Cancelled IPOs: China’s struggling fuel cell firms

At the time, the successful IPO of SinoHyTec on the Shanghai Technology Exchange a few years ago seemed to herald a new chapter in China’s nascent hydrogen energy and fuel cell industry. Many fuel cell technology companies hoped to follow SinoHyTec’s example in employing a stock-market listing as a way to raise capital on the secondary market.

Guofuhee, a subsidiary of FuRise, a high pressure cylinder manufacturer based in Jiangsu Province, hoped to leverage the hydrogen hype cycle to go public; Shanghai Hydrogen Propulsion Technologies (SHPT) and Zhizhen Bipolar Plates (BPP), in turn, hoped to expand out of the limited public procurement market for fuel cell electric vehicles (FCEVs).

The applications of three of these hopefuls – Guofuhee, SHPT, and Zhizhen – were suddenly cancelled by the Shanghai Technology Exchange in October 2022. What happened and what does it mean for the industry?

On the surface: A positive policy environment

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