On the evening of February 29, Shanghai Reshape Energy Group Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. CICC was the sole sponsor.
Reshape Energy is a leading hydrogen energy technology enterprise in China that is market-oriented and has a global perspective. The product and service portfolio covers the entire hydrogen energy industry chain from hydrogen production to hydrogen energy application, and the business model has achieved collaborative application of electricity, hydrogen, and electricity. The company is the first company in China to simultaneously develop and mass-produce fuel cell stacks, membrane electrodes, and bipolar plates. It is also the first company in the hydrogen fuel cell industry to simultaneously deploy PEM and ALK electrolysis hydrogen production equipment.
According to Frost & Sullivan, according to the total output power of hydrogen fuel cell systems sold for heavy trucks in 2022, remodeled energy ranked first in China's hydrogen fuel cell system market, with a market share of 25.9%. From 2020 to 2022, the total output power and market share of hydrogen fuel cell systems that have been sold to reshape energy ranked first in the industry.
According to the prospectus, the company's largest revenue source is currently sales of hydrogen fuel cell systems and components. Related revenue has been growing steadily in recent years, reaching $513.7 million and 573.6 million yuan respectively in 2021 and 2022. As of September 30, 2023, hydrogen fuel cell systems that reshape energy have powered more than 5,000 fuel cell vehicles in China, accumulated a safe driving range of more than 160,000,000 kilometers, and helped reduce carbon emissions by more than 90,000 tons, setting an industry-leading record.