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Guofu Hydrogen Energy (02582.HK)

Subscription Period: November 7 to November 12, 09:30

Offer Price: HKD 65.00 to HKD 73.00

Entry Fee: HKD 7,373.58 per lot of 100 shares

Joint Sponsors: Haitong International and CITIC Securities

Expected Listing Date: November 15

Initiating its IPO subscription on November 7, Guofu Hydrogen Energy (02582.HK), a prominent Chinese manufacturer of hydrogen energy storage and transportation equipment, will continue until November 12. The company aims to offer 6 million shares globally, with 10% allocated to the Hong Kong public offering and 90% to international placements. The offer price ranges from HKD 65.00 to HKD 73.00 per share, with a target of raising up to HKD 440 million. The entry fee for one lot of 100 shares stands at HKD 7,373.58. Guofu Hydrogen Energy is expected to list on November 15, with joint sponsors Haitong International and CITIC Securities.

Company Overview

Guofu Hydrogen Energy leads the Chinese market as a manufacturer of hydrogen energy storage and transportation equipment. Engaged in research, development, manufacturing, and distribution of core hydrogen energy equipment along the industry value chain, the company covers hydrogen production, storage, transportation, refueling, and utilization. Strategically situated in the Yangtze River Delta region, it benefits from convenient transportation links and proximity to ports, accessing abundant supply chain resources. Since its inception, the company has focused on the transportation sector in China, developing core components for hydrogen fuel cell vehicles (specifically onboard high-pressure hydrogen supply systems) and hydrogen energy transportation infrastructure (like hydrogen refueling stations).

Currently, the company offers high-pressure hydrogen supply systems equipped with Type III hydrogen storage cylinders, available in pressure specifications of 35 MPa and 70 MPa. Leading the market with a 23.6% share based on sales of onboard high-pressure hydrogen supply systems in China in 2023.

For this IPO, Guofu Hydrogen Energy has secured three cornerstone investors with state-owned backgrounds: Jiaxing Zhixin Hydrogen Equipment Investment Partnership (Limited Partnership), Hong Kong Frontier Carbon Zhonghe Limited, and Yue Innovation Energy Hong Kong Limited. Collectively, these investors have subscribed to approximately HKD 318.2 million worth of the offered shares.

Financial Information

Regarding financial performance, Guofu Hydrogen Energy reported revenues of approximately RMB 329 million, RMB 359 million, and RMB 522 million for the fiscal years 2021, 2022, and 2023, respectively. Additionally, for the five-month periods ending May 31, 2023, and May 31, 2024, revenues were RMB 45.15 million and RMB 64.29 million, respectively. In the same periods, the company's gross profits were RMB 31.72 million, RMB 39.02 million, RMB 93.37 million, RMB 2.62 million, and RMB 1.25 million, respectively.

Use of Proceeds

The net proceeds from the IPO will be allocated as follows: approximately 56.1% for expanding production capacity for specific products, around 33.9% for enhancing research and development capabilities to support technological advancements and product innovations, and approximately 10% for working capital and general corporate purposes.

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✅ IPO financing 0%* 

✅ 15x purchasing power^