The global energy storage market's second-ranked dark horse company, HiTHIUM Energy Storage, now stands at the capital market's doorstep but appears somewhat hesitant.

From core talent mobility to commercial secret disputes, and to unfair competition litigation in courts, its conflicts with industry giant Contemporary Amperex Technology Co., Limited continue to escalate and intensify. This series of controversies undoubtedly adds more uncertainty factors to its IPO journey.

Despite HiTHIUM Energy Storage's remarkable growth momentum, under the spotlight, numerous concerns are gradually surfacing, becoming unavoidable risk footnotes in its listing process.

**Two Different Resumes: The Secret Behind the Energy Storage Dark Horse's Growth?**

Many investors have discovered that the disclosure of core personnel's resumes in HiTHIUM Energy Storage's prospectus appears "vague and unclear."

For instance, there are significant discrepancies between HiTHIUM Energy Storage co-founder Wang Pengcheng's resume in the prospectus and information from a circulated actual employment registration form.

According to HiTHIUM Energy Storage's prospectus, core founder Wang Pengcheng co-established HiTHIUM Energy Storage in December 2019. Previously, he served as a partner at Hengtong Capital from March 2015 to November 2019, was an independent investor from October 2009 to February 2015, and worked as an engineer at Fujian Broadcasting and Television Network Co., Ltd. from March 2003 to July 2009.

However, netizens uncovered Wang Pengcheng's employment registration form filled out when applying for the position of chairman's assistant at Fujian Xinyu in July 2018, which shows a different career trajectory:

- September 2002 to July 2008: Project manager and general manager assistant at Fujian Broadcasting and Television Network Co., Ltd. (similar to disclosed information); - August 2008 to June 2013: Regional agent for Fujian Lanfeng Leather Co., Ltd.; - July 2013 to June 2018: General manager of Xiamen Darun Trade Co., Ltd.; - March 2015 to June 2018: Simultaneously founding partner of Shanghai Zhaox Investment Management Co., Ltd.

Notably, in 2018, Wang Pengcheng, who should have been working at Hengtong Capital, applied for a position at Fujian Xinyu Flexible Materials Technology Co., Ltd. (hereinafter "Fujian Xinyu") as assistant to chairman Zhang Ruiming.

Fujian Xinyu is no ordinary company. Its core technologies include vacuum magnetron sputtering coating and ion copper deposition processes, which enable the production of ultra-thin copper-aluminum composite foil, solving traditional methods' problems of low substrate bonding strength and high energy consumption.

This technology has important applications in lithium battery manufacturing. Composite copper foil can replace traditional electrolytic copper foil, reducing battery weight by approximately 50% while improving energy density and safety.

Crucially, with this technology, Fujian Xinyu successfully entered the supply chains of leading battery companies including Contemporary Amperex Technology Co., Limited and BYD. The significant differences between these two resumes raise suspicions about whether HiTHIUM Energy Storage deliberately concealed some information in its prospectus.

Media discovered that Wang Pengcheng's wife is Lin Lixiang, sister of Lin Xiuhua, who worked alongside Fujian Xinyu chairman Zhang Ruiming at the time. Through her introduction, Wang Pengcheng met Zhang Ruiming and joined Fujian Xinyu as chairman's assistant.

Lin Xiuhua's identity is also significant - she is the second wife of HiTHIUM Energy Storage's actual controller Wu Zuyu.

In March 2018, before Wang Pengcheng joined Fujian Xinyu, Fujian Xinyu, Anhui Jinmei, and Xu Caixia (representing Contemporary Amperex Technology Co., Limited) signed a "Tripartite Cooperation Contract," agreeing to jointly develop and produce new energy polymer materials: 1-micron copper foil for automotive lithium battery anodes.

At that time, Contemporary Amperex Technology Co., Limited urgently needed this "1-micron copper foil for automotive lithium battery anodes" material for battery production. This material required two basic production processes: copper foil and anode material coating technology. Anhui Jinmei could produce the former, while Fujian Xinyu possessed the latter technology.

Theoretically, cooperation between these two companies would suffice, but the contract included a third party: Xu Caixia (representing Contemporary Amperex Technology Co., Limited).

