繁
简
Market+ (iPhone)
Market+ (Android)
Mobile Site
US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
Quote Service
Market
Market
Quotes
Quotes
Analysis
Analysis
Commentary
Commentary
Warrants&CBBCs
Warrants&CBBCs
Warrants&CBBCs Overview
Warrants
CBBCs
ETF
ETF
MPF
MPF
Education
Members
Members
About Us
About Us

IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Minieye Tec
02431.HK		 Application Software 17-20.2 200 4,081 2024/12/20 2024/12/24 2024/12/27
Xunfei Healthcare
02506.HK		 Application Software 82.8 50 N/A 2024/12/23 2024/12/27 2024/12/30
InnoScience
02577.HK		 Semiconductors & Semiconductor Equipment 30.86-33.66 100 3,400 2024/12/23 2024/12/27 2024/12/30
HealthyWay
02587.HK		 Health Care Services 7.8-8.8 500 4,444 2024/12/23 2024/12/27 2024/12/30
REFIRE (02570.HK)
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
Substantial Shareholders LIN Qi & Associates (20.73%)
[00386] China Petroleum & Chemical Corporation (13.53%)
FU Junru & Associates (6.43%)
WAN Jingzhao & Associates (5.80%)
Directors LIN Qi (Chairman and Chief Executive Officer and Executive Director)
HU Zhe (President and Chief Operation Officer and Executive Director)
MA Audrey Jing Nan (President and Executive Director)
ZHAI Shuang (Executive Director)
ZHAO Yongsheng (Executive Director)
LIU Huiyou (Non-Executive Director)
CHEN Fei (Independent Non-Executive Director)
LI Wei (Independent Non-Executive Director)
QIAN Meifen (Independent Non-Executive Director)
Company Secretary POON Ping Yeung
ZHENG Zhong
Principal Bankers Bank of Communications Co., Ltd.
China Merchants Bank
China Construction Bank Corporation
Solicitors Tian Yuan Law Firm
O Melveny & Myers LLP
Auditors Ernst & Young
Registered Office 19/F., Golden Centre, 188 Des Voeux Road Central, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.refire.com
Email Address press@refire.com
Tel No (86 21) 6025-7133
Fax No
 
SITEMAP
AASTOCKS.com
 
 
Members
 
About Us
Market
Quotes
 
Analysis
News & Research
 
Commentary
 
Warrants&CBBCs
 
Warrants
 
CBBCs
 
US Stocks
Forex
 
Fund
 
MPF
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 6 January 2023.