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| Thursday, 2 December 2021, 08:00 HKT/SGT | |
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| Share Buyback Continues to Reflect Management's Strong Confidence in Future Growth |
HONG KONG, Dec 2, 2021 - (ACN Newswire) - China Gas Holdings Limited ("China Gas"; stock code: 00384), a leading trans-regional comprehensive energy supplier in China, announced a series of strategic framework agreements with industry leaders including China Three Gorges Group and Dongfeng Motor (stock code: 00489), to jointly develop the massive "Dual-Carbon" market in China. These new developments will take China Gas to the next stage of growth as the Company actively explores clean energy including wind, solar, hydropower and hydrogen as its next strategic focus via an asset-light operation model.
Global focus on emissions and climate change reached new heights recently following the UN Climate Change Conference (COP26) in Glasgow. China has also set forth a 'dual carbon' national policy - reaching carbon emissions peak by 2030 and achieving carbon neutrality by 2060. The nation's drive towards greater adoption of new and renewable energy has created a trillion-dollar market opportunity for companies that are well-positioned to seize the huge growth potential.
In late November, China Gas announced a strategic cooperation agreement signed with Yangtze Three Gorges Investment Management Co., Ltd., a subsidiary under China's biggest clean energy group, China Three Gorges Corporation (https://www.ctg.com.cn/en/). The agreement will see these two companies join forces in five major business areas to develop new energy systems, with wind, solar energy, hydropower and hydrogen as the primary focuses. China Gas will provide green empowerment and integrated services for carbon management, and the two companies will also work together to lead China's development of an international and standardized carbon market system as the country strives to adopt "Carbon Peak, Carbon Neutrality" as its development blueprint.
China Three Gorges Corporation (https://www.ctg.com.cn/en/) is one of the largest enterprises engaging in hydropower development and operation in the world and the biggest clean energy group in China, with an asset size of over one billion Chinese yuan. The strategic cooperation with Yangtze Three Gorges Investment will allow China Gas to accelerate its push into new energy businesses via an asset-light model, creating a "dual-carbon ecosystem" unique to China Gas by leveraging the Group's nation-wide network advantage and massive user base.
Based on the Agreement, China Gas and Three Gorges Investment will cooperate in five major business areas ranging from collaborating on green energy project investments, building a new type of power system that adopts integrated renewable energy, promoting green cities and the "Carbon Peaking, Carbon Neutrality" digital platform construction, facilitating zero-carbon project development planning including the "Shiyan Zero-Carbon Automobile City", and promoting the building of the zero-carbon intelligent industrial ecosystem.
One project that has drawn wide market attention is the plan to develop the "Shiyan Zero-Carbon Automobile City". Earlier in November, China Gas announced another strategic cooperation agreement with Dongfeng Motor Corporation to lead the net-zero transformation of the auto industry in China. The "Zero-Carbon Automobile City" in Shiyan, a leading auto production base in the Hubei Province of China, will be a joint effort among China Gas, Dongfeng Motor and Three Gorges Investment to adopt hydropower and other green energy in automobile production. The move is a bold step to support the zero-carbon mission of the auto industry as it strives to achieve the "Dual-Carbon" goals set by the government.
In addition, China Gas will build a carbon footprint platform for Dongfeng Motor and each of its motor industry cluster bases to provide carbon footprint calculation, carbon verification, carbon asset exploration, energy saving and emission reduction services for Dongfeng Motor's industrial chain partners. Both parties will also explore zero-carbon operation test scenario for automobiles throughout their life cycles, conduct research on cutting-edge green technologies, and actively promote the zero-carbon operation system of green transportation.
To curb emissions, the Chinese government has also announced plans to ramp up development of solar and wind power. Through a strategic cooperation agreement signed with LONGi Green Energy Technology Co., Ltd., a world-leading photovoltaic company listed in the China A-shares market, China Gas is actively exploring the development of leading-edge PV applications and green hydrogen riding on its massive user base and project network across China.
The Company sees strong growth potential in the new energy market against the backdrop of China's national policy to combat climate change. China Gas repurchased a total of 91.37 million ordinary shares (about 1.65% of total existing issued shares of China Gas) since May 2021, according to the disclosures filed with the Stock Exchange of Hong Kong. The multiple share repurchases by China Gas show the strong confidence of the management in the Company's development and growth potential in the future.
Topic: Press release summary
Sectors: Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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