HK Stock Movement | REFIRE (02570) Plunges Over 20% to Hit Record Low as Lock-up Period Ends After One Year of Listing

Stock News12-08

REFIRE (02570) plummeted more than 20% in early trading, hitting a historic low of HK$90 during the session. As of press time, the stock was down 20.02% at HK$93.5, with a turnover of HK$150 million.

The decline comes as REFIRE marked its first trading day after completing one year of listing on December 8. According to a previous announcement, the lock-up period for pre-IPO investors and existing shareholders ended on December 5, 2025. Data shows that a total of 55 shareholders were subject to the lock-up expiration, with 54.21 million shares becoming tradable.

REFIRE specializes in the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen energy equipment, and related components, as well as providing hydrogen fuel cell engineering development services. According to Frost & Sullivan, REFIRE ranked first in China's hydrogen fuel cell system market in 2023 by total output power of sold heavy-duty truck fuel cell systems, total sales output power, and total sales revenue, with market shares of 23.8%, 42.4%, and 29.4%, respectively.

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