On September 25, 2025, the H-share prospectus submitted by Xiamen Haichen Energy Storage Technology Co., Ltd. (hereinafter referred to as "Haichen Energy Storage") to the Hong Kong Stock Exchange officially expired. This energy storage industry unicorn, established just six years ago with a valuation that once exceeded 25 billion yuan, encountered setbacks at the critical juncture of its Hong Kong IPO push, casting uncertainty over its global strategic expansion.

**Prospectus Expiration: The Six-Month "Deadline"**

According to Hong Kong Stock Exchange regulations, corporate prospectuses have a validity period of six months. Haichen Energy Storage submitted its application on March 25, 2025, but failed to complete China Securities Regulatory Commission filing and Hong Kong Stock Exchange hearings by the expiration date. Market analysis indicates that this expiration directly stems from two core obstacles: unresolved technical patent disputes and "hidden concerns" behind high growth.

The prospectus revealed that Haichen Energy Storage's operating revenue surged from 3.615 billion yuan in 2022 to 12.917 billion yuan in 2024, achieving an annual compound growth rate of 89%. However, its profit quality has been questioned: while the company achieved net profit attributable to shareholders of 259 million yuan in 2024, government subsidies reached 414 million yuan. More critically, the company's receivables skyrocketed from 823 million yuan in 2022 to 9.646 billion yuan in 2024, accounting for 74.68% of revenue. Accounts receivable turnover days extended from 83 days to nearly 273 days, creating significant cash flow pressure. During the same period, the company's asset-liability ratio also climbed to 73.1%.

**Technical Disputes: "Shadows" Under Patent Barriers**

Haichen Energy Storage's rapid rise has been consistently accompanied by technical controversies. While the company claims to have applied for over 4,400 patents globally, its R&D expense ratio in 2024 was only 4.1%, significantly lower than industry leaders like CATL (5.14%) and BYD (6.85%). More critically, its core team has deep connections with CATL—founder Wu Zuyu and three executive directors all previously worked at CATL.

In July 2025, Feng Dengke, former director of Haichen Energy Storage's president's office, was placed under compulsory measures by police for allegedly violating trade secrets, further complicating the technical disputes. On August 12, an "unfair competition dispute" between CATL and Haichen Energy Storage was heard in Ningde Intermediate People's Court. This lawsuit seeks damages of 150 million yuan, equivalent to more than half of Haichen Energy Storage's 2024 net profit.

**Future Path: Breakthrough or Decline?**

The market generally believes that Haichen Energy Storage needs to achieve breakthroughs in three areas: first, clarify technical disputes through judicial procedures to rebuild market trust; second, optimize accounts receivable management to compress turnover days to industry average levels; third, increase R&D investment ratio to consolidate differentiated advantages in long-duration energy storage, sodium battery technology, and other areas.

This IPO setback represents both the necessary growing pains for Haichen Energy Storage's transformation from "dark horse" to "giant," and a microcosm of China's energy storage industry shifting from scale expansion to quality competition. Under the triple test of technology, capital, and market, this young enterprise's global expansion journey remains full of variables.

*Note: This article incorporates AI-generated content. The views expressed do not constitute investment advice and are for reference only. Markets involve risks, and investment requires caution.*