Bei Ke Cai Jing·2025-06-19 11:51Core Viewpoint - Wang Yusuo, the richest man in Hebei, is initiating a capital operation involving his two listed companies, New Hope Co., Ltd. and New Hope Energy, with plans for privatization and a Hong Kong listing [1][4]. Group 1: Company Actions - New Hope Co., Ltd. submitted its Hong Kong IPO prospectus on June 16, nearly three months after announcing its A+H listing plan [2]. - The plan includes privatizing New Hope Energy at a price of 80 HKD per share, using a combination of newly issued H shares of New Hope Co., Ltd. and cash [4]. - The Shanghai Stock Exchange raised inquiries regarding the pricing basis for the privatization and its impact on the company's debt repayment ability [5]. Group 2: Market Reaction - The stock prices of the two companies reacted differently; New Hope Co., Ltd. remained stable, while New Hope Energy saw a decline of 2.61% over two consecutive trading days [3]. Group 3: Company Profile - New Hope Co., Ltd. is recognized as China's largest private natural gas enterprise, holding approximately 6.1% market share in the retail gas market as of 2024 [8]. - The company has a comprehensive business model covering both upstream and downstream natural gas operations, with over 10 million tons/year of long-term contracts signed for overseas LNG [8]. - In terms of financial performance, New Hope Co., Ltd. reported revenues of RMB 150 billion, RMB 141.1 billion, and RMB 134.9 billion for 2022, 2023, and 2024 respectively, with net profits of RMB 11.1 billion, RMB 12.5 billion, and RMB 9.9 billion [8]. Group 4: Revenue Composition - Natural gas sales constitute approximately 80% of New Hope Co., Ltd.'s revenue, while the emerging diversified energy business is increasing its revenue share from 8.0% in 2022 to an estimated 11.5% in 2024 [9]. - The diversified energy business has a higher gross margin than natural gas sales, contributing nearly 13% to the overall gross profit by 2024 [9]. - New Hope Co., Ltd. ranks first in the Chinese integrated energy smart management solutions market with a market share of about 10.1% as of 2024 [9].