The Ding family is quietly building their "Noblelift" business empire: 73-year-old father Ding Yi chairs A股-listed Noblelift Intelligent Equipment (603611.SH), while 43-year-old son Ding Sheng leads the family's new flagship Zhongding Intelligent toward a港股 listing. This intergenerational duo represents both legacy and ambition.
On November 10, Zhongding Intelligent (Wuxi) Technology Co., Ltd. ("Zhongding"), spun off from Noblelift, submitted its second港股 IPO application. According to disclosures, Zhongding's major clients in the new energy sector include CATL (300750.SZ, 3750.HK), Byd Company Limited (002594.SZ, 1211.HK), Eve Energy (300014.SZ), SVOLT, LG Chem (051913.KS), and Farasis Energy (688567.SH).
However, at this critical IPO juncture, Zhongding faces unexpected legal storms from former partners. The prospectus reveals five supplier-related lawsuits involving RMB 3.8 million, 14 million, 14.4 million, 2.9 million, and 5.8 million respectively. Tianyancha data shows disputes with Zhejiang Zhongjiang Intelligent Equipment ("Zhongjiang"), Wuxi Liqi Intelligent Equipment, and Shenghui New Materials. Zhongjiang alone has 16 cases against Zhongding.
In September 2025, final judgments ordered Zhongding to pay approximately RMB 33.3 million in outstanding payments. Zhongding's core product is intelligent intra-factory logistics solutions integrating management software with automated equipment. Since 2013, it has served new energy clients, with sector revenue growing from RMB 1.26 billion (76.8% of total) in 2022 to RMB 1.35 billion (75%) in 2024, surging to 94.5% in H1 2025.
Despite ranking first in China's lithium-ion battery logistics solutions market (1.7% share), Zhongding's H1 2025 revenue fell 23.12% YoY to RMB 746 million due to slowed project acceptance, though net profit rose 26.5% to RMB 66.3 million.
The disputes stem from "back-to-back" payment clauses common in the industry, where payments to suppliers are contingent on client payments. Courts ultimately ruled these clauses couldn't indefinitely delay Zhongding's obligations. Simultaneously, Zhongding countersued suppliers for RMB 37.6 million in penalties.
Industry experts note this reflects systemic capital structure issues in the supply chain, where cash flow pressures cascade downward. Zhongding's trade payables stood at RMB 917 million in H1 2025, while receivables were RMB 354 million.
Pre-IPO, Noblelift holds 99.6% of Zhongding, with the Ding family controlling 35.54% of Noblelift. The potential港股 listing would complete the family's "A+H" capital platform strategy. However, the legal battles highlight broader industry challenges in payment cycles and supply chain sustainability.
What are your perspectives on disputes within the new energy industrial chain?
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