REFIRE (02570) rose more than 8%, reaching HK$122.6 by the time of writing, with a trading volume of HK$160 million. The surge comes as the company approaches the expiration of its lock-up period. According to a previous announcement, the last day of the pre-IPO investor and existing shareholder lock-up is December 5, 2025.
Public information shows that REFIRE specializes in the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen energy equipment, and related components, while also providing hydrogen fuel cell engineering development services.
According to Frost & Sullivan data, REFIRE ranked first in China's hydrogen fuel cell system market in 2023 by total output power of heavy-duty truck hydrogen fuel cell systems sold, total sales output power, and total sales revenue, with market shares of 23.8%, 42.4%, and 29.4%, respectively.
