According to local Chinese news, Hubei Heyuan Gas has been approved for listing in the Shenzhen Stock Exchange.
No more than 40 million ordinary A shares will be issued to raise about RMB 40m ($5.7m. The capital raised from the listing will be used for projects including the upgrade of gas technology of a branch company, a 70,000 tonnes-per-year food grade nitrogen project in Qianjiang, a gas recovery and purification project in Yichang, and a gas operation centre.
Established in 2003, the company now has 14 cylinder filling stations, two ASU sites, one 2000 m3/h high purity hydrogen generation site, one 100 m3/h high purity helium production site in Wuhan, and two liquefied natural gas (LNG) production sites in the province.
Hubei Heyuan Gas’ operating revenues of 2017, 2018, and the first half of 2019 are respectively RMB 575.2m (USD 81.94m), RMB 624.6m (USD 89m), and RMB 318.9m (USD 45.4m). The corresponding net profits are RMB 45m (USD 6.4m), RMB 75m (USD 10.7m), and RMB 40m (USD 5.7m) respectively.