CM Venture portfolio company Guofu Hydrogen submits application for listing on the HKSE

March 21, 2024

Guofu Hydrogen Energy Equipment (GUOFUHEE) has officially submitted an application on 20th March 2024 for listing on the main board of the Hong Kong Stock Exchange.

CM Venture invested Guofu Hydrogen in 2019 in its A-round as a lead investor, supporting its growth and development over the years. Today, it’s an undisputed hydrogen infrastructure leader in the industry, and often considered as a unicorn in China.

Guofu innovates, develops and manufactures integrated, hydrogen energy equipment solutions for a complete clean energy industrial chain: hydrogen production, hydrogen storage & liquefaction systems, vehicular hydrogen supply systems (high-pressure hydrogen and liquid hydrogen), green hydrogen solutions, IOT operation management systems and hydrogen refueling stations/equipment. In China, its customers include CRRC, Geely, Sinopec, PetroChina, CR Gas, and more. Today, Guofu Hydrogen owns 10 proprietary core technologies and 161 patents.

It has since expanded globally, working with partners in the Middle East, Europe, South America, Asia Pacific, the US and more. It has also spearheaded pilot projects to deliver green hydrogen energy in domestic demonstration zones such as Inner Mongolia. Overseas, Guofu Hydrogen was the provider for UAE’s first integrated hydrogen production and refueling station. This was showcased at the UN Climate Change Conference (COP 27) in 2023, under the theme ‘Transitioning to Clean Energy’.

With its full equipment range, Guofu Hydrogen offers a complete value chain solutions for the green hydrogen industry. Their vision is to empower widespread hydrogen energy adoption, which can help reduce greenhouse gas emissions and support the goals of decarbonization.

We are thrilled to share this important milestone, as our journey in the hydrogen energy space started more than a decade ago. It’s also a result of CM Venture’s four-step brand principle and operational process: Predict, Select, Build, Partner.


2009: early research in hydrogen energy industry
We started researching & assessing the hydrogen industry when the global/China’s hydrogen energy markets and tech were in its earliest stages.

2011: hydrogen market in its infancy
Air Products (AP) engaged CM Venture as its strategic advisor to review the hydrogen energy value chain and market. China is one of the largest hydrogen producing economies, but we predicted the market wasn’t ready for at least 5 years.

2016: hydrogen market was stepping up
AP sought CM Venture to re-evaluate the industry value chain, and we recommended the next review to take place in 3 years. This was the year when Guofu Hydrogen was inaugurated.


2019: CM Venture invests in Guofu Hydrogen
AP’s China VP introduced Guofu Hydrogen to CM Venture. After discussions, further research and conducting due diligences, we invested in Guofu as a lead investor in its A-Round.

2022: Guofu is number 1 in China
Guofu is hailed as the number 1 hydrogen equipment provider in China, with a 46% market share in hydrogen fueling equipment; 1/3 of which are vehicle-based hydrogen storage systems.

Since 2019, CM Venture’s return on investment in Guofu Hydrogen has nearly quadrupled. This is in reference to valuations of similar hydrogen energy companies such as Mengfa Energy, Qingdao Lurong and Jiyang Hydrogen Energy.


We invested five more rounds in Guofu Hydrogen since 2019. Today we hold 6.77% of the company, making CM Venture amongst its top 5 shareholders.

In late 2023, we invested in Dynamic Hydrogen, which develops  low-iridium PEM electrolysis systems for cost-reduction breakthroughs in hydrogen production. It will also become part of the hydrogen energy industrial chain, through potential partnerships with Guofu Hydrogen.

In Jan 2024, we featured Guofu Hydrogen as one of our leading portfolio startups in a TV5Monde documentary, providing global brand exposure across Europe, Asia/Asia Pacific, Oceania, USA, Latin America, Middle East & Africa. TV5Monde is the 4th largest international media after BBC, CNN and MTV; the documentary was focused on borderless entrepreneurship.

In its journey to globalization, we supported Guofu Hydrogen’s need for high-level experts with talent referrals. We have also introduced partners to its ecosystem to aid growth and development, through multinationals such as Air Liquid and SABIC.




Guofu Hydrogen is part of CM Venture’s rich ecosystem of multinational LPs, SOEs, policymakers, financial organizations, startups and institutions. We regularly organize post-investment ecosystem activities, seminars and exchanges to promote collaboration and partnership, helping startups scale, grow or discover new opportunities.

In 2023, we organized an Innovation China Conference at Guofu, bringing the best of the best – partners and our LPs – together at Guofu Hydrogen’s headquarters: Cummins, Air Liquide, Arkema, Heraeus and more, to bridge, share and explore partnerships. We have also played key advisory, guidance and driving roles to help Guofu Hydrogen to achieving its IPO on the global stage. 


About Guofu Hydrogen

Guofu Hydrogen offers four main product groups to support a clean energy industrial chain, from production, to refueling, to storage and transportation. Over the last 3 years, its revenues reached 329 million RMB, 359 million RMB, and 522 million RMB, with a CAGR of 26.0%. According to Frost & Sullivan, Guofu Hydrogen holds a leading market share in the supply of core hydrogen energy equipment across four sectors:

1 – Vehicular hydrogen supply systems and related products
30.4% market share in 2023 – Guofu Hydrogen Energy ranks first in the industry. It also leads in the market for vehicular high-pressure hydrogen storage cylinders with a 29.4% share.

2 – Hydrogen station equipment
25.7% market share in 2023 – Guofu Hydrogen maintained the top position nationwide for five consecutive years.

3 – Hydrogen liquefaction, liquid hydrogen storage and transportation equipment
10 tons/day – Guofu Hydrogen is the first in China to develop and deliver the country’s first industrial-scale civilian hydrogen liquefaction equipment.

4 – Water electrolysis hydrogen production equipment
ALK and PEM – Guofu Hydrogen offers ALK and PEM water electrolysis hydrogen production equipment, just one of the few Chinese companies with the capability to penetrate a broader market. It can switch between ALK and PEM hydrogen production to achieve better cost-efficiencies. 

Thesr achievements reflect Guofu Hydrogen’s strengths in R&D and product innovation, and its strong marketing positioning. Coined as a ‘Little Giant’ in the Chinese hydrogen energy industry, Guofu Hydrogen has formed a strong supply chain integration capability across the hydrogen energy equipment market.

With an increasingly urgent need to address climate change, hydrogen energy has become part of the race in global energy transformation. As hydrogen is the most abundant element in the universe, with water as its source, and water as its only emission, it has become highly favored by the energy sectors and global govermnets. 

Rapid growth is expected in the coming years globally and in China, so the hydrogen infrastructure industry will enjoy strong market prospects. As an industry leader, Guofu Hydrogen will be one of the greatest beneficiaries in the hydrogen economy for years to come.