Interestingly, Xu Caixia was actually just a housewife, making her representation of Contemporary Amperex Technology Co., Limited in contract signing somewhat peculiar. Later, it was discovered that Xu Caixia's true identity was the sister-in-law of HiTHIUM Energy Storage's actual controller Wu Zuyu.

Industry insiders speculate that Wu Zuyu, who was still employed at Contemporary Amperex Technology Co., Limited at the time, found it inconvenient to appear directly, so his sister-in-law Xu Caixia signed the contract as a "Contemporary Amperex Technology Co., Limited representative," persuading Zhang Ruiming to invest over 53 million yuan in developing and producing related materials.

The critical juncture occurred in September 2019. Fujian Xinyu's chairman Zhang Ruiming was sentenced to one year and two months in prison for other matters, leaving company operations temporarily unmanaged. As chairman's assistant, Wang Pengcheng directly participated in a series of turbulent events involving core trade secrets, technology transfer, and team separation.

When Zhang Ruiming returned, he found the company deserted, with teams and technologies all "packaged" and taken away.

**Why Haven't Key Personnel's Complete Resumes Been Disclosed?**

Besides Wang Pengcheng, other core HiTHIUM Energy Storage personnel's resumes also don't withstand scrutiny.

For example, HiTHIUM Energy Storage's prospectus failed to fully disclose another core figure Yi Ziqi's complete professional experience. According to the prospectus, Yi Ziqi worked as an engineer at Contemporary Amperex Technology Co., Limited from September 2016 to September 2017, joined HiTHIUM Energy Storage in August 2022, and currently serves as executive director and deputy general manager.

However, after leaving Contemporary Amperex Technology Co., Limited in 2017 and before joining HiTHIUM Energy Storage, Yi Ziqi actually worked at Anhui Jinmei from September 2017 to July 2018 (during the critical stage of the aforementioned "tripartite cooperation" promotion and implementation).

Additionally, there are more covert cases of personnel mobility. Former Contemporary Amperex Technology Co., Limited employee Feng Dengke, after leaving in 2017, used the alias "Ma Biao" to join Jinmei New Materials (Anhui Jinmei's parent company), participating in composite current collector OEM projects. After completing the project, he quickly moved to HiTHIUM Energy Storage as director of the president's office and head of the engineering department. According to LatePost's report in late July, Feng Dengke was taken into custody by police on suspicion of trade secret infringement.

The prospectus also shows that HiTHIUM Energy Storage's actual controller Wu Zuyu worked at Amperex Technology Limited (ATL) from August 2011 to December 2015, then at Contemporary Amperex Technology Co., Limited from January 2016 to February 2019. He founded HiTHIUM Energy Storage in December 2019, focusing on energy storage batteries and systems, which highly overlaps with Contemporary Amperex Technology Co., Limited's business.

However, HiTHIUM Energy Storage's establishment likely predates what the prospectus states.

According to China Court Trial Live in November 2023, a non-compete restriction dispute case involving Contemporary Amperex Technology Co., Limited was made public. The plaintiff was Zhang Min, a former senior battery system engineer at Contemporary Amperex Technology Co., Limited, and the defendant was Contemporary Amperex Technology Co., Limited. The litigation sought a legal judgment that the plaintiff need not pay 1 million yuan in penalty fees to the defendant. Zhang Min left Contemporary Amperex Technology Co., Limited at the end of 2021 and subsequently joined Xiamen Rare Earth Materials Research Institute, engaging in electrochemical energy storage and device-related research. In June 2020, Xiamen Rare Earth Materials Research Institute signed an agreement with HiTHIUM Energy Storage to provide talent recruitment, cultivation, and R&D services.

Public trial recordings show that Contemporary Amperex Technology Co., Limited photographed Zhang Min wearing HiTHIUM Energy Storage badges and entering HiTHIUM Energy Storage facilities multiple times. Zhang Min was believed to have actually served HiTHIUM Energy Storage while at Xiamen Rare Earth Materials Research Institute, violating non-compete restrictions, prompting Contemporary Amperex Technology Co., Limited to demand 1 million yuan in penalty fees.

