On September 14, Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. has registered with Shandong Securities Regulatory Bureau for guidance and registration, and plans to make an initial public offering and listing. The guidance brokerage is CITIC Construction Investment Securities. The company's main business is hydrogen energy materials such as high-performance fuel cell membranes, high-performance fluoropolymers and high-end fluorine-containing fine chemicals .
This is the second IPO guidance of Dongyue Hydrogen Energy. Previously, on October 22, 2020, Dongyue Future Hydrogen Energy signed an IPO guidance agreement with CITIC Construction Investment, and carried out eight guidance work by April 2022. According to the information disclosed in the guidance report, Dongyue Future Hydrogen Energy intends to be listed on the board. However, after the completion of the counseling work in May 2022, Dongyue Future Hydrogen Energy did not submit further IPO materials because of the major shareholder Xinhua Union. More than a year
later, Dongyue Hydrogen Energy launched its IPO again.
As we all know, in the hydrogen fuel cell industry, the proton exchange membrane, the core component of Dongyue hydrogen energy to solve the "neck jam", is the "top flow" of domestic substitution. This time, in the case of tightening IPO, knowing that there are tigers in the mountains, it shows the confidence of the company's IPO breakthrough to a certain extent. The current environment of the
hydrogen fuel cell industry makes people sigh. The biggest obstacles of technology and market are not a thing now, and capital has become the biggest thing.
At the Hydrogen Energy Economic Development Forum of Taiyuan Energy Low Carbon Development Forum in 2023, Zhang Guoqiang, chairman of Yihuatong, said that some people said that the development of hydrogen energy was overheated, but Zhang Guoqiang refuted that the current hydrogen energy industry was not overheated, but underinvested. The embarrassment of the
fuel cell vehicle industry is that, due to the lack of economy of fuel cell vehicles, the government and other departments usually need to provide subsidies in various forms; before the subsidy funds are in place, the industry enterprises usually need to pay in advance, which faces a harsh environment with large accounts receivable and long account period. Japan and South Korea are big companies like Toyota and Hyundai, while China is dominated by start-ups. The capital of
start-up enterprises mainly depends on capital market financing. Most of them raise funds from the primary market, while a few leading companies, such as Yihuatong, can raise funds from the secondary market after successful IPO. Since the middle of last year, domestic remolding shares, Guofu Hydrogen Energy, Zhizhen Shares, Jiehe Shares, Guohong Hydrogen Energy and Zhongding Hengsheng have submitted their IPO information one after another. Apart from the fact that Guohong Hydrogen Energy is expected to be successfully listed in Hong Kong, domestic IPOs have not yet been successful.
Originally, from August 2022, the state started the demonstration and promotion of fuel cell vehicles, thinking that it could get some help from the state. Unexpectedly, the implementation of the policy was far less than expected, and the reward and subsidy funds were not in place. State assistance has not yet arrived, the primary market financing is also cooling, many enterprises are afraid to face the dilemma of temporary shortage or even no rice in the pot.
Now, after years of development in the industry, the application scenario of hydrogen fuel cell vehicles has begun to see the dawn, approaching the critical point of large-scale industrialization, but capital has become a big problem. Therefore, some enterprises shouted out: the current hydrogen fuel cell industry, nothing is a matter of finding money is a big thing.
Dongyue Hydrogen Energy IPO at this time, as the "hope of the whole village" of the hydrogen energy industry, to see if it can lead a number of enterprises in the industry to open the door of IPO, make good use of the capital market function, and promote the development of new quality productivity.
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