If government policy guaranteed success, then Shanghai Refire Group Ltd. (2570.HK) would probably be among one of China’s more successful companies.
The highlight of the hydrogen fuel cell maker’s latest earnings report, released last Friday, was a laundry list of all the latest steps that Beijing is taking to promote the clean energy source. Shanghai Refire was a direct beneficiary of such largess to the tune of 27 million yuan ($3.76 million) in government grants it received during the first half of 2025, roughly double the 14.5 million yuan it got a year ago.
But investors are growing impatient with Refire and its peers, who seem to be living off little more than China’s lofty ambitions for hydrogen fuel right now.
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