Shanghai REFIRE Group Co., Ltd. ( "REFIRE" or the "Company") successfully completed its initial public offering on December 6, 2024 and was listed on the Main Board of the Hong Kong Stock Exchange with the stock code 02570.HK.

As a leading hydrogen energy technology company, REFIRE focuses on the design, development, manufacturing and sales of hydrogen fuel cell systems, hydrogen energy equipment and related components, providing hydrogen fuel cell engineering development services and one-stop solutions for hydrogen production and terminal applications that meet customer needs. Its product and service portfolio covers the entire hydrogen energy industry chain. As a pioneer in hydrogen energy technology, REFIRE is the first company in China's hydrogen fuel cell field to independently develop and mass-produce fuel cell stacks, membrane electrode systems, and bipolar plates; the first to simultaneously deploy exchange membrane (PEM) and alkaline (ALK) electrolysis products; and the first to commercialize leading hydrogen energy products overseas. REFIRE has reached in-depth cooperation with many well-known domestic and foreign automobile companies such as FAW Jiefang, Dongfeng Motor, Yutong Bus, and Mitsubishi Fuso. In 2023, REFIRE's sales output power of hydrogen fuel cell systems ranked first in China's hydrogen fuel cell system market; in the statistics of the total sales output power of hydrogen fuel cell systems equipped with heavy trucks, REFIRE ranks first in the market with nearly half of the market share.

Tian Yuan has provided legal services to REFIRE since its inception, and has accompanied and witnessed REFIRE's long-term career journey. During the eight years of companionship, Tian Yuan participated in all eight rounds of private equity financing for REFIRE, and assisted REFIRE in obtaining a total investment of approximately RMB 4 billion from well-known investment institutions and industrial capital. In this Hong Kong listing project of REFIRE, Tian Yuan served as the company's domestic legal counsel and data compliance special legal counsel. With years of accumulated legal service experience in domestic and foreign capital markets, Tian Yuan fully utilized the professional skills of domestic lawyers and Tian Yuan's comprehensive service capabilities, and worked together with various professional intermediary institutions to solve various complex problems with an efficient and professional service spirit, ensuring that the company completed various tasks in a timely manner and successfully achieved listing. Throughout the project, Tian Yuan assisted the company in successfully completing this listing with solid professional qualities, efficient execution capabilities, effective communication and collaboration, and a service spirit of overcoming difficulties, and won unanimous recognition from the company and all parties.

This project was led by Tian Yuan’s senior partners Cai Lei and Xu Ying, and completed by partner Li Miaomiao, senior lawyer Cui Taiyuan, and team lawyers Zhang Dawei and Yu Zhiyuan. The data compliance legal services involved in this project were completed by a team led by partner Zeng Wenwen.