The recent asset acquisition case between Yihuatong and Xuyang has become a focal point in the hydrogen industry, particularly drawing attention to the transfer of fuel cell stock ownership. The fuel cell industry in China is currently facing challenges such as high costs, lack of orders, and reduced government subsidies, leading to financial losses for companies. Xuyang Group, a major player in the clean and low-carbon hydrogen industry chain in the industrial sector, acquired Yihuatong to strengthen its position in the hydrogen sector. The acquisition allows Yihuatong to address gaps in upstream resources and downstream market channels, while enabling Xuyang Group to enter new fields like hydrogen fuel cells and heavy trucks. Collaborative R&D efforts between the two companies are expected to accelerate energy transitions and drive new business growth. Moreover, with strong national and local policy support for the hydrogen energy industry, there are promising development opportunities on the horizon. These policies emphasize renewable energy-based hydrogen production, providing a conducive environment for the integration of Yihuatong and Xuyang Group to further advance in the hydrogen energy sector.