Shanghai REFIRE Group Limited announced that its Board has approved a proposal to redirect RMB50.00 million of previously earmarked R&D funds toward initiatives aimed at speeding up commercial deployment and strengthening operational infrastructure. The proposal is subject to shareholder approval at an extraordinary general meeting scheduled for 12 October 2026.
The RMB50.00 million—originally part of RMB63.60 million reserved for R&D on hydrogen fuel cell systems and hydrogen production equipment—will be split as follows: • RMB10.00 million to support business development, market expansion and commercialization activities. • RMB40.00 million to build comprehensive operational capabilities, including supply-chain management, component upgrades, inventory optimization and enhanced service capacity.
REFIRE raised approximately RMB272.20 million through Domestic Share subscriptions approved in 2025. As of 30 June 2026, RMB207.10 million had been spent, leaving RMB65.10 million unutilized. The proposed shift reallocates the bulk of the remaining funds, with the new structure as follows: • Development of comprehensive operational capabilities: RMB40.00 million (61.4% of unutilized proceeds) • Business development, market expansion and commercialization: RMB10.00 million (15.4%) • Ongoing R&D for hydrogen solutions: RMB13.60 million (20.9%) • R&D center construction: RMB1.30 million (2.0%) • Working-capital top-up: RMB0.20 million (0.3%)
Management cited three key drivers for the change: alignment with the Group’s medium- to long-term growth strategy, stronger demand for energy solutions in AI-driven data-center applications, and the need to improve capital deployment efficiency after slower-than-expected R&D spending. The Board believes the reallocation will help capture emerging opportunities, meet higher customer requirements for delivery and service, and better support overseas expansion.
If approved, all unutilized proceeds are expected to be fully deployed by 31 December 2028, except for the remaining working-capital balance, which is targeted for use by end-2026. A detailed circular outlining the proposed changes will be dispatched to shareholders on or around 18 September 2026.