HAIWEI ELEC (09609.HK): Subscribes RMB 20 Million for Approximately 0.28% Stake in Sungrow Hydrogen, Deepening Downstream Cooperation for Capacitor Films
NewTimeSpace News: On 8 September 2026, Hebei Haiwei Electronic New Material Technology Co., Ltd. (stock code: 09609) issued a voluntary announcement updating its investment in Sungrow Hydrogen Energy Technology Co., Ltd. (Sungrow Hydrogen). On 17 April 2026, the company entered into a share purchase agreement with Sungrow Hydrogen, all of its then shareholders and two other independent investors, agreeing to subscribe for 1,154,000 newly issued shares of Sungrow Hydrogen for a total consideration of RMB 20 million, representing approximately 0.2825% of its enlarged share capital. The investment was completed on 28 April 2026.
According to the announcement, Sungrow Hydrogen is a specialised hydrogen equipment manufacturer established in China in 2021, and is a subsidiary of Sungrow Power Supply Co., Ltd. (SZSE: 300274), a leading enterprise in the global new energy industry. It specialises in water electrolysis technology for hydrogen production, with main products including alkaline electrolysers, PEM electrolysers, PWM hydrogen production power supplies, gas-liquid separation equipment, hydrogen purification equipment and intelligent hydrogen management systems. As a hydrogen equipment manufacturer, Sungrow Hydrogen operates in a downstream application sector served by the group's capacitor film products; the investment is expected to facilitate closer cooperation along the industry value chain, support the expansion of the group's capacitor film sales, and allow the group to benefit from the long-term development prospects of the green hydrogen industry and potential value appreciation.
The announcement further disclosed that Sungrow Hydrogen completed a new financing round on 10 August 2026, in which the group did not participate. Upon completion of that round, the implied post-money valuation of Sungrow Hydrogen increased by approximately 2.0% to approximately RMB 7,223 million compared with the time of the investment, while the group's equity interest was slightly diluted to approximately 0.2769%. As the investment was not entered into with a connected person of the company, Chapter 14A of the Listing Rules does not apply; and as none of the applicable percentage ratios exceeds 5%, the investment does not constitute a discloseable transaction under Chapter 14 of the Listing Rules.
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