2025年3月26日，新奥股份（600803.SH）宣布启动赴港上市。区别于传统的H股发行方案，本次新奥股 份创新性的采用私有化新奥能源（2688.HK）、同步以介绍上市方式实现A+H双平台架构调整的方式， 预计将成为近十年来最大的私有化交易，在搭建两地资本市场平台的同时，实现了围绕"天然气+"的全 产业链整合，提供了城市燃气行业整合发展的新范式。 围绕"天然气+"，全产业链整合后充分实现协同效应释放 2025年3月26日，A股上市公司新奥股份宣布，拟以其全资附属公司新能香港作为要约人，通过协议安 排方式将新奥能源私有化；同步，新奥股份将向香港联交所申请以介绍上市方式，实现新奥股份的 A+H上市。根据交易草案，本次交易对价为，每股新奥能源股份换取2.9427股新奥股份新发行的H股及 24.50港元现金的组合。 天然气行业可以分为上游资源端、中游储存运输端和下游分销端。新奥能源主要在中国境内从事投资、 建设、经营及管理燃气管道基础设施、销售管道燃气、液化天然气及其他多品类清洁能源产品，处于行 业下游环节。 2025年以来，受益于港股市场流动性显著改善、境内企业赴港上市政策支持力度加大，市场掀起一股赴 港上市热潮 ...

Core Viewpoint - The article highlights how Kaitan Gas is overcoming development bottlenecks by expanding into "natural gas+" pathways, embracing artificial intelligence, and transitioning from clean energy to green and digital energy solutions [1][4]. Group 1: Company Overview - Kaitan Gas is a publicly listed company primarily engaged in urban gas distribution and the research and sales of photovoltaic energy storage products, with operations extending to multiple provinces [2]. - The company has invested billions in building a significant natural gas emergency peak-shaving storage facility in Yinchuan, which is one of the largest urban gas storage facilities in China [2]. - Kaitan Gas has developed a comprehensive range of gas applications, covering everything from natural gas extraction to various user applications, achieving near-total market coverage [2]. Group 2: Safety Management - Kaitan Gas prioritizes safety management, utilizing technology innovations such as a "Gas Butler" WeChat group for direct communication with users and enhancing safety management efficiency through AI [3]. Group 3: Transition to "Natural Gas+" - The company is transitioning from a single natural gas distribution model to a comprehensive energy service model, focusing on hydrogen and renewable energy integration [4][5]. - Kaitan Gas has developed self-research hydrogen blending technology and installed nearly 2 megawatts of distributed photovoltaic systems in its storage facilities [4]. Group 4: Intelligent Transformation - The Kaitan Intelligent Computing Center project, with an investment of 250 million, aims to enhance energy efficiency and reduce operational costs through advanced cooling technology [7]. - The center will utilize waste heat generated during operations to supply nearby natural gas users, thereby reducing reliance on natural gas [8]. - Kaitan Gas plans to implement AI for intelligent monitoring and management of gas facilities, enhancing operational efficiency and safety management [8].