Futu news reported on November 15th, $GUOFUHEE (02582.HK)$ On the first day, it opened high, rising by 26.62%. As of the time of reporting, it is priced at 82.3 Hong Kong dollars, with a transaction amount of 21.9301 million Hong Kong dollars and a total market value of 8.618 billion Hong Kong dollars.

Market source: Futu Securities.

According to previous news, in the last trading day's futu dark market trading, Guofu Hydrogen Energy opened high and closed up by 24.62%, priced at 81.00 Hong Kong dollars, with a transaction amount of 8.2373 million Hong Kong dollars and a total market value of 8.482 billion Hong Kong dollars; each lot is 100 shares, without considering handling fees, with a profit of 1,600 Hong Kong dollars per lot.

During the public offering phase, Guofu Hydrogen Energy received a subscription of 21.07 times. The final number of shares offered in the public offering was 0.7253 million shares, accounting for about 12.09% of the total number of shares offered. A total of 5,904 valid applications were received, with 2,429 applications accepted, and the approximate percentage of H shares allocated from the total number of shares applied for is 15.03%.

In addition, during the international placement phase, Guofu Hydrogen Energy received a subscription of 0.99 times, with the final number of shares offered in the international sale being 5.2747 million shares, equivalent to 87.91% of the total shares offered. Futu news has compiled the relevant data as shown in the table below:

Company overview

National Wealth Hydrogen is a leading Chinese manufacturer of hydrogen energy storage and transportation equipment. The company researches and manufactures core equipment for the entire industry chain of hydrogen energy, used for hydrogen production, storage, transportation, refueling, and utilization. The company focuses on the transportation sector in China, developing and manufacturing key components for hydrogen fuel cell vehicles (i.e., onboard high-pressure hydrogen supply systems) and equipment for hydrogen transportation infrastructure (i.e., hydrogen refueling stations).

The company is one of the few national specialized, special and new "little giant" enterprises in the hydrogen energy industry in China, having received multiple awards and recognition, including being a key "little giant" enterprise, a leading enterprise in the hydrogen energy industry chain of the new energy cluster in Jiangsu Province, a unicorn cultivation enterprise in Suzhou, and an antelope enterprise in the high-tech industrial development zone of Jiangsu Province. As of May 31, 2024, the company owns 277 patents, with 175 of them used for the commercialized main products.

Financial overview

In terms of financial situation, China Rich Hydrogen Energy's income in 2021, 2022, and 2023 was RMB 0.329 billion yuan, 0.359 billion yuan, and 0.522 billion yuan respectively, with a compound growth rate of 25.96%; gross profits for the same period were 31.772 million yuan, 39.022 million yuan, and 93.365 million yuan respectively, with a compound growth rate of 74.42%.

Intended Use of Funds

In terms of fundraising usage, Guofu Hydrogen Energy expects the net proceeds from the share issuance to be approximately 0.34 billion Hong Kong dollars (based on the final issue price). According to the prospectus, the company intends to use the net proceeds from the share issuance for the following purposes: approximately 56.1% for capacity expansion; approximately 33.9% for enhancing research and development capabilities, continuing technology upgrades and product iterations; and approximately 10% for working capital and general corporate purposes.

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Editor/Afina