Guiyang Economic and Technological Development Zone Industrial Investment Co., Ltd. listed and transferred 15% equity of Hydrogen Efficiency for 8.05 million yuan, signaling a mixed-ownership reform in the hydrogen energy industry.

Guizhou Sunshine Property Rights Exchange disclosed that Guiyang Economic Development Zone Industrial Development Investment Holding (Group) Co., Ltd. intends to transfer 15% of its equity in Guizhou Hydrogen Energy Efficiency Energy Technology Co., Ltd. at a base price of 8.0555 million yuan. This listing not only represents a strategic adjustment of state-owned capital in the hydrogen energy sector but also reflects the accelerated marketization of the hydrogen energy industry chain in south-west China.

As the target enterprise, Hydrogen Energy Efficiency has a registered capital of 50 million yuan, focusing on proton exchange membrane fuel cell equipment manufacturing and comprehensive solutions. Its 100kW fuel cell stack has been operating steadily in distributed energy projects. The technical team is jointly established by China and Germany, forming a dual-cycle model of "German R&D + Guiyang manufacturing + global market". The company's equity structure is diverse: Guizhou Maritime Silk Road (29%), German HEE Technology (23%), Guiyang Economic Development Zone Industrial Development Investment (15%), and local enterprises such as Guizhou Gas and Changtong Electric collectively hold over 80% of the shares. After this transfer, state-owned capital's stake will drop to 0, making strategic space available for social capital.

The transferor, Guiyang Economic Development Zone Industrial Development Investment, as a wholly state-owned platform of the economic development zone (with a registered capital of 1 billion yuan), has been promoting the landing of strategic emerging industries such as hydrogen energy and new energy through "industrial investment + fund operation" in recent years. Its exit from Hydrogen Energy Efficiency aligns highly with its positioning of "focusing on industrial cultivation and exiting mature projects at the right time". According to its 2025 strategic plan, the group is shifting towards fields such as industrial internet and high-end equipment, while accelerating technology commercialization in the hydrogen energy sector through equity transfer to introduce more professional industrial investors. The fuel cell factory of Hydrogen Energy Efficiency has planned an annual capacity of 500 units, with supporting distributed energy projects covering six prefectures and cities in Guizhou, and each unit reducing carbon emissions by over 200 mt annually.

Notably, Hydrogen Energy Efficiency has significant technological barriers: its closed membrane electrode technology enables the fuel cell stack to achieve a volume power density of 3.2kW/L, suitable for scenarios such as industrial parks and data centers. The "gas-hydrogen" coupling project in cooperation with Guizhou Gas has achieved a 15% hydrogen blending test in the pipeline network in Guiyang Economic Development Zone. The continuous input of 120kW-level fuel cell stack R&D results from the German HEE technical team further equips it with the potential to participate in international competition. In 2024, its orders from the Southeast Asian market accounted for 35% of its revenue, and this equity transfer may pave the way for overseas listing.

"This is not just a simple equity exit but a crucial step for state-owned capital to yield development space after 'investing early and small'," analyzed the Guizhou Hydrogen Energy Association. After five years of cultivation by the Economic Development Zone Industrial Development Investment, Hydrogen Energy Efficiency has transitioned from the laboratory to industrialization. The current listing price of 8.05 million yuan corresponds to a valuation of 53.7 million yuan, a 1.15-fold increase from its establishment in 2021, achieving both the preservation of state-owned assets and creating opportunities for equity increases by upstream and downstream enterprises in the industry chain (such as Guizhou Gas and Changtong Electric). As the listing deadline on August 25 passed, this hydrogen energy mixed-ownership reform experiment may provide a model for the western hydrogen energy industry's "state capital leading + private capital following" approach.