[Asia Economy Reporter Minwoo Lee] The stock price of Roswell, a Chinese company listed domestically, is on the rise. The news that Sinopec, a Chinese state-owned oil company, is investing 30 billion yuan (approximately 5.4 trillion KRW) in hydrogen energy has highlighted Roswell's past collaboration with Sinopec.
As of 10:17 AM on the 31st, Roswell's stock price recorded 369 KRW, up 10.15% compared to the previous day. The news of Sinopec's investment in hydrogen energy and their past collaboration history appear to have acted as positive factors.
According to major foreign media, Sinopec announced this investment plan aiming to become the largest company in hydrogen transportation fuel within China by 2050, targeting carbon neutrality. By 2025, they plan to expand hydrogen fuel supply capacity to 200,000 tons annually, produce over 1 million tons of hydrogen using renewable energy, and increase solar power generation capacity for electric vehicle charging to 400 megawatts (MW).
Previously, Roswell partnered with Sinopec in 2019 to actively target the automotive market. They joined forces for the Internet of Vehicles (IoV) business, declaring their intention to become a leading company in next-generation smart IoV electronic systems. Through this, they planned to utilize Sinopec’s gas station network spread across China to platformize services such as smart refueling. Since the two companies had already joined hands early to target the next-generation automotive market, it is judged that Roswell may also benefit from Sinopec’s hydrogen investment strategy in the future, which seems to have attracted investor sentiment.
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