The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on September 2, Shanghai Reshape Energy Group Co., Ltd. (abbreviation: Reshape Energy) submitted the Hong Kong Stock Exchange main board. CICC is its sole sponsor. The company submitted the Hong Kong Stock Exchange listing on February 29 this year.

According to the prospectus, Reshape Energy is a leading hydrogen energy technology company in China. During the track record period, Reshape Energy focused on the design, development, manufacture and sale of hydrogen fuel cell systems, hydrogen energy equipment and related components, and provided hydrogen fuel cell engineering development services to meet customer needs, enabling it to provide one-stop solutions for hydrogen production and terminal applications. Reshape Energy is the first company in the hydrogen fuel cell sector in China to achieve overseas commercial application of proprietary hydrogen fuel cell systems. During the track record period, revenue from overseas countries and regions from remodeled energy increased from about RMB 5.5 million in 2021 to about RMB 8.6 million in 2022, and further increased to RMB 23.2 million in 2023.

Reinvent Energy continues to develop and iterate products, and is particularly advantageous in hydrogen fuel cell technology and expertise that may bring high performance, high reliability, long life, strong environmental adaptability, and high economy. In recent years, reshaping energy has further expanded to the upstream of the hydrogen energy industry. We have independently developed proton exchange membrane (PEM) pure water electrolysis hydrogen production systems, hydrogen production power supplies, alkaline (ALK) electrolyzer electrodes and other key components to effectively use electric energy to produce hydrogen. The comprehensive product and service portfolio of reshaping energy has enabled the collaborative application of hydrogen and electricity, thus forming a new “electricity-hydrogen-electricity” business model. Under this business model, hydrogen fuel cell systems and hydrogen energy equipment that reshape energy can be used in one-stop solutions for customers to generate electricity using rich renewable energy, and then use the company's PEM and ALK electrolyzed water technology and products to produce green hydrogen. Hydrogen can be stored for a long time, making it easy to use its hydrogen fuel cell products to generate electricity when needed, and is used in various application scenarios.

According to Frost & Sullivan, according to the sales output power of hydrogen fuel cell systems in 2023, remodeled energy ranked first in China's hydrogen fuel cell system market, with a market share of 23.8%. According to the total sales output power of hydrogen fuel cell systems mounted on heavy trucks in 2023, reshaping energy ranked first in China's hydrogen fuel cell system market, with a market share of 42.4%. Based on the total sales of hydrogen fuel cell systems mounted on heavy trucks in 2023, Remodeling Energy ranked first in China's hydrogen fuel cell system market, with a market share of 29.4%. In terms of total sales of hydrogen fuel cell systems in 2023, reshaping energy ranked third in China's hydrogen fuel cell system market.

Reshaping Energy is the first company in the field of hydrogen fuel cells in China to simultaneously develop and mass-produce fuel cell stacks, membrane electrodes, and bipolar plates. Remodeling Energy has PEM and ALK electrolysis products. As of May 31, 2024, hydrogen fuel cell systems that reshape energy have powered more than 5,900 fuel cell vehicles in China. As of the same day, the cumulative mileage of these cars was about 210 million kilometers, reducing carbon emissions by about 11,6851 tons.

Reshaping Energy has also established business relationships with many well-known international companies in the hydrogen fuel cell industry, such as Germany's Schaeffler Group and Japan's Toyota. Furthermore, Reshape Energy, along with Great Wall Motor, Weichai Power, National Energy Group, and Sinopec, became one of the first Chinese companies to join the International Hydrogen Council (International Hydrogen Council).

On the financial side, in the five months ended May 31, 2021, 2022, 2023, and 2024, the revenue from reshaping energy was approximately 0.524 billion yuan, 0.605 billion yuan, 0.895 billion yuan, and 12.521 million yuan respectively; during the same period, the company lost approximately 0.654 billion yuan, 0.546 billion yuan, 0.578 billion yuan, and 0.409 billion yuan, respectively.

According to Reshape Energy's prospectus, the company's industry is an emerging industry, and the new technology used in fuel cell systems or hydrogen energy equipment may be immature. Any major product defect, failure, or negative news about the hydrogen energy market may damage its reputation and adversely affect its business, financial position and operating results.