Beijing SinoHytec announced on August 1 that it had submitted a prospectus to the Hong Kong Stock Exchange. SinoHytec’s previous application expired in January. Funds raised will be used to for research and development and to expand production capacity.
SinoHytec is one of the few domestic enterprises with the capacity to mass-produce fuel cell systems. Last year, it sold a total of 58.6 MW of fuel cell systems.
Listed on the Shanghai science and technology innovation board in 2020, it was the first hydrogen fuel cell stock in China and has raised 1.5 billion yuan (US$230 million) during the listing period.
Last year, the company lost 180 million yuan and lost another 35 million yuan in Q1 this year. Last year’s revenue was 620 million yuan. Q1 revenue was 97 million yuan, As of the close on August 2, Beijing SinoHytec reported at 108.12 yuan per share, down 1.55 percent.
