HK Movers | REFIRE Surges 44% as Hydrogen Energy Sector Receives New Boost

The stock of REFIRE surged 44% in Hong Kong. The company focuses on hydrogen fuel cell systems, as the hydrogen energy sector sees new favorable developments.

The National Energy Administration recently stated its encouragement for coal chemical projects to adopt green hydrogen utilization as a replacement. Furthermore, the Shandong Energy Bureau announced plans to promote over 2,000 hydrogen vehicles and construct 38 hydrogen refueling stations in collaboration with Kin Shing. Research by Guojin Securities revealed that several provinces and cities have introduced highway toll reduction policies for hydrogen fuel vehicles, signaling a breakthrough in fuel cell vehicle applications. The year 2025 marks the final year of the Demonstration City Cluster policy and the first settlement period for the hydrogen energy medium- and long-term plan. Policies such as urban cluster expansion and subsidy distribution are expected to accelerate the deployment of fuel cell vehicles, with follow-up policies anticipated to be rolled out successively. REFIRE has been highlighted as a key stock to watch in this sector.

According to public information, REFIRE specializes in the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen energy equipment, and related components, while also offering hydrogen fuel cell engineering development services. Frost & Sullivan data indicates that in 2023, REFIRE ranked first in China’s hydrogen fuel cell systems market by total output power of hydrogen fuel cell systems for heavy-duty trucks sold, total sales output power, and total sales revenue, with market shares of 23.8%, 42.4%, and 29.4%, respectively.