Policy and capital are the two main forces to promote the development of the current hydrogen energy industry, and the capital market is also the macro performance of an industry, especially the listing of enterprises, but also a comprehensive embodiment of the industrial market, policies and various types of capital and other factors. In the first year of the official launch of the five major urban agglomerations, a number of hydrogen energy companies submitted materials in A-shares to officially start the listing process, but the unsmooth listing of enterprises made the article "flying all over the sky" of "a number of hydrogen energy companies listed on the market", which once caused negative emotions in the industry. In 2023, a "small essay" about the further tightening of hydrogen energy IPOs has been widely circulated again, and some companies have expressed their concerns to the hydrogen cloud chain. The capital market of the hydrogen energy industry seems to be inexplicably "black every year".
Hydrogen Cloud Chain believes that the capital market can reflect the industrial development to a certain extent, but this is more under the premise of the medium and long-term cycle, and in a certain short-term stage, the factors affecting the capital market are multifaceted, and the capital market is often affected by non-industry-specific factors in the short term, and the same is true for the listing of enterprises. Therefore, we need to look at the essence through the phenomena, and it is not meaningful to simply describe some phenomena.
In response to the "small essay" circulating around November 2023, Hydrogen Cloud Chain has been in "7 hydrogen companies have completed financing in the past two weeks, and the "slap in the face" hydrogen energy IPO has been further "differentiated"? The article makes a brief analysis. The recent listing of Synergy Hydrogen Energy and Jinyuan Hydrogenation, as well as the market performance of a large number of hydrogen energy companies obtaining financing, confirms the views of the article. In view of the fact that the listing of many hydrogen energy companies will not go smoothly in 2022, Hydrogen Cloud Chain believes that an objective and comprehensive analysis is needed. In 2022, the output of the hydrogen energy industry will be concentrated in hydrogen refueling stations, fuel cell vehicles and hydrogen production and purification related equipment, if the terminal sales of these three fields are used as the caliber of statistics, the total output value of the hydrogen energy industry in 2022 is relatively low, even if the new inventory of enterprises is added, the total output value of the national hydrogen energy industry in 2022 will be difficult to exceed 10 billion yuan, and the total amount of funds raised by several companies listed is relatively high. Therefore, the failure of hydrogen energy companies to go public in 2022 cannot be regarded as a denial of the hydrogen energy industry, but is more affected by the stage of the industry.
In 2023, the development of the domestic hydrogen energy industry will achieve good results, with the application of hydrogen production and purification related equipment, the construction of hydrogen refueling stations and the application of fuel cells, among which: the global proportion of China's installed electrolyzer capacity will jump from about 10% in the previous two years to more than 50% by the end of 2023, ranking first; The number of hydrogen refueling stations ranks first in the world; The number of fuel cell vehicles has risen from the third in the world to the second in the world, and is expected to jump to the first place in the world in the near future. The application of fuel cell power generation has initially exploded, and the construction of 100-megawatt power generation projects has begun. With such development achievements, the listing of domestic hydrogen energy companies will also improve significantly in 2023.
According to the hydrogen cloud chain database,In 2023, 11 hydrogen energy companies across the country will make progress in listing, of which 8 will have hydrogen energy as their main business. From the perspective of listing progress, 2 companies have been successfully listed, 3 companies have updated their listing application materials for further listing sprints, and 6 companies have carried out new listing counseling work in 2023.
Note: Only enterprises whose main business is hydrogen energy or invest a certain amount of funds in hydrogen energy are counted, and relevant materials need to be formally submitted; If the enterprise submits materials multiple times, the date of the last formal submission for filing shall prevail.
1. Five companies went public, and Synergy Hydrogen Energy and Jinyuan Hydrogenation were successfully listed
5 companies went public, with a total amount of nearly 4 billion yuan. As shown in Figure 1, a total of 5 hydrogen energy companies submitted or updated their listing materials in 2023, including China Hong Hydrogen Energy, Jinyuan Hydrogenation, Zhongding Hengsheng and Qingcheng Technology in 2023, and Jie Hydrogen Technology submitted its listing materials for the first time in 2022 and updated its listing materials twice in 2023. In addition to Qingcheng Technology, the total amount of funds raised by the remaining 4 companies is 375.9 billion yuan, and the total amount of funds raised by the five companies is expected to reach 4 billion yuan.
