On April 3, the official website of Cathay Pacific Haitong released the “Report of Cathay Pacific Haitong Securities on Terminating the Initial Public Offering and Listing Guidance of Zhejiang Laneng Hydrogen Energy Technology Co., Ltd.”.
Figure: Cathay Pacific Haitong Announcement
The announcement shows that Zhejiang Laneng signed a listing counseling agreement with Cathay Pacific Haitong and Orient Securities in December 2023, respectively, to hire two institutions as joint counseling agencies for its initial public offering and listing. As of the date of this report, the two joint tutoring agencies have completed eight phases of tutoring work for Zhejiang Laneng.
for the reasons for the termination of counseling, the announcement clearly pointed out that
according to public information, Zhejiang blue energy was established in 2009 and is the actual control enterprise of shenneng group. The company focuses on the three core technical fields of high-pressure hydrogen storage, low-temperature storage and transportation and system integration, and is a leading enterprise in the field of hydrogen storage and transportation equipment in China. Its station hydrogen storage bottle group covers more than 80% of the domestic market, carbon fiber winding hydrogen long tube trailer has a market share of more than 75%, and occupies more than 50% of the domestic market in the hydrogen energy storage and transportation segment.
At the market application level, Zhejiang Blue Energy products have been applied to projects such as the Beijing Winter Olympics, the Paris Olympics and the first underground hydrogen refueling station in Europe. Products and services are widely used in hydrogen energy, natural gas, electronic special gas, rare gas and other industrial gas storage, transportation and processing fields.
from the perspective of capital layout, Zhejiang laneng has been favored by capital since 2021, completing a total of 8 rounds of financing, and gathering a number of industry-leading investment institutions behind it, including Sinopec capital, light speed photosynthesis, Hillhouse venture capital, futeng capital, climate capital, CICC capital, SAIC group, etc.
figure: Zhejiang blue energy financing process
in fact, the IPO change of Zhejiang blue energy is also a microcosm of the current capital path of the hydrogen energy industry.
At present, the hydrogen energy industry is still in the early stage of commercialization, the business model has not yet fully run through, the market volume is limited, enterprises generally face the challenge of high investment in research and development, profit is difficult. Up to now, the domestic hydrogen energy field successfully listed enterprises only Yihuatong, Guohong hydrogen energy, remodeling energy, Guofu hydrogen energy four, and most of them are still in a loss state after listing.
more hydrogen energy enterprises are still in the IPO preparation stage, and there are not a few cases of “midway withdrawal” like Zhejiang blue energy. For example, in December 2022, the IPO of Zhizhen shares was terminated; in March 2024, Czech Hydrogen Technology withdrew its application for the board; and in March 2025, Dongyue Hydrogen also terminated its tutoring, but then quickly re-filed.
On the whole, the IPO process of hydrogen energy companies has slowed down. On the one hand, it is affected by the tightening of the current IPO policy environment. On the other hand, it also reflects that the industry itself is still in the investment period, the scale effect has not yet formed, and the continuous profit model is still being explored.
It is worth noting that since 2026, the policy support for the hydrogen energy industry has continued to increase, and the industry has entered a window of rapid development. Hydrogen energy has been written into the government work report for three years, the second phase of hydrogen energy demonstration pilot has also been launched, and a series of policy dividends are gradually being released. Under the dual promotion of policy and market, the hydrogen energy industry may usher in a clearer commercialization path and capitalization opportunities in the future.
