HK Stock Connect Insight | GUOFUHEE (02582.HK) Market Cap Falls to HKD 422 Million After Stock Connect Exit; Interim Loss Widened to RMB 120 Million on August 28

On November 6, 2026, GUOFUHEE traded flat; as of 13:29, the stock was quoted at HKD 3.335, flat against the previous close, with a turnover of about HKD 161,000 and a market capitalisation of about HKD 422 million based on the latest price.

Data show that GUOFUHEE's share price fluctuated and recovered over the past week (October 30 to November 6). On October 27, the stock hit an intraday low of HKD 2.800, a 52-week low, and has since rebounded from that level.

Over a longer period, GUOFUHEE fell about 14.7% in the past month, about 67.1% in the past three months and about 92.9% over the past 52 weeks. The stock has retreated continuously from its high of HKD 157.200 in February 2025; its current market capitalisation of HKD 422 million is only about one tenth of the HKD 4 billion threshold under the Stock Connect small-cap removal rule.

On September 7, 2026, the Hang Seng Composite Index rebalancing took effect, and GUOFUHEE (02582.HK) was removed from the Hang Seng Composite Index and accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors may only sell and cannot open new purchases.

It is understood that GUOFUHEE listed on the Main Board of HKEX on November 15, 2024 at an offer price of HKD 65.000, offering 6.00 million H shares globally and raising gross proceeds of about HKD 390 million and net proceeds of about HKD 340 million; the company listed directly on the HKEX Main Board and is not an A+H structure. On February 21, 2025, Hang Seng Indexes announced the quarterly review results as at December 31, 2024, under which the company was included in the Hang Seng Composite Index and was added to Stock Connect with effect from March 10, 2025. Based on the latest disclosure, the company has 126,671,639 issued shares.

In terms of historical share price performance, the company was included in Stock Connect on March 10, 2025, closing at HKD 137.200 that day. As demand in the hydrogen transport segment slowed and revenue declined, the share price fell continuously and is now about 97.6% below its level on the inclusion date; the stock closed at HKD 78.000 on its first trading day, when its market capitalisation exceeded HKD 8 billion, and the current market capitalisation has fallen to about HKD 422 million.

Public information shows that GUOFUHEE's principal business is the research, development and manufacture of hydrogen energy equipment, covering the full chain of hydrogen production, storage, transportation, refuelling and application, with products including on-board high-pressure hydrogen supply systems, complete hydrogen refuelling station equipment, water electrolysis hydrogen production equipment, and hydrogen liquefaction and liquid hydrogen storage and transportation equipment. In the first half of 2026, revenue from water electrolysis hydrogen production equipment and related products was RMB 60.771 million, accounting for 58.41% of total revenue; hydrogen refuelling station equipment and related products contributed RMB 21.712 million, or 20.87%; and on-board high-pressure hydrogen supply systems and related products contributed RMB 21.553 million, or 20.72%.

In the first half of 2026, the company's revenue was RMB 104.0 million, down 4.5% year on year; gross profit was RMB 2.476 million and the gross margin rose to 2.4% from 0.9% a year earlier; loss attributable to owners of the company was RMB 120.2 million, compared with RMB 89.25 million a year earlier. By expense, selling expenses fell 33.9% year on year to RMB 13.26 million, R&D expenses rose 46.6% to RMB 24.60 million, and administrative expenses were broadly flat at RMB 60.75 million. The wider loss was mainly due to a RMB 22.13 million loss on exchange and fair value changes, a RMB 12.24 million expected credit loss impairment, and a fall in other income to RMB 5.13 million from RMB 14.88 million as government grants decreased. For the full year 2025, revenue was RMB 346.4 million, down 24.5%, with a gross margin of 1.12% and a loss attributable to owners of RMB 383.0 million.

On new business, the company's liquid hydrogen strategy has moved from technical development to commercial application, and the first domestically produced 10-tonne-per-day hydrogen liquefaction unit has met the conditions for scale production; its overseas footprint extends to India, Morocco, Thailand and the Middle East, with its Indian assembly plant rolling out its first 5MW electrolyser in March 2026. On cash reserves, as at June 30, 2026, restricted bank deposits and cash and cash equivalents totalled about RMB 265.5 million, down 44.4% from the beginning of the period, with a current ratio of about 1.2 times; bank borrowings stood at about RMB 978.2 million.

On products and business developments, GUOFUHEE signed an equipment supply contract worth RMB 150 million for a 300MW green power project in Xinjiang on May 4 this year; on May 5, its joint venture signed an agreement with Abu Dhabi's Khalifa Economic Zones to launch a local manufacturing base for hydrogen equipment and hydrogen-powered drones, with an order backlog of about RMB 560 million; and on May 18 it signed a Hong Kong hydrogen energy ecosystem cooperation memorandum with Hyundai Motor and eight other companies.

SINOLINK SECURITIES noted in a research report that GUOFUHEE is the first manufacturer in China to achieve civil hydrogen liquefaction using hydrogen expansion, having delivered the country's first 10-tonne-per-day civil hydrogen liquefaction unit; liquid hydrogen has clear cost advantages in large-scale storage and long-distance transport, and the liquid hydrogen business is expected to become the company's core growth driver.