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    3   HK0003000038

THE HONG KONG AND CHINA GAS CO LTD

(3)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-12-02 am EST
6.660 HKD   -1.19%
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Towngas Joins Hong Kong International Carbon Market Council

09/02/2022 | 09:43am EST

The Hong Kong and China Gas Company Limited ('Towngas', Stock Code: 0003.HK) is pleased to join Hong Kong Exchanges and Clearing Limited's (HKEX) Hong Kong International Carbon Market Council.

Towngas joins this leading Council as part of its commitment to engage in proactive sustainability efforts. With the comprehensive and solid industry base, Towngas will be offering useful insights on the development of carbon trading issues, covering Hong Kong and international markets. In 2021, China launched its national emissions trading scheme to delegate responsibility of reducing greenhouse gases to enterprise level and seek to boost the economic benefits of carbon reduction. Currently, over 2,000 electricity companies were identified as emissionintensive industries and were included in the pilot run. China has become one of the world's biggest emissions trading markets.

As at 31 December 2021, a total of 179 million tonnes of emission allowances changed hands during the first compliance period, and the cumulative trading turnover was 7.661 billion yuan, showing huge potential of the carbon trading market. Mr Alan Chan, Chief Investment Officer of Towngas, was pleased with the appointment and said, 'China's 14th Five Year Plan set a very clear target for implementing nationwide ecological conservation and green development. Since China opening up of its economy, Hong Kong has been playing a pilot role. Hong Kong's financial market, which is one of the leading international financial centres, operates under effective and transparent regulations that are in line with international standards and that is why Hong Kong is an ideal hub to promote green financing.

Carbon trading is a great opportunity to accelerate green finance development during the green economy transformation and to contribute towards the country's dual carbon goals.' Mr Chan added, 'Towngas and its subsidiary Towngas Smart Energy Company Limited have been supporting the country's carbon reduction policy through carrying out initiatives such as energy conservation and emission reduction, technological innovation and industry investment to promote low-carbon development. In November 2021, 'Towngas China' was renamed to 'Towngas Smart Energy'. The name change reiterated our commitment in offering smart energy solutions, accelerating transformation into a leading integrated clean energy supplier, and reflecting the direction of the new business development.'

In recent years, Hong Kong has positioned the development of green finance as the highlights of financial industry growth. Towngas, as a public utility of 160 years of history, together with Towngas Smart Energy, have always been playing leading roles in green finance. For example, Towngas was one of the first energy providers in Hong Kong to issue its inaugural green bonds in 2017 so as to raise funds for the waste-to-energy endeavours. In April 2022, Towngas Smart Energy led the industry in issuing its first sustainabilitylinked bond, linking Sustainability Performance Targets to interest rate. This is to show the Group's commitment on sustainability

Contact:

Media

Mr Bien Wong

Corporate Affairs

ESG and Mainland

Business Strategy Manager

Tel: 2963 3135

T: 6155 2480

Fax: 2516 7368

Email: bien.wong@towngas.com

Ms Julia Wong

Senior Corporate Communications Officer

Tel: 2963 3492

T: 6064 0007

Fax: 2516 7368

Email: julia.wong@towngas.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG EXCHANGES AND CLEARING LIMITED -0.63% 315.2 Delayed Quote.-30.35%
THE HONG KONG AND CHINA GAS CO LTD -1.19% 6.66 Delayed Quote.-44.48%
TOWNGAS SMART ENERGY COMPANY LIMITED -0.85% 3.5 Delayed Quote.-47.94%
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Financials
Sales 2022 56 420 M 7 230 M 7 230 M
Net income 2022 7 103 M 910 M 910 M
Net Debt 2022 45 039 M 5 772 M 5 772 M
P/E ratio 2022 17,6x
Yield 2022 5,38%
Capitalization 124 B 15 877 M 15 877 M
EV / Sales 2022 2,99x
EV / Sales 2023 2,80x
Nbr of Employees 56 069
Free-Float 58,1%
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Wing Kin Chan Managing Director
Hon Ming Ho CFO, Secretary & Executive Director
Ka Shing Lee Co-Chairman
Ka Kit Lee Co-Chairman
Kwok Po Li Independent Non-Executive Director
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