IPO Plus - IPO

	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

REFIRE
02570.HK

Electrical Components & Equipment

145-165

3,333

2024/12/03

2024/12/05

2024/12/06

Dmall
02586.HK

Application Software

30.21

100

N/A

2024/12/03

2024/12/05

2024/12/06

Summary

During the Track Record Period, as a leading hydrogen technology company in China, we focused on the design, development, manufacture, and sales of hydrogen fuel cell systems, hydrogen production systems, and related components, as well as providing fuel cell engineering and technical services catering to customers’ needs, enabling us to provide one-stop solution for hydrogen production and end-use applications. In terms of hydrogen fuel cell systems, we mainly focused on hydrogen fuel cell systems used for heavy-duty trucks during the Track Record Period. We have proven track record in policy-driven projects, as well as in market-driven projects. Our presence in the domestic hydrogen market is complemented by our successful and constant expansion into overseas markets, with a growing revenue contribution in overseas markets. We generated revenue primarily from the (i) sales of hydrogen fuel cell systems and components; (ii) provision of fuel cell engineering and technical services; (iii) sales of hydrogen production systems and related components, and (iv) others, which primarily included provision of after-sales services. We sold various hydrogen fuel cell systems with different rated power, widely ranging from 32kW to 220kW. Our hydrogen fuel cell systems were mainly sold to hydrogen fuel cell commercial vehicle manufacturers and some fuel cell stack manufacturers. We provided customized fuel cell product solutions, where we provided Components for Fuel Cell Vehicles in addition to hydrogen fuel cell systems to our customers. Since August 2023, we have launched proton-exchange membrane (“PEM”) water electrolysis hydrogen production systems, PEM water electrolysis cells, hydrogen production membrane-electrode assemblies (“MEAs”), hydrogen production power sources, and electrodes for ALK electrolysis, which are mainly sold to hydrogen production facilities and hydrogen production system manufacturers for high purity hydrogen production. According to Frost & Sullivan, we ranked the first in the hydrogen fuel cell system market in China, in terms of the sales power output of hydrogen fuel cell systems in 2023, with a market share of 23.8%. We ranked the first in the hydrogen fuel cell system market in China, in terms of the total sales power output of hydrogen fuel cell systems that have been used for heavy-duty trucks in 2023, with a market share of 42.4%. We ranked the third in the hydrogen fuel cell system market in China, in terms of the total sales value of hydrogen fuel cell systems in 2023, with a market share of 16.2%. We ranked the first in the hydrogen fuel cell system market in China, in terms of the total sales value of hydrogen fuel cell systems that have been used for heavy-duty trucks in 2023, with a market share of 29.4%. As of May 31, 2024, our hydrogen fuel cell systems had powered over 5,900 fuel cell vehicles on the road in China. By the same date, these vehicles had accumulated around 210 million kilometers of operations and reduced carbon emissions of around 116,851 tons. In recent years, we have further explored into the upstream of hydrogen industry, where we have independently developed PEM water electrolysis hydrogen production systems, hydrogen production power sources, electrodes for alkaline (“ALK”) electrolysis and other key components that can effectively utilize electricity to produce hydrogen. Our comprehensive product and service portfolio enables us to achieve the synergies among hydrogen and electricity, therefore forming a new business model of “electricity-hydrogen-electricity”, where our hydrogen fuel cell systems and hydrogen production systems can be used for our customers’ one-stop solution for utilizing rich renewable power resources in generating electricity, which will be then used to produce green hydrogen with our PEM and ALK water electrolysis technologies and products. As of the Latest Practicable Date, our product and service portfolio covered the entire industrial chain of hydrogen. Embracing the “dual-carbon” goals of China, which aim to peak carbon dioxide emissions by 2030 and achieve carbon neutrality before 2060, we are dedicated to providing full-services in hydrogen industry, including effective, cost-efficient, safe and reliable hydrogen generation and application products and services, to help achieve a sustainable future. We attribute our success to the following factors, including, (i) products featuring great reliability, long lifespan, environmental adaptability, which combined with our ability to offer comprehensive after-sales services and technical support, enable adaption to vehicles carrying heavy loads and working under complicated conditions; (ii) high power generation efficiency and low hydrogen consumption, which help reduce associated costs in heavy-load and long distance transportation scenarios; and (iii) our ability to continuously drive down production costs of our fuel cell systems, as we are able to develop and produce greater variety of components, and source high-quality raw materials and components locally. We also had business relationships with renowned international enterprises in hydrogen fuel cell industry, such as, Schaeffler Group in Germany, and Toyota Motor in Japan. In addition, we have been deeply engaged in the development of hydrogen fuel cell system technologies. Leveraging our industry influence, we are the support institution for the Hydrogen fuel cell Subcenter of the National Power Battery Innovation Center (國家動力電池創新中心燃料電池分中心) and serve as the chairman enterprise of the Hydrogen fuel cell Subdivision of the China Automobile Power Battery Industry Innovation Alliance (中國汽車動力電池產業創新聯盟燃料電池分會). We have joined the International Hydrogen Council, being among the first batch of PRC enterprises to join the Hydrogen Council, along with GWM (長城汽車), Weichai Power (濰柴動力), State Energy Group (國家能源集團), and Sinopec (中國石化). Source: REFIRE (02570) Prospectus (IPO Date : 2024/11/28)
Listing Market	MAIN
Industry	Electrical Components & Equipment
Background	H Shares
Major Business Area	China

Corporate Information

No related information.

Real-time Futures	IPO Plus	Company Announcement
Top 20	Highs/ Lows	Company Dividend
Local Indices	DTDC RMB Traded Stocks	Result Announ. Schedule
World Indices	BioTech Stocks	Research Report
China Indices	Second Listing Stocks	Result Announ. News
Index Constituents	Short Selling	Corp. Event Search
H Shares (All)	ADR	Economic Calendar
Red Chips (All)	A+H+ADR	Economic Database
GEM (All)	A+H	Economic Data Chart
Industries	Shareholding Disclosures	World Interest Rates