Shanghai Reshape Energy Group plans IPO with a valuation of 10 billion

Shanghai Reshape Energy Group Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange in preparation for an IPO. Founded in 2004, the company focuses on the research and development of hydrogen fuel cells. Its investor lineup includes Sinopec Capital, the National Manufacturing Upgrading and Transformation Fund, FAW Jiefang, Yutong Bus and many other well-known companies and investment institutions. As of September 30, 2023, Reshape Energy's hydrogen fuel cell system has powered more than 5,000 fuel cell vehicles, with a cumulative safe driving mileage of more than 160 million kilometers, helping to reduce carbon emissions by more than 90,000 tons. In 2022, Reshape Energy completed its E-round series financing, raising a total of approximately 2.178 billion yuan. The E-2 round of financing was invested by FAW Jiefang with 480 million yuan, and obtained approximately 4.43% of the shares after the capital increase was completed. Based on this calculation, Reshape Energy's post-E round valuation reached 10.8 billion yuan, becoming a unicorn company.