Fuel Cell System Manufacturer SinoHytec Applies for Hong Kong IPO
SinoHytec, a fuel cell system manufacturer based in Beijing, has submitted a prospectus for an IPO on the Hong Kong Stock Exchange (HKEx), following the expiration of a previous application submitted on January 27.
SinoHytec has the ability to design, conduct R&D and manufacture fuel cell systems including fuel cell stacks. It was listed on the National Equities Exchange and Quotation (NEEQ) on January 13, 2016, then was delisted on June 18, 2020. On August 10, 2020, it listed again on the Shanghai Stock Exchange. In January this year, it formally submitted a prospectus to the HKEx, then the application expired.
According to the report of China Insights Consultancy, based on the total sales power of automotive fuel cell system in 2021, SinoHytec ranks first in China, accounting for a 27.8% market share. As of March 31, 2022, the company’s fuel cell system had been installed on 75 fuel cell vehicles in the catalogue of the Ministry of Industry and Information Technology, ranking first in the industry.
SinoHytec mainly manufactures and sells fuel cell systems and fuel cell components for buses, and logistics vehicles, as well as providing technical development services related to fuel cells, including R&D technical support for Toyota and Tsinghua University.
According to the firm’s prospectus, in 2019, 2020, 2021 and the first three months of 2022, the operating income of SinoHytec was 554 million yuan, 572 million yuan, 629 million yuan and 97 million yuan respectively, and the net profit during the corresponding period was 45.899 million, -9.762 million, -185.384 million and -35.38 million yuan respectively.
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