In-Depth Analysis of Liqi Intelligent's IPO and Litigation Disputes

Based on search results, I have obtained detailed information about Liqi Intelligent’s IPO and litigation disputes. The following is a systematic analysis for you.

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Liqi Intelligent (Wuxi Liqi Intelligent Equipment Co., Ltd.) is a core equipment supplier of intelligent lithium battery material processing systems, known as the ‘precision meal preparer’ for the lithium battery industry. The company’s main business is to provide slurry preparation solutions, which involve accurately measuring and mixing positive/negative electrode powders with auxiliary materials into a uniform slurry. The proportioning accuracy of this process must reach one thousandth, which directly affects battery capacity, lifespan, and safety performance[1][2].

: Leading battery manufacturers including CATL (300750.SZ), BYD (002594.SZ), and LG Energy Solution[1][2].

:

Year	Operating Revenue	YoY Growth
2022	RMB 619 million	-
2024	RMB 2.173 billion	Approximately 251%
H1 2025	Approximately RMB 1 billion	Sustained growth

: Revenue from intelligent lithium battery material processing systems surged from RMB 393 million in 2022 to RMB 1.656 billion in 2024, accounting for 63.64% to 79.87% of total revenue during the same period[1][2].

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Liqi Intelligent is currently facing

with a total amount involved exceeding :

Date	Plaintiff	Litigation Claim	Amount
December 16, 2024	Zhongding Intelligent	Dispute over performance of equipment procurement contract, claiming payment of goods and compensation for overdue payment losses	RMB 11.53 million
March 3, 2025	Liqi Intelligent (Counterclaim)	Claiming return of payment, overdue interest, and liquidated damages	RMB 700,000 + RMB 11.46 million

: Still under trial, no final judgment has been reached[1][2].

Plaintiff	Case Cause	Amount Involved
Jiangsu Luyaozhi Information Technology Co., Ltd.	Dispute over performance of contract for work	RMB 2.04 million
Fujian Zhongke Lanjian Intelligent Equipment Technology Co., Ltd.	Dispute over performance of equipment procurement contract	RMB 1.09 million

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These lawsuits seem to be contract performance disputes between enterprises, but they actually hit the

that have long existed in the new energy industry chain.

:

• The general contractor (such as Liqi Intelligent) only needs to pay its suppliers after receiving payments from its own clients (such as battery manufacturers)
• Forms a “pass the parcel” style capital pressure transmission chain
• Risks are ultimately passed to small and medium-sized enterprises at the end of the industry chain[1][2]

:
Lu Kelin, an International Certified Innovation Manager, pointed out that the lithium battery expansion wave has lengthened the “acceptance-mass production-ramp-up” cycle: equipment manufacturers first advance funds to build production lines, while battery manufacturers only conduct acceptance after receiving government subsidies, vehicle model announcements, and the stabilization of lithium carbonate prices. The misalignment in rhythms has led to the downward transmission of cash flow pressure layer by layer[1][2].

: The company is involved in 5 supplier lawsuits, also attributing the cause to payment delays caused by “back-to-back” clauses[1][2].

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Indicator	Data	Evaluation
Asset-Liability Ratio (H1 2025)	71.05%	At a high level
Total Current Liabilities	RMB 3.262 billion	Relatively high pressure
Accounts Receivable Turnover Days (2024)	55 days	Rebounded from 35 days in 2023

: The amount involved in the aforementioned lawsuits accounts for less than 2% of the company’s net assets and less than 5% of its 2024 net profit, which will not have a significant impact on its operations or listing[1][2].

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:

• The company has proactively disclosed litigation risks, complying with information disclosure requirements
• The amount involved is relatively small compared to the company’s size
• Low business relevance

:

• Tianyancha data shows that 66.67% of the company’s judicial cases in the past five years were concentrated in 2025, and 66.67% of them were as the defendant
• Involves sales contract disputes and property preservation, with dispute parties including Wuxi Kete Gongchuang, Sanden New Energy, Shanghai Yishang Software, and other enterprises[1][2]

Bo Wenxi, Vice Chairman of the China Enterprise Capital Union, stated:

“Pending litigation does constitute a risk disclosure item in IPO reviews. However, given that the amount involved is relatively small compared to the company’s size, the business relevance is low, and the company has proactively disclosed and prompted the risks, the possibility of it becoming a substantial obstacle to the IPO process in the short term is low. Nevertheless, if the final court judgment results in compensation far exceeding expectations, or triggers chain lawsuits, it may still bring uncertainties to sustainable operations after listing.”[1][2]

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: On January 20, 2026, the Listing Committee of the Shenzhen Stock Exchange will review Liqi Intelligent’s IPO approval application[1][2].

:

• The company’s application was accepted in June 2025, and it has undergone two rounds of inquiries
• It is at the final stage of the IPO process

:

• Has established partnerships with industry giants including CATL and BYD
• Revenue has grown by over 300% in three years
• Operates in the new energy equipment track, benefiting from industry prosperity

:

• Sustained capital transmission pressure in the industry chain
• High asset-liability ratio
• Potential chain reactions triggered by lawsuits

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The litigation battle between Liqi Intelligent and Zhongding Intelligent is seemingly a contract dispute, but it actually reflects the systemic capital pressure issue in the new energy industry chain under “back-to-back clauses”. The impact of this lawsuit on the IPO needs to be evaluated from the following dimensions:

Dimension	Assessment
Information Disclosure	Proactively disclosed, compliant with regulatory requirements
Impact of Amount Involved	Relatively small compared to company size (<5% of net profit)
Industry Universality	Peer Zhongding Intelligent is also facing similar lawsuits
Judgment Risk	Unfavorable judgment may trigger chain reactions

: Considering the small proportion of the litigation amount, the company’s full disclosure, and the universality of the industry issue, Liqi Intelligent has a high probability of passing the IPO review. However, investors still need to pay attention to the review result of the Listing Committee on January 20, 2026, and the actual impact of subsequent judgment progress on the company’s operations[1][2].

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[1] Phoenix Net Finance - “Earning RMB 2.2 Billion Annually by Riding on CATL’s Coattails, Liqi Intelligent Engages in a ‘Litigation Battle’ with a Peer Before IPO” (https://h5.ifeng.com/c/vivoArticle/v002OLjNrjgECEFnYt8Qe2pza2FlG--nC8PXBOxtwBXErV8Y__?isNews=1)

[2] Autohome - “Earning RMB 2.2 Billion Annually by Riding on CATL’s Coattails, Liqi Intelligent Engages in a ‘Litigation Battle’ with a Peer Before IPO” (https://chejiahao.autohome.com.cn/info/24761648)