Figure 1 Hydrogen energy companies listed in 2023.
*: Hydrogen Cloud Chain Database.
Diversification of listing locations. In 2023, the proposed listing locations of domestic hydrogen energy companies will be significantly diversified, with China Hong Hydrogen Energy and Jinyuan Hydrogenation listed in Hong Kong stocks, Jie Hydrogen Technology and Zhongding Hengsheng in A-shares, and Qingcheng Technology in U.S. stocks. On the one hand, this is related to the tightening of the overall domestic IPO environment, data shows that in 2023, 313 companies will be listed in the domestic A-share IPO market, with a total of 3,565 funds raised3.9 billion yuan, far lower than the level in recent years, of which 173 in the first half of the year (a year-on-year increase of 2.).4%), with a significant contraction in the second half of the year; On the other hand, the mature financial markets in Hong Kong and the United States are conducive to the listing of companies in emerging industries to a certain extent, especially some companies such as Qingcheng Technology have chosen to list on the US stock market in the form of SPAC.
Synergy Hydrogen Energy and Jinyuan Hydrogenation were successfully listed. In 2023, China's hydrogen energy industry will add a new listed company with hydrogen energy as its main business - Synergy Hydrogen Energy; At the same time, a new hydrogen energy listed company will invest 85% of the raised funds in the construction of hydrogen refueling stations - Jinyuan Hydrogenation, and the listing of Jinyuan Hydrogenation is also the first case in China that a coal company splits off a hydrogen energy subsidiary to go public. Although the listing locations of the two companies are both in Hong Kong stocks, this reflects the recognition of hydrogen energy by global capital, especially the hydrogen energy industry in Hong Kong has only achieved a breakthrough of "zero" in recent years, and it is expected that with the further expansion of the scale of the hydrogen energy industry and the gradual stabilization of the domestic financial environment, the number of companies that have declared and successfully listed on the A-share market will increase.
2. 6 companies updated the listing counseling work, and planned to apply for the diversification of listed enterprises
4 hydrogen energy main business enterprises updated the progress of listing counseling. As shown in Figure 2, in 2023, 6 hydrogen energy companies have updated their listing guidance progress, of which 4 companies with hydrogen energy as their main business are REFIRE Group, Guofu Hydrogen Energy, Dongyue Hydrogen Energy and Lanneng Hydrogen Energy, and the other two companies are Baofeng New Energy and Hitachison.
Figure 2 Advancement of guidance for the listing of hydrogen energy companies in 2023.
*: Hydrogen Cloud Chain Database.
Diversification of listed companies to be declared. In addition to hydrogen refueling stations, fuel cell systems and other related enterprises, the hydrogen energy companies that will carry out listing counseling work in 2023 have increased the parts company - Dongyue Hydrogen Energy and the storage and transportation equipment company - Lanneng Hydrogen Energy.
In 2024, new hydrogen energy companies may officially declare for A-share IPOs. Judging from the progress and planning of the listing counseling of six hydrogen energy companies, if the counseling can be carried out as scheduled, new hydrogen energy companies will be added in 2024 that have formally submitted prospectuses and applied for listing on the A-share market, including enterprises with hydrogen energy as their main business.
Summary
In 2023, the development of China's hydrogen energy industry has recorded outstanding achievements in the world, and as a result, the listing of hydrogen energy companies in 2023 has improved significantly. On the other hand, more links in the hydrogen energy industry chain and parts companies have begun to promote listing. With the issuance of subsidies and the initial improvement of financial support, the development of the domestic hydrogen energy industry will accelerate in 2024, and it is expected that more hydrogen energy companies will be listed in 2024.
On the other hand, the scale of investment in the hydrogen energy industry chain is huge, which requires a variety of capital to participate, similar to Jinyuan Hydrogenation and Baofeng New Energy will raise funds to invest in hydrogen energy industry projects is expected to increase, it can be expected that the capital market funds will also be one of the main forces to invest in hydrogen energy projects in the future.
Editor: Feng Hydrogen Yang Proofreader: Hydrogen Hydrogen My Heart Review: Hydrogen Cloud Little Fairy.
*: Hydrogen cloud chain.
Statement: The content of the article is for reference only, and does not mean that Hydrogen Cloud Chain agrees with its views or confirms its description.