Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Towngas Smart Energy Company Limited
  6. News
  7. Summary
    1083   KYG8972T1067

TOWNGAS SMART ENERGY COMPANY LIMITED

(1083)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Towngas China : raises $360 million from Affinity in smart energy push

10/25/2021 | 06:50am EST

HONG KONG (Reuters) - Towngas China Company Ltd said on Monday that private equity firm Affinity Equity Partners will invest HK$2.8 billion ($360 million) in the company to help finance its evolution into an integrated clean energy provider.

The Hong Kong-listed gas investment and management firm plans to issue new shares and convertible bonds to raise a total of HK$2.8 billion from Affinity, it said in a filing with the Hong Kong stock exchange on Monday.

Towngas China which mainly runs city-gas distribution business in mainland China looks to use part of the proceeds for its "smart energy" business including renewable energy generation and carbon management services, according to the filing.

The transaction comes against the backdrop of a pledge last year by President Xi Jinping that China, the world's biggest emitter of greenhouse gases, would bring emissions to a peak before 2030 and become "carbon neutral" by 2060.

To achieve net zero emissions, China will need 140 trillion yuan ($894 trillion) worth of green investment over the next 40 years, 40% of which requires equity and bond financing, Chinese investment bank CICC estimates.

Towngas China, which operates in nearly 30 Chinese provinces and municipalities and serves more than 40 million customers, seeks to provide solar energy to both commercial and industrial customers, it said in a separate statement on Monday.

Shares of Towngas China have been suspended from trading since 1 p.m. Hong Kong time on Monday. The company will resume trading on Tuesday morning.

The company, a subsidiary of the Hong Kong and China Gas Company Ltd, also aims to offer smart energy solutions to around 200 Chinese industrial parks by 2025, which cover about 5% of the country's annual carbon emissions.

($1 = 7.7727 Hong Kong dollars)

($1 = 0.1566 Chinese yuan renminbi)

(Reporting by Julie Zhu; Editing by Emelia Sithole-Matarise)


ę Reuters 2021
All news about TOWNGAS SMART ENERGY COMPANY LIMITED
01/20Towngas promotes green education by animation to cultivate ESG awareness among the next..
AQ
2021Towngas China Company Limited has Changed its Name to Towngas Smart Energy Company Limi..
CI
2021Towngas Concludes Issuance of $360 Million Shares, Convertible Bonds to Affinity Equity..
MT
2021Towngas China Company Limited Appoints Liu Kai Lap Kenneth as A Non-Executive Director
CI
2021Towngas China Company Limited Announces Executive Changes
CI
2021TOWNGAS CHINA : Exchange notice - resumption of trading
PU
2021TOWNGAS CHINA : Attracts $360 Million From Private Equity Firm Affinity
MT
2021TOWNGAS CHINA : raises $360 million from Affinity in smart energy push
RE
2021Towngas China Company Limited Announces Management Changes
CI
2021TOWNGAS CHINA : Exchange notice - trading halt
PU
More news
Financials
Sales 2021 16 515 M 2 120 M 2 120 M
Net income 2021 1 724 M 221 M 221 M
Net Debt 2021 13 650 M 1 752 M 1 752 M
P/E ratio 2021 10,2x
Yield 2021 2,98%
Capitalization 18 422 M 2 366 M 2 364 M
EV / Sales 2021 1,94x
EV / Sales 2022 1,82x
Nbr of Employees 22 808
Free-Float -
Chart TOWNGAS SMART ENERGY COMPANY LIMITED
Duration : Period :
Towngas Smart Energy Company Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOWNGAS SMART ENERGY COMPANY LIMITED
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Last Close Price 5,81 HKD
Average target price 7,21 HKD
Spread / Average Target 24,1%
EPS Revisions
Managers and Directors
Wai Yee Wong Chief Executive Officer & Executive Director
Ka Kit Lee Chairman
Wai Ngai Kee Chief Operating Officer & Executive Director
Yuk Choi Kwan Independent Non-Executive Director
Mo Chi Cheng Independent Non-Executive Director