A blockbuster capital move arrived in the hydrogen energy track in 2025! On November 12, Aimei Health Technology (Nasdaq ticker: AFJKU), a Cayman Islands-based special purpose acquisition company (SPAC), officially announced that its merger plan with Lianhe Hydrogen, a leading Chinese enterprise covering the entire hydrogen energy industrial chain, has been passed by shareholders with a high vote count. The transaction has an estimated enterprise value of 1.6 billion USD. If it successfully completes the overseas listing filing with the China Securities Regulatory Commission (CSRC), Lianhe Hydrogen will become one of the few Chinese hydrogen energy enterprises listed on the Nasdaq, injecting Chinese strength into global energy transition. The global hydrogen energy industry is currently in a golden era driven by both policy and market. According to the 2025 report by the Hydrogen Council, the total committed global investment in hydrogen energy has reached 110 billion USD, with over 500 projects under implementation and a total annual production capacity exceeding 6 million tons. As the world's largest hydrogen producer, China has already completed its industrial layout: it has established the legal status of hydrogen energy as an energy source via the Energy Law, built 560 hydrogen refueling stations (accounting for 45% of the global total), and its green hydrogen production capacity accounts for 60% of the global total. A complete industrial ecosystem ranging from "hydrogen production, storage, transportation and utilization" to equipment manufacturing has been formed, laying a solid foundation for the scaled development of Lianhe Hydrogen. Looking at domestic industrial data, China's hydrogen energy production and consumption scale exceeded 36.5 million tons in 2024, ranking first globally; the cumulative installed capacity of renewable energy-based hydrogen production projects has exceeded 250,000 tons per year, with China accounting for over 50% of the global share. China has gradually become a leading country in global renewable energy hydrogen production and related industries, and this industrial advantage has further enhanced Lianhe Hydrogen's recognition in international capital markets. The two parties to this merger can be described as a "perfect match", forming a strong complementarity in capital operation and industrial layout respectively: Aimei Health Technology was initiated by Chinese sponsors together with senior figures from Hong Kong's financial sector. Its core team includes former executives of the Hong Kong Monetary Authority and former head of Standard Chartered Greater China, with rich cross-border capital operation experience. After submitting its prospectus in December 2024, the SPAC plans to raise 60 million USD (up to 69 million USD including the overallotment option). Its positioning of "focusing on mergers and acquisitions in the new energy sector" highly matches the industrial attributes of Lianhe Hydrogen, providing professional support for subsequent capital integration. Founded in Shanghai in 2017, Lianhe Hydrogen is one of the few comprehensive enterprises in China covering hydrogen energy production, storage and transportation, equipment manufacturing and downstream applications. Its business has now expanded to multiple regions including Southeast Asia and North America, with 26 hydrogen production plants and refueling stations under its layout, serving customers in over 30 countries worldwide. Notably, Lianhe Hydrogen has completed its strategic layout in the Beijing-Tianjin-Hebei region. Its CEO Ma Xia stated that Xinji's unique advantages in geography, commerce and economic development within the Beijing-Tianjin-Hebei region make it an important node for Lianhe Hydrogen to serve regional enterprises and radiate the surrounding markets. After the merger with the SPAC, Lianhe Hydrogen will further leverage capital strength to strengthen its positioning as a "customized hydrogen energy solution service provider" and deepen its full-chain service capabilities. Lianhe Hydrogen's investment value is mainly reflected in its leading technical barriers and high-growth performance: Solid-state hydrogen storage technology: The independently developed solid-state hydrogen storage technology has a hydrogen storage density of 7.2wt%, which is 40% higher than traditional high-pressure hydrogen storage, and has been successfully applied to 3.5-ton fuel cell forklifts, realizing commercial implementation; Intelligent hydrogen refueling equipment: The intelligent hydrogen refueling station in Xinji integrates 70MPa refueling equipment and has built a full-chain big data monitoring platform to improve operational efficiency and safety; Full-chain collaboration: It has formed a closed-loop "hydrogen production, storage, transportation and utilization" ecosystem with Hydrogen Source Chuangchuang (focusing on hydrogen energy equipment manufacturing) and its subsidiary Yixun Chuangneng (focusing on logistics scenarios with the backing of Meijin Energy), further reducing costs and accelerating the commercialization process. In 2023, Lianhe Hydrogen achieved revenue of 13.1 million USD, a surge of 144% compared to 2022, which was significantly higher than the industry average growth rate, highlighting the effectiveness of its technology commercialization and market expansion. This performance highly matches the development expectations of the global hydrogen energy industry during the 15th Five-Year Plan period. According to industry forecasts, around 2025 will be a key node for the scaled development of hydrogen energy, with the annual green hydrogen demand expected to reach 2.4 to 4.3 million tons, and Lianhe Hydrogen's performance growth potential will be further unleashed. According to the transaction plan, this merger is expected to raise 800 million USD, with the funds focused on industrial expansion and technology research and development, with a clear path: 40% will be used for the expansion of hydrogen production bases and hydrogen refueling station networks in Southeast Asia and the Middle East, which aligns with the global trend of "base-based layout" for green hydrogen projects; 30% will be invested in core technology research and development such as solid-state hydrogen storage and liquid hydrogen storage and transportation, further consolidating technical barriers. From the perspective of equity structure, Lianhe Hydrogen will become the core asset of the listed entity after the merger; under the circumstance that SPAC shareholders do not exercise redemption rights, the existing shareholders of Lianhe Hydrogen will hold 94% of the equity, ensuring highly concentrated control rights. Based on the 1.6 billion USD valuation, its price-to-sales ratio (PS) is on par with global leading hydrogen energy enterprises. Combined with the 144% revenue growth rate and technical barriers, the rationality of the valuation is fully supported. Currently, this transaction has not yet obtained the overseas listing filing notice from the CSRC. According to relevant regulations, Chinese enterprises seeking to list in the US via SPAC need to complete the filing, with core review contents including equity structure, data security and others. However, the market is confident: Since 2025, the CSRC has significantly improved its acceptance of compliant Variable Interest Entity (VIE) structures, and 4 enterprises have completed the filing. Lianhe Hydrogen's business does not fall within the scope of foreign investment restricted sectors, and its equity structure is clear. It is expected that the filing will proceed smoothly after supplementing compliant documents. This 1.6 billion USD valued capital marriage is not only a leap for Lianhe Hydrogen towards overseas listing, but also an important attempt for Chinese hydrogen energy enterprises to enter the global capital market. Under the guidance of the "Dual Carbon" goals, hydrogen energy, as a core track of clean energy, is ushering in opportunities for scaled development. If Lianhe Hydrogen successfully lists on the Nasdaq, it will not only be expected to achieve valuation revaluation, but also provide a capital model for the export of Chinese hydrogen energy technology standards and industrial upgrading. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. 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