独家丨IPO 关口，全球第三储能公司海辰储能技术高管被批捕背后

Core Viewpoint - The arrest of Feng Dengkai is just a chapter in the ongoing dispute between CATL and Hichern Energy, highlighting the competitive tensions in the battery storage industry [1][15]. Group 1: Company Background - Hichern Energy has rapidly ascended to become the third-largest energy storage battery manufacturer globally, surpassing competitors like BYD and CATL within just two years of mass production [4][5]. - The company is valued at 25 billion RMB before its IPO, with significant backing from investors such as Bank of China Asset Management and CICC [5]. - Hichern Energy's projected revenue for 2024 is 12.9 billion RMB, with a net profit of 288 million RMB, and its core business has a compound annual growth rate (CAGR) exceeding 160% [5]. Group 2: Legal Disputes and Allegations - CATL has initiated legal action against Hichern Energy for unfair competition, claiming that Hichern's 587Ah battery cell closely resembles CATL's patented products, with only a 4.4% deviation in energy density [5][15]. - Feng Dengkai's arrest for allegedly infringing on trade secrets is part of CATL's broader strategy to protect its intellectual property and competitive edge [5][14]. - The ongoing legal battles and Feng's arrest could significantly impact Hichern Energy's IPO process, raising concerns about internal controls and information disclosure [14][15]. Group 3: Industry Context - The energy storage battery sector is currently embroiled in a price war, putting financial pressure on companies like Hichern Energy, which has nearly 10 billion RMB in debt against 6.6 billion RMB in cash and restricted deposits [5][14]. - The rapid growth of Hichern Energy has drawn scrutiny from CATL, which has become increasingly vigilant about protecting its technological advantages and preventing talent poaching [20][21]. - The competitive landscape has shifted, with many former CATL employees now occupying key positions in rival companies, leading to heightened tensions and legal disputes [21][22].