On February 25th, the first batch of tender announcements for the year 2025 of State Power Investment Corporation Hydrogen Energy Technology Development Co., Ltd. was released.
The information shows that the scope of the tender: underwriting and sponsorship services for the initial public offering of stocks of State Power Investment Corporation Hydrogen Energy Technology Development Co., LTD. Service period: From the date of contract signing until the completion of issuance and listing.
It is clearly stipulated in the professional qualifications of bidders:
The bidder, as the sponsor institution of the issuer, has successfully completed at least three projects listed on the STAR Market in the past three years (the time calculation method is backward from the bid submission deadline) (based on the approval documents issued by the China Securities Regulatory Commission or the listing announcements of the stock exchanges), and shall provide the corresponding supporting materials such as the prospectus and listing announcements.
The proposed project leader must have at least one successful case of listing on the STAR Market within the last three years (from January 1, 2022 to December 31, 2024) (provide supporting materials for proof).
The financing experience of Guoqing Technology
State Power Investment Corporation Hydrogen Energy Technology Development Co., Ltd. is a technology enterprise in the gas energy industry under State Power Investment Corporation. The company implements the national energy strategy, relying on the industrial resources and innovation advantages of State Power Investment Corporation, to carry out the development and industrialization of core technologies in the gas energy industry. The goal is to build a leading enterprise in the hydrogen energy industry that masters independent core technologies, integrates R&D and high-end manufacturing, and is highly market-oriented.
According to the mixed-ownership reform plan previously disclosed by Guoqing Technology, under the premise of ensuring the relative control of state-owned capital, Guoqing Technology will amplify the function of state-owned capital, give full play to the role of non-public capital, accelerate the diversification of equity, and implement a "four-step strategy". During the subsequent financing process, the group company will still maintain a relative controlling stake in the hydrogen energy company. At that time, based on the valuation and price, it will make a follow-up investment in the hydrogen energy company, and in principle, maintain a 35% controlling stake in the hydrogen energy company.
The general financing experience of Guoqing Technology is as follows.
The first step was that in 2020, Series A financing was launched, introducing four strategic investors, and the post-investment valuation exceeded 1 billion yuan.
The second step is to launch the A+ round of financing in 2021, introduce industrial investors, and achieve the bundling of industrial resources. It is learned that the A+ round of financing has introduced 16 strategic investors, raising a total of 1.66 billion yuan, among which the external financing amount is 1.08 billion yuan, and the post-investment valuation is 4.16 billion yuan.
The third step is to carry out Series B financing in 2022, introduce financial investors, and give full play to the role of non-public capital. This round saw the introduction of 11 new investors, completing a financing of up to 4.5 billion yuan. It is the largest single equity financing round in China's hydrogen energy sector to date, achieving a post-investment valuation of 13 billion yuan, which has shocked the industry.
The fourth step is to launch the listing on the STAR Market in 2023 and go public before 2025.
In November last year, Guoqing Technology just completed a round of transfer of 2.5609% of its existing shares. The transferors were China North Industries Guangfa Investment, Beijing Future Science City Investment, and Hony Capital (Shanghai) Co., LTD. The investors were Shandong New Driving Force Fund, Nanhai Holdings Group, and Hony Capital.
Will hydrogen energy enterprises list on the STAR Market again?
This is another company that has been rumored to go public since Jiping made its IPO move in 2025.
After Yihua Tong successfully listed on the STAR Market, for A long time, no enterprise mainly engaged in hydrogen energy achieved an IPO. Many enterprises terminated their IPO applications on the A-share market within several years. After Guohong Hydrogen Energy was listed on the Hong Kong Stock Exchange in 2023, Guofu Hydrogen Energy and Reshu Energy also achieved success one after another
During the financing process in 2022, Guoqing Technology had informed investors that it expected to achieve a total investment return of 4.0X after the exit from the STAR Market in this round of investment. In this IPO underwriter tender, Guoqing Technology also explicitly stated that it needs a successful listing case on the STAR Market, and its intention to go public on the STAR Market is very obvious.
# Shengerxin Technology (Chongqing) Co., LTD. # Hydrogen Fuel # Hydrogen Fuel Testing Equipment # Hydrogen Fuel Testing System # Stack # Hydrogen Energy
Source: Compiled by Hydrogen Cloud Chain
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