Hydrogen energy is a crucial component of China's ambition for a green, low-carbon transition. The country views hydrogen as essential for its 'dual carbon' goals and the future energy mix. However, the development of hydrogen is hindered by technological constraints and limited commercial application, emphasizing the need for increased financial support. The hydrogen value chain includes production, storage, transport, and application, each offering various technical solutions. While mature options like alkaline electrolysis dominate due to lower costs, advanced alternatives are emerging to address weaknesses but are more expensive. The financing of hydrogen in China has been growing, with the introduction of policies like the 'Medium and Long-Term Hydrogen Industry Development Plan (2021–2035)'. Investment levels have seen an upward trend, primarily focused on upstream and downstream applications, with midstream sectors like storage and transport being underfinanced. Equity financing models vary, including state-guided capital, market-driven venture capital, local capital, and strategic industrial capital. To effectively support the hydrogen sector, integrating all four models is necessary to bridge gaps, support R&D, and align capital with industry needs. In conclusion, combining the strengths of different equity financing models is crucial for China's hydrogen industry to attract diverse investments, bridge gaps in the value chain, and transition from innovation to commercial application. This integration is essential for supporting the country's broader low-carbon development goals.