Shanghai REFIRE Group Limited (REFIRE) announced a reallocation of IPO and subscription proceeds, diverting funds from planned research, development and capacity-expansion projects to strengthen near-term working capital.

REFIRE will transfer HK$200.00 million of unutilised net proceeds from its global offering—originally earmarked for hydrogen fuel-cell system R&D and production upgrades—and RMB100.00 million from prior share subscriptions—initially designated for constructing a new R&D centre—into general working capital.

Management cited shifting global and domestic economic conditions and supportive national hydrogen-energy policies under China’s 15th Five-Year Plan as key factors behind the decision. By enhancing liquidity, the Group aims to accelerate market-driven initiatives, including: • Scaling mass-production capacity and improving reliability of high-power fuel-cell systems for heavy-duty trucks, mining vehicles and port logistics. • Expanding into non-vehicle applications such as industrial hydrogen power stations, off-grid ultra-fast charging facilities and hydrogen-powered vessels, supporting a “vehicle + non-vehicle” dual-revenue model.

The company emphasised that its broader strategic roadmap, as outlined in earlier prospectus and circular documents, remains unchanged. Construction of the new hydrogen‐energy R&D centre continues in phased stages, and REFIRE reiterated its commitment to sustained R&D investment; the current shift reflects a temporary redeployment of idle funds.

REFIRE will update shareholders on the progress and utilisation of the reallocated proceeds in forthcoming interim and annual reports and will issue additional announcements in line with Hong Kong Listing Rules as required.