Hithium is currently on its second attempt to list on the Hong Kong Stock Exchange. Its first HKEX attempt lapsed in September 2025, and it previously attempted to go public in mainland China in 2023
An A1 application lapses if a company fails to address regulatory comments, complete due diligence, or maintain market interest within six months. Hithium’s lapse followed concerns related to cash flow, subsidy dependence, and legal complications.
Hithium’s reported profits are largely dependent on government subsidies. In the first half of 2025, subsidies exceeded pre-tax profit, meaning the company would otherwise be operating at a loss.
Hithium’s gross margins have declined significantly, dropping from 17.9% in 2024 to 13.1% in the first half of 2025, with sharper declines in international markets.
Hithium’s receivables have extended to approximately 228 days, while it delays supplier payments to similar durations, indicating a strained working capital cycle and potential liquidity stress.
Yes. Hithium has been designated under U.S. legislation restricting it from contracting with the Department of Defense, which also limits its customers’ eligibility for certain federal programs.
No. The Texas facility functions as an assembly plant, with core components imported from China, rather than a full manufacturing operation.
No. Hithium is classified as a foreign entity of concern, and its products do not qualify for key federal tax credits, reducing competitiveness in the U.S. market.
Expansion is constrained by Texas Senate Bill 17, which restricts companies from designated countries such as China from acquiring or controlling real property in the state.
Vendor financing refers to Hithium lending funds to customers to enable purchases of its own products. This creates revenue while exposing the company to financial risk similar to equity investment.
Yes. The bankruptcy of Powin, a major overseas customer, eliminated over $200 million in expected orders.
Approximately 48% of Hithium’s revenue is derived from five overseas customers, exposing the company to concentration risk.
Hithium is involved in ongoing legal disputes related to intellectual property and employment practices, while also facing regulatory restrictions in the United States that limit market access, tax credit eligibility, and operational expansion. These issues increase scrutiny from regulators and may materially impact its IPO prospects.