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Impact of the Termination of SinoHytec's Restructuring Transaction on Domestic Demand for Platinum Group Metals
Release time:
11 Sep,2025
On the evening of September 5, 2025, SinoHytec (688339.SH; 02402.HK) issued an announcement stating that the company held the third meeting of the fourth board of directors on September 5, 2025, and reviewed and approved the "Proposal on Terminating the Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Transactions".
On the evening of September 5, 2025, SinoHytec (688339.SH; 02402.HK) issued an announcement stating that the company held the third meeting of the fourth board of directors on September 5, 2025, and reviewed and approved the "Proposal on Terminating the Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Transactions".
Beijing SinoHytec Technology Co., Ltd. is a national high-tech enterprise specializing in the research and development and industrialization of hydrogen energy and hydrogen fuel cells. It officially listed on the Shanghai Stock Exchange's Science and Technology Innovation Board in 2020 and on the Hong Kong Stock Exchange's Main Board in 2023, becoming China's first hydrogen energy A+H stock. The company's products are primarily used in commercial vehicles such as buses, logistics vehicles, and heavy-duty trucks. SinoHytec is one of the very few companies in China with independent core intellectual property rights and the ability to mass-produce hydrogen fuel cell engines and stacks.
On March 12, 2025, SinoHytec announced its intention to acquire 100% of the equity of Dingzhou Risun Hydrogen Energy Co., Ltd. From China Risun Group Limited (01907.HK) through a share issuance and raise matching funds. Risun Group also announced its intention to subscribe for A shares issued by SinoHytec with all of its equity in Dingzhou Risun Hydrogen Energy Co., Ltd., and to subscribe for additional A shares of SinoHytec for a total of approximately RMB 550 million. Upon completion of the transaction, Risun Group will become the controlling shareholder of SinoHytec, and its actual controller will also become the actual controller of SinoHytec.
SinoHytec's 2025 interim results show revenue of 71.929 million yuan, a year-on-year decrease of 53.25%. Net losses reached 163 million yuan, compared to 141 million yuan in the same period last year, with losses continuing to widen. Other major hydrogen fuel cell industry leaders, including Reshape Energy (02570.HK), Guofu Hydrogen Energy (02582.HK), and Guohong Hydrogen Energy (09663.HK), are also experiencing losses.
The hydrogen fuel cell industry is experiencing a decline in overall market demand, with the industry shrinking year-on-year. In the first half of this year, the cumulative production of fuel cell vehicles nationwide reached 1,364 units, a year-on-year decrease of 47.2%, and cumulative sales reached 1,373 units, a year-on-year decrease of 46.8%. This represents a near-halving of hydrogen fuel cell vehicle production and sales, and the overall industry outlook is not optimistic. With the gradual withdrawal of subsidies and the absence of new supportive policies, hydrogen fuel cell vehicle production and sales are entering a difficult period.
Platinum is a key material in hydrogen fuel cells. Industry insiders believe that the decline in hydrogen vehicle production and sales will not affect the domestic supply and demand structure of platinum. Despite full policy support over the past few years, inadequate infrastructure, coupled with technological limitations in hydrogen storage and transportation, have resulted in high vehicle purchase and operating costs, leading to slow development of hydrogen fuel cell vehicles, far from achieving expected targets, and limited demand for platinum in hydrogen vehicles.
Hydrogen energy is considered "green energy, the ultimate energy source" and a key vehicle for carbon reduction and emissions reduction. With the support of national policies, the hydrogen energy industry continues to hold a promising future. As technology advances, production and operating costs decrease, and infrastructure continues to expand, platinum, as a key metal in the hydrogen energy industry, will play a significant role.
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