New Stock News | Reshaping the Energy Port Stock's IPO prospectus Failed to Rank First in China's Hydrogen Fuel Cell System Market

Shanghai Reshaping Energy Group Co., Ltd. (referred to as Reshaping Energy) submitted its Hong Kong IPO prospectus on February 29, 2024, which expired after 6 months on August 29. CICC was its exclusive sponsor when submitting the application. The prospectus shows that Reshaping Energy is a leading Chinese hydrogen energy technology company with a market-oriented and global perspective. During the reporting period, the company focused on the design, development, manufacture, and sale of hydrogen fuel cell systems, hydrogen equipment, and related components, and provided hydrogen fuel cell engineering development services to meet customer needs. In recent years, leveraging its rich technical strength and valuable market resources, the company has further expanded into the upstream of the hydrogen energy industry. It has independently developed a proton exchange membrane ("PEM") pure water electrolysis hydrogen production system, hydrogen production power supplies, alkaline ("ALK") electrolysis cell advanced electrodes, and other key components, effectively utilizing electricity to produce hydrogen. The company's comprehensive product and service portfolio enables it to achieve the synergistic application of hydrogen and electricity, forming a new business model of "electricity-hydrogen-electricity." Financially, in 2021, 2022, and the nine months ended September 30, 2022 and 2023, Reshaping Energy achieved revenues of approximately 524 million, 605 million, 1.15 billion, and 2.19 billion RMB respectively. During the same period, the company incurred losses of approximately 654 million, 546 million, 443 million, and 460 million RMB respectively.