entering the market, high-tech enterprises have withdrawn from the market in the form of market-oriented transactions. The targeted withdrawal of state-owned capital from some hydrogen energy enterprises is not an example, nor is it a bearish view of the hydrogen energy industry or specific enterprises: for the government, it is an inherent need to ensure the value preservation and appreciation of state-owned assets; for enterprises, it is necessary to consider how to choose and use various resources to promote the growth of enterprises.
Recently, according to the information disclosed by Shandong Property Rights Exchange Center, Jigao Science and Technology Industry Co., Ltd. (Hereinafter referred to as "Jigao Science and Technology") intends to transfer 2.81% of its shares in Shandong Saikeses Hydrogen Energy Co., Ltd. (Hereinafter referred to as "Saikeses"), with a base price of 61.95 million yuan. Saikesaisi is valued at 2.199 billion yuan. Jinan Hi-tech is a wholly-owned subsidiary of the State-owned Assets Management Committee of Jinan Hi-tech Industrial Development Zone. It is reported that Jigao Technology took a strategic stake in Saikesaisi at the beginning of 2022.
Saikesaisi
is one of the earliest enterprises in China to carry out research on PEM water electrolysis hydrogen production technology, and is also a cooperative unit of Changchun Institute of Applied Chemistry, Chinese Academy of Sciences. It is reported that in 2022 and the first three quarters of this year, the total assets of Saikesaisi were 221 million yuan and 354 million yuan respectively, the net assets were 155 million yuan and 279 million yuan respectively, the operating income was 59.015 million yuan and 46.3918 million yuan respectively, and the net profit was 5.1747 million yuan and-6.2794 million yuan respectively. Saikesaisi has always been a hot potato in the field of PEM hydrogen production equipment in China, and has recently completed hundreds of millions of yuan of B-round financing.
So how to look at the transfer of state-owned assets?
In the domestic RMB equity investment market, government-guided funds play an important role in leveraging social capital, attracting enterprises to land, and then promoting local economic development. For the hydrogen energy industry in the early stage of development, local government related funds are still one of the main "buyers".
Local government industrial funds mostly rely on local finance, and the preservation and appreciation of state-owned assets is an inherent demand, so the proper and smooth withdrawal of state-owned funds from the investment projects is also an important part of the fund operation, especially for the current financial situation of local governments; In addition, the smooth withdrawal of state-owned fund assets is also one of the dimensions to evaluate the development of hydrogen energy industry.
It is understood that Jigao Technologies has made a profit on its investment in Saikesaisi, and has withdrawn from the market in less than two years. On the one hand, it reflects that the medium and long-term strategic value of hydrogen energy has been fully affirmed by all kinds of social capital, which makes the valuation of hydrogen energy industry rise rapidly in a short time and the liquidity of the primary market is relatively high; On the other hand, Jinan is a non-urban agglomeration area, and the resources related to hydrogen energy are relatively limited at present, but the emergence of enterprises such as Saikesaisi in Jinan also shows the value of hydrogen energy, and also reflects the positive attitude of local governments towards hydrogen energy.
At present, the hydrogen energy industry will present the coexistence of medium and long-term certainty and short-term relative uncertainty. Under the background of promoting a new round of local government debt in China, changes in management team, industrial policy and local financial problems will affect the investment and operation of enterprises and state-owned capital.
This also means that the targeted withdrawal of state-owned capital from some hydrogen energy enterprises will not be an example, nor is it a bearish view of the hydrogen energy industry or specific enterprises: for the government, it is an inherent need to ensure the value preservation and appreciation of state-owned assets; for enterprises, it is necessary to consider how to choose and use various resources to promote the growth of enterprises.
As one of the leading enterprises of PEM hydrogen production equipment in China, the transfer of state-owned assets has certain symbolic significance. For hydrogen energy enterprises at this stage, especially electrolysis equipment enterprises, on the one hand, they need to continue to do a good job in technology research and development and verification, on the other hand, they need to think about how to develop in the direction of market. In fact, this has been fully verified in the fuel cell sector.
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