HK Stock Market Move | REFIRE (02570) plunged over 20% to hit a historic low as it approaches the one-year anniversary of its listing and the lifting of restrictions.

REFIRE (02570) plunged more than 20% in the morning session, hitting a low of 90 Hong Kong dollars, a new record low since its listing. As of the time of writing, it fell by 20.02% to 93.5 Hong Kong dollars, with a trading volume of 150 million Hong Kong dollars. On the news front, on December 8th, REFIRE welcomed its first trading day after being listed for a year. According to a previous announcement, the last day of the lock-up period for initial public offering investors and existing shareholders is December 5, 2025. Data shows that a total of 55 shareholders of REFIRE have been unlocked, with a total of 54.2136 million shares being unlocked. Public information shows that REFIRE focuses on the design, development, manufacture, and sale of hydrogen fuel cell systems, hydrogen equipment, and related components, and also provides hydrogen fuel cell engineering development services. According to data from Frost & Sullivan, in terms of the total output power of heavy-duty hydrogen fuel cell systems sold in 2023, total sales output power, and total sales revenue, REFIRE ranks first in the Chinese hydrogen fuel cell system market, with market shares of 23.8%, 42.4%, and 29.4%, respectively.