Asahi Group (01907) signs a strategic cooperation agreement with Hangyang Group to jointly build a new ecosystem of the hydrogen energy full industry chain.

On April 24, 2026, Xuyang Group Limited (01907) and Hangyang Group Co., Ltd. ("Hangyang Group") officially signed a strategic cooperation agreement in Hangzhou. The two parties will base themselves in the Beijing-Tianjin-Hebei and Yangtze River Delta regions, face the whole country, and conduct comprehensive and in-depth cooperation in the fields of hydrogen energy supply system, domestication of high-end equipment, technological innovation, and industrial investment, to jointly promote the high-quality development of China's hydrogen energy industry. Xuyang Group has accumulated over 30 years of deep expertise in the field of industrial by-product hydrogen and is the world's largest independent producer and supplier of coke. It is China's largest methanol producer from coke oven gas and the largest supplier of high-purity hydrogen in the Beijing-Tianjin-Hebei region (by production volume), having formed a complete hydrogen energy industry chain covering "production-storage-transport-processing-use+research." Hangyang Group is a world-class supplier of air separation equipment and cryogenic petrochemical equipment, a pioneer and leader in the Chinese gas industry. In recent years, Hangyang Group has been continuously deepening its presence in the field of hydrogen energy, achieving independent control over core equipment and technologies related to hydrogen production, hydrogen storage, and hydrogen liquefaction. This cooperation signifies a strategic integration of the strengths of both parties' resources, combining Xuyang's hydrogen source base and application scenarios with Hangyang's equipment technology and gas industry capabilities, injecting strong momentum into the ecological construction of the entire hydrogen energy industry chain. Focusing on three major cooperation directions to release new synergies for development This cooperation will focus on the joint construction of the hydrogen energy sales and supply system, domestication of high-end equipment applications, and the promotion of technological innovation and industrialization. The two parties will construct a three-level supply system of "liquid hydrogen production base + regional hydrogen storage hub + hydrogen refueling station network" through business docking and resource synergy, expanding into industrial, transportation, electronic, pharmaceutical, aerospace, and other end markets jointly. Additionally, the two parties will jointly promote the localization process of key equipment and systems in the hydrogen energy field, and jointly establish a hydrogen energy equipment testing and innovation center at Xuyang's Dingzhou hydrogen production base, focusing on the verification and breakthrough of core components of liquid hydrogen and hydrogen refueling stations, applying for national-level research projects and industry standards. To further deepen cooperation, the two parties will explore the establishment of a joint venture company to operate in hydrogen/liquid hydrogen sales, hydrogen energy equipment manufacture, and technical services, accelerating the industrialization of technological achievements. Outlook for cooperation: Moving from resource advantages to leading the entire chain This strategic cooperation indicates that Xuyang Group's hydrogen energy industry is accelerating from "resource advantages" to "full-chain advantages." Through the strong combination with Hangyang Group, Xuyang Group will effectively fill in key links in high-end equipment and gas operation networks, significantly enhance the market coverage and circulation efficiency of hydrogen energy products, and leverage the scale application of domestically produced equipment to reduce the overall cost chain and enhance core competitiveness. For Hangyang Group, the cooperation will help it deeply penetrate the rich hydrogen energy source of industrial by-product hydrogen from the traditional air separation and cryogenic equipment fields, expand the application scenarios of liquid hydrogen and high-purity hydrogen, and seize the market opportunities in hydrogen energy equipment and gas services. Looking towards the future, the two parties will use this cooperation as a starting point to build a replicable and scalable hydrogen energy industry ecosystem. The establishment of the subsequent joint venture company will bring long-term and stable business growth drivers for both parties, promoting Xuyang Group to continue consolidating its leading position in coking while also becoming a global leading provider of clean energy solutions, and helping Hangyang Group extend its industrial chain from equipment manufacturing to "equipment + services + operation." Believing in the leadership of the national "dual carbon" goal, the strategic cooperation between Xuyang and Hangyang will surely set a new benchmark for the high-end, large-scale, and international development of China's hydrogen energy industry. Tong Jun, deputy secretary of the Hangyang Group Party Committee, stated: "Xuyang Group has unique advantages in industrial by-product hydrogen and hydrogen energy application scenarios. Hangyang will fully support the deep cooperation between the two parties and jointly promote China's hydrogen energy industry towards high-end, large-scale, and internationalization." Zhang Yingwei, Senior Vice President of Xuyang Group, said: "Hangyang Group has world-class technical strength in cryogenic equipment and gas operation. This cooperation is a key leap for Xuyang's hydrogen energy industry. We will fully leverage complementary advantages to accelerate the creation of a hydrogen energy industry ecosystem and help achieve the national 'dual carbon' goal." Regarding the strategic cooperation agreement, the two parties have established a high-level communication mechanism and joint working group to ensure efficient implementation of the cooperation. In the future, Xuyang Group will continue to uphold the principles of openness, collaboration, and mutual benefit, joining hands with excellent partners in the industry chain to contribute the strength of Xuyang to build a clean, low-carbon, safe, and efficient modern energy system.