Shanghai REFIRE Group Limited (REFIRE) plans to reallocate significant portions of its unutilised fundraising proceeds to bolster day-to-day liquidity, according to a board proposal released on 24 April 2026.
The company raised HK$623.30 million from its November 2024 Hong Kong listing. As of 31 March 2026, HK$321.30 million had been deployed, leaving HK$302.00 million unspent. Management now proposes to redirect HK$200.00 million (66.2 % of the remaining balance) from R&D and production-expansion budgets to working-capital and general corporate purposes. Planned spending on hydrogen fuel-cell component capacity and overseas market expansion would absorb the balance of HK$102.00 million, down sharply from the previous HK$302.00 million allocation.
REFIRE also completed domestic share subscriptions in 2025, generating RMB272.20 million. Usage to 31 March 2026 totalled RMB100.30 million, leaving RMB171.90 million unused. The board seeks to divert RMB100.00 million (58.2 % of the remainder) away from the construction of a hydrogen R&D centre toward working capital. Post-adjustment, only RMB1.30 million (0.8 %) is earmarked for the centre, while RMB70.60 million (41.0 %) will continue funding hydrogen-related R&D.
Directors cite evolving market conditions and a need to “enhance resource utilisation efficiency” as reasons for the reallocations. The proposed changes require shareholder approval via ordinary resolutions at the annual general meeting scheduled for 18 May 2026. If endorsed, all redirected funds are expected to be fully utilised by 31 December 2028.
REFIRE confirmed that its core business focus on hydrogen fuel-cell systems and hydrogen production equipment remains unchanged, and it will disclose progress on fund deployment in future periodic reports.
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