Shanghai Refire reallocates HKD 200 million, RMB 100 million proceeds to working capital

• Shanghai Refire issued a supplemental clarification on its plan to shift HKD 200 million of remaining Global Offering proceeds, originally earmarked for hydrogen fuel cell and hydrogen production R&D and capacity expansion, to working capital.
• It also confirmed a proposed reallocation of RMB 100 million of remaining Subscription proceeds, previously set aside for a hydrogen fuel cell and hydrogen equipment R&D center construction project, to working capital.
• The board framed the move as a response to global and domestic economic conditions, aiming to improve capital efficiency while pursuing large-scale hydrogen applications, including heavy-duty truck deployments, alongside selected non-vehicle projects.
• It said there is no material change to business plans disclosed in its IPO prospectus and the subscription circular.
• It said construction of the new R&D center will continue in stages, with no plan to downsize the project or cut R&D investment, citing idle funds tied up during phased implementation.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Shanghai Refire Group Ltd. published the original content used to generate this news brief via IIS, the Issuer Information Service operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260515-12160124), on May 15, 2026, and is solely responsible for the information contained therein.