Shanghai-based hydrogen technology firm HiTS is setting its sights on Hong Kong as it prepares for international expansion and a public listing.
HiTS (Shanghai) Hydrogen Power Technology, a Chinese startup focused on hydrogen fuel cell systems and drones, is planning a major expansion into Hong Kong. The company aims to tap into global markets and is targeting an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) by 2025.
This move comes as hydrogen aviation and zero-emission technologies gain global attention. At the same time, Hong Kong is developing as a hub for clean energy and drone innovation, positioning itself as an attractive base for companies like HiTS.
Advanced Hydrogen Drones for Heavy-Duty Use
HiTS is developing air-cooled hydrogen fuel cell systems designed for industrial-grade drones. These drones can carry payloads of up to 200 kilograms, operate in freezing temperatures, and stay airborne for up to three hours. With a power density of 1,200 watts per kilogram, these drones offer a significant performance boost compared to traditional lithium battery-powered models.
They are built for critical missions in areas such as firefighting, law enforcement, and industrial inspections, where endurance and reliability are essential. HiTS currently manufactures 40 megawatts’ worth of fuel cells annually at its production sites in Anhui and Shandong provinces.
Why Hong Kong?
To support its international ambitions, HiTS will establish its overseas sales headquarters, a research and development center, and a drone assembly line in Hong Kong. The city offers a favorable regulatory climate, easy access to international investors, and a strategic location for cross-border trade.
Hong Kong is also actively developing what it calls the “low-altitude economy,” which includes initiatives to build air corridors for drones and attract clean-tech companies. In 2023, the local government launched a working group to promote drone innovation. Yuen Long InnoPark, a planned center for microelectronics and semiconductor research, may play a key role in supporting HiTS’ operations.
Scientific Leadership and Long-Term Research
Although HiTS was founded in 2022 as a subsidiary of the Donglan Group, its technology builds on nearly 20 years of research. Chief Scientist Tian Binglun, who leads the company’s technical development, has a strong background in hydrogen fuel cell research from the Dalian Institute of Chemical Physics.
This scientific foundation gives HiTS a competitive advantage. It also aligns with China’s broader strategy to promote hydrogen-powered vehicles, with a national target of deploying 50,000 fuel-cell vehicles by 2025.
IPO Plans and Strategic Acquisitions
HiTS plans to go public in Hong Kong by 2025. To support its growth, the company is also expanding through acquisitions. Recently, it acquired a Nanjing-based drone service provider specializing in firefighting and public safety applications. This suggests HiTS is not only developing hardware but also investing in real-world applications of its technology.
The company’s fuel cell drones are priced between $41,500 and $138,000. Its main customers include government agencies, logistics firms, and industrial companies seeking high-performance, zero-emission solutions. HiTS is also exploring hydrogen-powered robotics and micromobility platforms.
A Cross-Border Hydrogen Ecosystem
HiTS’ move into Hong Kong is part of a broader effort to build a regional hydrogen ecosystem linking mainland China with the city. Hong Kong’s legal autonomy and dense urban environment make it a suitable testbed for aerial services powered by fuel cells. These include infrastructure inspections, emergency medical deliveries, and environmental monitoring.
As demand for hydrogen drones grows, the need for international safety and certification standards is becoming more urgent. HiTS and Hong Kong are positioning themselves to play a leading role in shaping these global frameworks.
Looking Ahead to 2025
HiTS recently secured $42 million in funding. With backing from both public and private sectors, the company is well-placed to lead in hydrogen aviation and clean-energy drone technology.
As regulatory frameworks evolve and hydrogen infrastructure develops, HiTS plans to move quickly. If successful, its 2025 IPO may mark not just a corporate milestone, but a turning point in Asia’s hydrogen aviation industry.
