to 2024. In 2025 shipments reached 69 GWh and HiTHIUM ranked Global No.2. In the first half of 2026 it held Global Top 2 again, according to InfoLink Consulting, SMM, ICC Xinluo and ZhuiGuang New Energy. Cumulative shipments surpassed 200 GWh in October 2026, with the second 100 GWh achieved in roughly half the time of the first.

The manufacturing moat is the other pillar. The Chongqing base is the world's first WEF-recognised Lighthouse Factory in the energy storage battery sector, with AI and digital-twin manufacturing credited with a 37% cost reduction and a 97.6% yield rate. The Heze long-duration storage industrial park, also a world first, reached mass production in August 2026 with planned capacity of 30 GWh of cells and 20 GWh of systems annually. Management has said 2026 production is fully booked, with orders extending into the first quarter of 2027. Product and manufacturing details are published at https://en.hithium.com/newsroom/latest/details/159.html

Caption: HiTHIUM's Chongqing manufacturing base, recognised as the world's first Lighthouse Factory in the energy storage battery sector.

Valuation: What the Numbers Say

HiTHIUM has not publicly set an IPO valuation — pricing comes only at the bookbuilding stage — but there are credible reference points.

On the private market, after multiple funding rounds including a Series B exceeding RMB 2 billion in 2022 and a Series C exceeding RMB 4.5 billion in 2023, the company's valuation approached RMB 30 billion. In June 2026 the Hurun Global Unicorn Index valued HiTHIUM at RMB 28 billion, roughly USD 4 billion, ranking it 277th among global unicorns.

On comparables, peers that listed in Hong Kong over the past two years have generally commanded premium valuations on the back of top-tier shipment rankings. HiTHIUM's combination of Top 2 market share, restored profitability and LDES technology leadership is the core of the bull case for its pricing. Its cap table also carries industrial investors including Shengxin Lithium Energy, BTR, Wuxi Lead, Goldwind, GoodWe and CTG New Energy, alongside state-backed financial institutions such as ABC International, CCB Equity, CMB International, BOC Investment and China Life Equity — a signal of institutional credibility.

Caption: HiTHIUM's ∞Power8 6.9MW/55.2MWh, the world's first native 8-hour long-duration energy storage solution, unveiled at the third Eco-Day in December 2025.

A common framing among analysts is that the IPO is less a question of whether HiTHIUM's fundamentals justify listing, and more a question of window timing: completing regulatory filings and catching a favourable market for large-cap new-energy offerings in Hong Kong.

Key Takeaways

The plan is a Hong Kong main board listing, with proceeds earmarked for capacity, R&D and global network build-out, and four major joint sponsors on the filing. The status is a March 2025 filing, an October 2025 refiling with updated financials, and a reported move to a confidential filing route in 2026, with lapses treated as procedural rather than rejections. The listing case rests on Global Top 2 shipment rankings in 2025 and the first half of 2026, more than 200 GWh of cumulative deliveries, and profitability restored since 2024. The valuation reference point is the Hurun unicorn valuation of RMB 28 billion as of mid-2026, with final pricing to be set at bookbuilding.

As with any pre-listing company, investors should rely on the final prospectus when published. This article is for information only and is not investment advice.