According to China Star Market Daily, on November 15th, Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. (GUOFUHEE) (02582.HK) officially went public on the Hong Kong Stock Exchange, becoming another listed company in the hydrogen energy industry chain of Jiangsu province.
GUOFUHEE issued a total of 6,000,000 H shares, with 725,300 H shares offered to the public in Hong Kong and 5,274,700 H shares allocated internationally. The final offering price of GUOFUHEE was set at 65.00 Hong Kong dollars, with a total amount raised of 390 million Hong Kong dollars. After deducting the listing expenses of 50.35 million Hong Kong dollars, the net amount raised was approximately 340 million Hong Kong dollars. Approximately 56.1% of the net proceeds will be used to expand production capacity, 33.9% will be allocated to enhance the company's R&D capabilities, and to continue technological upgrades and product iterations; an additional 10.0% will be set aside for operational funds and general corporate purposes to support the company's business operations and growth.
Data indicates that GUOFUHEE is a manufacturer of hydrogen energy storage and transportation equipment, developing and manufacturing core equipment for the entire hydrogen energy industry, used in the "production, storage, transportation, refueling, and use" of hydrogen energy. The company is located in Zhangjiagang City, Suzhou, and is a key enterprise in the local new energy cluster's hydrogen energy industry chain.
Suzhou is one of the cities in China that has an early layout in the hydrogen energy industry. In recent years, it has implemented multiple policies to support the development of the hydrogen energy industry. Currently, Suzhou has over a hundred hydrogen energy industry chain companies, including nearly 30 industrial enterprises, covering all aspects of hydrogen energy production, storage, transportation, refueling, fuel cell research and development, and vehicle manufacturing.
According to industry insiders, Suzhou has formed two main hydrogen energy industry clusters in Zhangjiagang Hydrogen Energy Industry Demonstration Zone and the Changshu Hydrogen Fuel Cell Vehicle Industrial Park respectively. In addition, Suzhou's Xiangcheng District is planning and constructing a hydrogen energy equipment industrial park to develop the hydrogen energy equipment manufacturing industry. On the hydrogen industry chain, Zhangjiagang City has a relatively abundant source of hydrogen production, especially with five hydrogen production companies such as Huachang Chemical and Oriental Energy, with a maximum external supply of hydrogen gas reaching 200,000 tons/year.
GUOFUHEE, like CIMC Sanctum Cryogenic Equipment, is in the midstream segment, with the latter being a producer of liquid hydrogen transport trailers. In the hydrogen fuel cell segment, there are companies such as Huachang Energy, Jiangsu Qingneng, and Jiangsu Jichong, which drive the agglomeration and development of the hydrogen energy industry. In 2022, the output value of the hydrogen energy industry in Zhangjiagang City was 12.6 billion yuan, and by 2025, Zhangjiagang City aims to achieve an output value of 50 billion yuan in the hydrogen energy industry.
As for the reason why the fast development of hydrogen industries happens in Zhangjiagang, according to an interview by China Star Market Daily, Zhangjiagang is located in a port area with a rich source of byproduct hydrogen and convenient transportation, which can improve the economic benefits of hydrogen energy supply. Moreover, Zhangjiagang has a high concentration of commercial vehicles, logistics vehicles, and heavy diesel trucks, which are key areas for clean transportation. Therefore, Zhangjiagang has an active demand for the development of the hydrogen energy industry. Hydrogen fuel cells are suitable for long-distance and heavy-load logistics vehicles. "Due to the large volume of port cargo throughput, if diesel trucks are replaced with hydrogen trucks, it can significantly reduce pollutant emissions."
After years of development, Zhangjiagang has a relatively complete hydrogen energy industry chain, such as hydrogen gas storage and transportation equipment companies and innovative hydrogen fuel cell companies, which will drive the development of hydrogen energy.
