After nearly six months of planning, Beijing Sinohytec Co.,Ltd. (688339) has decided to terminate its major asset restructuring plan.
On the evening of September 5, Beijing Sinohytec announced that the company had originally planned to acquire 100% equity of Xuyang Hydrogen Energy (Dingzhou Xuyang Hydrogen Energy Co., Ltd.) through stock issuance and raise supporting funds, which was expected to constitute a major asset restructuring but not a backdoor listing.
Since the launch of this transaction, the company and all relevant parties have actively promoted various aspects of the transaction and strictly fulfilled information disclosure obligations in accordance with relevant regulations. Due to the inability of the transaction-related parties to reach consensus on the final transaction plan, in order to effectively protect the long-term interests of the listed company and investors, after friendly consultation, careful research and full demonstration among the company and all transaction-related parties, based on prudent considerations, the decision was made to terminate this transaction.
Beijing Sinohytec stated that the termination of this transaction was a decision made after prudent research by the company and full communication and friendly consultation with the counterparties. Currently, the company's production and operation conditions are normal. The termination of this transaction will not cause significant adverse effects on the company's production, operation and financial condition, and there is no situation that would harm the interests of the company and minority shareholders.
Beijing Sinohytec was established in 2012 and is a national high-tech enterprise integrating hydrogen energy and hydrogen fuel cell research and development with industrialization. On the evening of March 12 this year, Beijing Sinohytec announced that the company planned to acquire 100% equity of Dingzhou Xuyang Hydrogen Energy Co., Ltd. through stock issuance and raise supporting funds not exceeding 550 million yuan. The company's stock was suspended from February 27 and resumed trading on March 13.
According to the announcement, Xuyang Hydrogen Energy's main business includes the production and sales of high-purity hydrogen and synthetic ammonia, comprehensive energy station operations, and the research and development and industrial application of green hydrogen preparation and liquid hydrogen storage and transportation systems. It owns three comprehensive energy stations in the Beijing-Tianjin-Hebei region and is advancing a 5-ton/day liquid hydrogen demonstration project, applying domestically produced liquid hydrogen equipment technology, which is expected to reduce hydrogen energy storage and transportation costs.
Regarding this transaction, Beijing Sinohytec had previously stated that by integrating Xuyang Group's hydrogen energy assets, the company would extend the upstream industrial chain of fuel cells, forming a full-chain layout of "production-storage-transportation-refueling-research-application." In addition, Xuyang Group, as a leading coking enterprise, has annual transportation needs that align with hydrogen heavy truck scenarios, which may drive growth in Beijing Sinohytec's fuel cell sales in the future.
In terms of operating performance, Beijing Sinohytec has posted losses for consecutive years from 2020 to 2024. In the first half of 2025, Beijing Sinohytec achieved revenue of 71.93 million yuan, down 53.25% year-on-year, with a net loss of 163.4 million yuan. Beijing Sinohytec explained that the loss in the first half of the year was mainly due to the overall decline in market demand in the fuel cell industry and year-on-year contraction in industry scale. At the same time, based on considerations of current working capital conditions, the company adopted a prudent marketing expansion strategy, resulting in reduced product sales during the reporting period.
As of the close on September 5, Beijing Sinohytec's stock price was 24.81 yuan per share, with a total market value of 5.747 billion yuan.
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