The Tunghsu, ZGC and BAIC-backed hydrogen fuel engine producer has reportedly raised at least $67m of the $193m target for its initial public offering.

Beijing SinoHytec, a China-based hydrogen fuel equipment producer backed by electronic display manufacturer Tunghsu Group, has filed to raise up to RMB1.5bn ($193m) in an initial public offering, DealStreetAsia reported yesterday.

The company initiated an online roadshow on Wednesday last week and plans to issue approximately 17.6 million shares on the Shanghai Stock Exchange’s Star Market priced at RMB76.65 each. It had sold about $67m of shares by the end of Friday.

Founded in 2012, SinoHytec develops and produces engines powered by hydrogen fuel cells, for use in cars, commercial vehicles, forklifts and public transport as well as stationary power systems.

The lead underwriter for the offering is Guotai Junan Securities and the proceeds will be allocated to expanding SinoHytec’s manufacturing capabilities. It generated about $79m in revenue in 2019 according to figures in the prospectus cited by DealStreetAsia.

The company’s largest shareholder is its chief executive, Guoqiang Zhang, followed by technology fund manager Tsing Innovation Capital (5.4%), Tunghsu (4.9%), industrial manufacturer Guochuang Hi-Tech Industrial Group (3.2%) and Tsinghua University Education Foundation (2.5%).

Tunghsu and Tsinghua University Education Foundation were among the participants in a $46m round for SinoHytec in 2017, before Tsing Innovation, trading group ZGC, BAIC Capital – a subsidiary of carmaker BAIC – and ChinaEquity Group added $43m two years later, according to DealStreetAsia.

SinoHytec’s other shareholders include Xin Ding Capital, Hina Group, Haiyue Capital, Zhonghai Investment and Hydrogen Energy Industry Fund.