According to the information disclosed by the Hong Kong Stock Exchange on September 2, Shanghai Reshape Energy Group Co., Ltd. (hereinafter referred to as Reshape Energy) submitted an application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation as its exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on February 29 of this year.

According to the prospectus, Reshape Energy is a leading hydrogen energy technology company in China. During the reporting period, Reshape Energy focused on the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen energy equipment, and related components, and provided one-stop solutions for hydrogen production and end-use applications to meet customer needs. Reshape Energy is the first company in the field of hydrogen fuel cell in China to achieve the commercialization of proprietary hydrogen fuel cell systems overseas. During the reporting period, the revenue from overseas countries and regions of Reshape Energy increased from approximately RMB 5.5 million in 2021 to approximately RMB 8.6 million in 2022, and further increased to approximately RMB 23.2 million in 2023.

Reshape Energy continues to develop and iterate its products, especially in the field of hydrogen fuel cell technology and professional knowledge that may bring high performance, high reliability, long lifespan, strong environmental adaptability, and high cost-effectiveness. In recent years, Reshape Energy has further expanded into the upstream of the hydrogen energy industry and independently developed proton exchange membrane (PEM) pure water electrolysis hydrogen production system, hydrogen production power supply, alkaline (ALK) electrolysis cell electrodes, and other key components to effectively utilize electric energy for hydrogen production. The comprehensive product and service portfolio of Reshape Energy enables the synergistic application of hydrogen and electricity, forming a new business model of "electricity-hydrogen-electricity". In this business model, Reshape Energy's hydrogen fuel cell systems and hydrogen energy equipment can be used in one-stop solutions for customers to generate electricity from abundant renewable energy, and then use the company's PEM and ALK electrolysis water technology and products to produce green hydrogen. Hydrogen can be stored for a long time and can be used for power generation with the company's hydrogen fuel cell products when needed, for a variety of application scenarios.

According to the data from Frost & Sullivan, Reshape Energy ranks first in the Chinese hydrogen fuel cell system market in terms of sales output power of hydrogen fuel cell systems in 2023, with a market share of 23.8%. According to the total sales output power of hydrogen fuel cell systems carried by heavy-duty trucks in 2023, Reshape Energy ranks first in the Chinese hydrogen fuel cell system market, with a market share of 42.4%. According to the total sales revenue of hydrogen fuel cell systems carried by heavy-duty trucks in 2023, Reshape Energy ranks first in the Chinese hydrogen fuel cell system market, with a market share of 29.4%. According to the total sales revenue of hydrogen fuel cell systems in 2023, Reshape Energy ranks third in the Chinese hydrogen fuel cell system market.

Reshape Energy is the first enterprise in the field of hydrogen fuel cell in China to achieve independent research and development, as well as mass production of fuel cell stacks, membrane electrodes, and bipolar plates. Reshape Energy has PEM and ALK electrolysis products. As of May 31, 2024, Reshape Energy's hydrogen fuel cell systems have provided power for more than 5,900 fuel cell vehicles in China. As of the same date, the cumulative mileage of these vehicles is approximately 210,000,000 kilometers, reducing carbon emissions by approximately 116,851 tons.

Reshape Energy has established business relationships with several well-known international companies in the hydrogen fuel cell industry, such as Schaeffler Group from Germany and Toyota Motor from Japan. In addition, Reshape Energy, together with Great Wall Motor, Weichai Power, State Energy Group, and China Petroleum & Chemical Corporation, has become one of the first Chinese companies to join the International Hydrogen Council.

In terms of finances, for the five months ending on May 31, 2021, 2022, 2023, and 2024, Reshape Energy achieved revenues of 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 incurred losses of approximately 0.654 billion yuan, 0.546 billion yuan, 0.578 billion yuan, and 0.409 billion yuan.

According to Reshape Energy's prospectus, the company operates in an emerging industry where the new technology used in fuel cell systems or hydrogen equipment may not be mature. Any significant product defects, failures, or negative news about the hydrogen market could damage its reputation and have adverse effects on its business, financial condition, and operational performance.