SAIC Motor Corporation Limited (SHSE:600104) plans to spin off a unit focusing on hydrogen fuel cell technologies, and list it on a stock exchange to rev up its diversification into alternative fuel vehicles. Zu Sijie, SAIC’s vice-president, said Shanghai Hydrogen Propulsion Technology (SHPT) would give priority to the Shanghai Stock Exchange’s Nasdaq-style Star Market when making its initial public offering (IPO) plans, according to financial magazine Caijing. He did not provide further details, but two sources with the company said that SAIC had been actively looking to raise capital to support the growth of SHPT. The company and parent firm SAIC could not be reached for comment on June 25, 2021. “Hydrogen fuel cell is one of those technologies that powerful car companies have to grasp, to compete in the automotive market in the future,” said Eric Han, a senior manager with Shanghai-based business advisory firm Suolei. “But capital is much needed to support the development of fuel cell related technologies”.