According to news from the Hong Kong Stock Exchange on November 14, Shanghai Reshaping Energy Group Co., Ltd. (referred to as Reshaping Energy) has undergone a listing hearing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.

The prospectus shows that as a leading hydrogen energy technology company in China, Reshaping Energy focuses on the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen energy equipment, and related components, and provides hydrogen fuel cell engineering development services to meet customer needs, enabling the company to offer one-stop solutions for hydrogen production and terminal applications. Regarding hydrogen fuel cell systems, during the record period, the company primarily focused on hydrogen fuel cell systems for heavy-duty trucks. The company's policy-oriented projects and market-oriented projects have both shown good performance. As the company successfully continues to expand its business into overseas markets, the revenue contribution from overseas markets is continuously increasing, solidifying the company's leading position in the domestic hydrogen energy market.

The revenue of Reshaping Energy mainly comes from (i) sales of hydrogen fuel cell systems and components; (ii) provision of hydrogen fuel cell engineering development services; (iii) sales of hydrogen energy equipment and related components; and (iv) other, mainly including after-sales services. The detailed revenue breakdown of the company's business segments is as follows:

According to Frost & Sullivan's data, in terms of sales output power of hydrogen fuel cell systems in 2023, Reshaping Energy ranks first in the China's hydrogen fuel cell system market, with a market share of 23.8%. In terms of the total sales output power of hydrogen fuel cell systems for heavy-duty trucks in 2023, the company ranks first in the China's hydrogen fuel cell system market, with a market share of 42.4%. In terms of total sales of hydrogen fuel cell systems in 2023, the company ranks third in the China's hydrogen fuel cell system market, with a market share of 16.2%. In terms of the total sales of hydrogen fuel cell systems for heavy-duty trucks in 2023, the company ranks first in China's hydrogen fuel cell system market, with a market share of 29.4%. As of May 31, 2024, the company's hydrogen fuel cell systems have powered over 5,900 fuel cell vehicles in China.

In terms of finances, for the fiscal years 2021, 2022, and 2023, as well as for the five months ending May 31, 2023 and 2024, Reshaping Energy's revenue was approximately 0.524 billion yuan, 0.605 billion yuan, 0.895 billion yuan, 88.068 million yuan, and 12.521 million yuan respectively; during the same period, gross profit was 61.785 million yuan, 49.823 million yuan, approximately 0.18 billion yuan, -3.965 million yuan, and -24.201 million yuan respectively.