During the trial, Contemporary Amperex Technology Co., Limited's attorney also mentioned that HiTHIUM Energy Storage's actual controller Wu Zuyu "not only violated non-compete agreements himself but also leveraged his work experience and network connections at Contemporary Amperex Technology Co., Limited to extensively poach core technical talent, rapidly capturing energy storage market share within two years, causing immeasurable losses to Contemporary Amperex Technology Co., Limited that far exceed a mere 1 million yuan."

Before this case's hearing, HiTHIUM Energy Storage's actual controller Wu Zuyu had already paid penalty fees to Contemporary Amperex Technology Co., Limited - for violating non-compete agreements, an arbitration committee ruled in September 2023 that Wu Zuyu should pay Contemporary Amperex Technology Co., Limited 1 million yuan in penalty fees. On September 23, Wu Zuyu paid the penalty fees to Contemporary Amperex Technology Co., Limited through his wife Lin Xiuhua.

From obvious to subtle, multiple clues indicate that HiTHIUM Energy Storage has undisclosed associations and potential disputes in its talent recruitment and technology accumulation processes. HiTHIUM Energy Storage's founding and core team has significant personnel connections with Contemporary Amperex Technology Co., Limited. Besides the aforementioned Wu Zuyu and Yi Ziqi, HiTHIUM Energy Storage director and deputy general manager Pang Wenjie also came from Contemporary Amperex Technology Co., Limited.

**From Talent Competition to Technology Competition**

The deep historical connections between HiTHIUM Energy Storage and Contemporary Amperex Technology Co., Limited are like a double-edged sword, providing technical momentum for early development while laying potential risks for the IPO journey. The series of lawsuits escalating from "talent competition" to "technology patent competition" between the two parties is particularly noteworthy.

HiTHIUM Energy Storage's rapid rise is closely related to its core team's technical background. Founder Wu Zuyu and multiple executives all have Contemporary Amperex Technology Co., Limited work experience. This "same-source" relationship brought valuable industry experience and technical accumulation to HiTHIUM Energy Storage, enabling it to rank among global energy storage battery shipment leaders in just six years.

However, this also raises external questions about the independence of its technology sources. Industry insiders generally believe that what Contemporary Amperex Technology Co., Limited and HiTHIUM Energy Storage care most about is the third-generation battery cell technology route competition.

Particularly, Contemporary Amperex Technology Co., Limited alleges that HiTHIUM Energy Storage's core product 587Ah battery cell parameters highly overlap with its patented products, with energy density deviation of only 4.4%, far below the industry's 10% technological generation gap threshold. This striking similarity in product parameters has elevated competition between the two parties from market level directly to patent and legal levels.

Particularly noteworthy are the continuous non-compete agreement lawsuits and latest trade secret investigations, escalating these suspicions from professional background level to ongoing judicial procedures.

While lawsuit outcomes remain undetermined, this serves as a warning:

In the context of surging energy storage industry innovation and accelerated talent mobility, how startups maintain legal compliance boundaries and avoid patent dispute risks during IPO processes are questions that not only relate to HiTHIUM Energy Storage's reputation but directly affect its future development prospects.

If companies face patent infringement suspicions during IPO stages, they not only face business ethics and legal compliance scrutiny but also struggle to bypass listing review hurdles. According to Hong Kong Stock Exchange listing rules, listed companies must demonstrate sustainable operation capabilities. Litigation-induced reputation damage, compensation expenses, and customer trust crises may become review obstacles.

Now, the energy storage dark horse's personnel disputes have transcended individual company competition, sounding alarms for the entire rapidly developing new energy industry:

For companies, especially in technology-intensive industries, they must find balance between encouraging talent mobility and protecting core intellectual property. Startups need to pay more attention to technology source compliance, establishing comprehensive innovation systems and intellectual property risk prevention mechanisms.

For industry personnel, they need to carefully handle non-compete agreements, clarify legal boundaries, and avoid serious legal consequences from improper conduct.

For the industry, healthy competitive ecosystems should be based on original technology and beneficial innovation, not simple imitation or obtaining technology through improper means. This requires joint maintenance by companies and further improvement of related systems.