Core Viewpoint - Shougang Longze's IPO process has faced significant delays and complications due to a lawsuit, leading to the return of investor funds twice, which is rare in the Hong Kong IPO market [1][9]. Group 1: IPO Delays and Lawsuit - Shougang Longze initially planned to list on July 9, but a lawsuit led to the return of investor funds and a subsequent delay in the IPO process [2][4]. - The company announced a second delay on July 11, just hours after stating that trading would begin on July 15, due to ongoing legal disputes [8][9]. - Investors expressed confusion over the repeated delays, particularly regarding the impact on their investments, especially for those using financing to subscribe [1][9]. Group 2: Details of the Lawsuit - The lawsuit was filed by Hainan Jiyuan, a major shareholder in Shougang Longze's subsidiary, Ningxia Shoulang, claiming dissatisfaction with investment returns and seeking to withdraw from the joint venture [2][5]. - The lawsuit alleges that Shougang Longze made significant investment decisions without proper notification or approval from Hainan Jiyuan, including an investment increase of approximately 160 million yuan [12]. - Shougang Longze contends that the lawsuit lacks legal basis and that the decisions made were in accordance with board approvals [12]. Group 3: Supply Chain Concerns - The lawsuit may also affect the supply of raw materials for Shougang Longze, as Ningxia Jiyuan, a supplier of industrial tail gas, is controlled by the same shareholders as Hainan Jiyuan [13][14]. - Following the lawsuit, Ningxia Shoulang's production facilities underwent a scheduled maintenance period, raising concerns about potential supply disruptions [13][14]. - Shougang Longze has reached an agreement with a new tail gas supplier to mitigate supply risks, with pipeline connections expected to be completed by October [14].

Group 1 - The core point of the news is that Shougang Longze (02553.HK) has delayed its global offering and listing due to ongoing disputes related to Shoulang Jiyuan, and the offering will not proceed according to the supplementary prospectus [2][3] - Shougang Longze initially started its offering on June 30, 2025, announced a delay on July 2, and restarted the offering on July 7, with a planned listing date of July 15, 2025 [2][3] - The company planned to offer 20.1598 million H-shares at a price range of HKD 14.50 to HKD 18.88 per share, aiming to raise approximately HKD 3.81 billion [2][4] Group 2 - Shougang Longze operates in the Carbon Capture, Utilization, and Storage (CCUS) industry, focusing on producing low-carbon products such as ethanol and microbial protein through carbon capture and utilization technologies [3] - According to Frost & Sullivan, the company is the first in the CCUS industry to commercialize and scale the production of low-carbon products using validated synthetic biology technology [3] - The company has achieved several breakthroughs, including the world's first industrialized facility that uses carbon-containing industrial waste gas from steel and ferroalloy plants to produce ethanol and microbial protein through fermentation [3]

Group 1 - The upcoming IPO of Shougang Longze represents a rare investment opportunity in the Hong Kong stock market, particularly in the carbon capture, utilization, and storage (CCUS) sector, which is expected to invigorate ESG concept stocks [1] - The market environment since 2025 has been favorable for IPOs, with notable examples like Blook and Mixue Ice City demonstrating strong investor sentiment and valuation potential for fundamentally sound companies [2] - The CCUS industry is projected to see significant growth, with global investment expected to rise from $12.6 billion in 2023 to $76.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 43.5% [3][6] Group 2 - Shougang Longze is the first company in the CCUS industry to commercialize low-carbon product production using validated synthetic biology technology, providing it with a first-mover advantage and substantial growth potential [3][10] - The demand for carbon capture in China is anticipated to increase more than 20 times by 2040, from approximately 20 million tons per year in 2025 to about 630 million tons per year [3] - The company's business model includes the sale of ethanol and microbial protein, as well as comprehensive low-carbon solutions for industrial clients, positioning it uniquely in the market [3][10] Group 3 - The synthetic biology technology utilized by Shougang Longze is expected to be a primary technological pathway for the future development of the CCUS industry, enhancing carbon emission conversion efficiency and aligning with ESG development needs [9] - Shougang Longze's technology is the only verified synthetic biology technology in the CCUS sector, providing a significant competitive advantage and establishing a comprehensive research and development system [10][11] - The company has successfully implemented large-scale production facilities and holds 241 authorized patents, with an additional 102 patents pending, creating a robust intellectual property framework [10][11] Group 4 - Overall, Shougang Longze is positioned as a benchmark in the Hong Kong stock market, combining industry growth potential, technological leadership, and market validation, making it a unique investment opportunity [12]

Core Viewpoint - Shougang Longze Technology Co., Ltd. has delayed its global offering and listing plan, returning application funds, originally scheduled for July 9 on the Hong Kong Stock Exchange [1][2]. Company Overview - Shougang Longze focuses on the carbon capture, utilization, and storage (CCUS) industry, producing low-carbon products such as ethanol and microbial protein, and providing comprehensive low-carbon solutions [4]. - The company’s ethanol can be used as fuel and as a raw material for various products, while its microbial protein is the first novel feed protein raw material in China [4]. Financial Performance - In the previous year, Shougang Longze reported revenue of 560 million RMB, a year-on-year decline of 4.9%, with a net loss attributable to shareholders of 140 million RMB, an increase of 1.1 times [6]. - Financial projections indicate a revenue increase to 592.6 million RMB in 2023, followed by a slight decrease to 563.6 million RMB in 2024 [7]. Fund Utilization Plan - The company plans to allocate approximately 37.9% of the net proceeds for the construction and development of SAF production facilities in Baotou, Inner Mongolia, 21.2% for the second phase facility in Hebei, and 11.4% for research and development of strains, production equipment, and smart production management systems [8].

Core Viewpoint - The article emphasizes the growing interest in the development of new carbon sources and biotechnological conversion, particularly in the context of industrial carbon-rich gas fermentation for fuel ethanol production. Group 1: Industrial Carbon-Rich Gas Fermentation Technology - The anaerobic microorganisms utilize the Wood-Ljungdahl pathway to absorb and fix CO and CO2 from industrial carbon-rich gases, synthesizing products like acetic acid and ethanol. The main advantages of this technology include low energy consumption, high safety, strong substrate specificity of enzymes, and high adaptability to raw material gas composition [3][4]. - The overall efficient conversion process is identified as a core challenge for scaling up industrial applications, closely related to stable gas supply, efficient strain development, fermentation process optimization, and market prospects [3][4]. Group 2: Progress of Industrial Carbon-Rich Gas Biomanufacturing Enterprises - Companies like LanzaTech and Jupeng Bio have established multiple industrial fermentation facilities. LanzaTech, a leader in gas fermentation, has formed a joint venture with Shougang Group, operating four production bases in China with an annual capacity of 210,000 tons of fuel ethanol and 23,200 tons of microbial protein by 2025 [4][6]. - Jupeng Bio is noted for its unique full-chain technology from biomass gasification to gas fermentation, with a demonstration plant completed in 2021 and a large-scale commercial facility under construction in Inner Mongolia [6][8]. - Other companies such as Synata Bio and Jitai Laibo Bio are rapidly developing in this field, with Synata Bio's 10-ton gas fermentation facility already completed [7][8]. Group 3: Challenges in Industrialization - The technology faces four main challenges: 1. **Gas Source Stability**: Variability in gas composition and quantity from upstream industries can affect the growth and metabolism of acetic acid-producing bacteria, potentially leading to fermentation system failure [9]. 2. **Process Control Precision**: There is a need for precise control technologies for gas inflow and product composition, as current methods for monitoring CO levels are inadequate [10][11]. 3. **Reactor Design**: Existing reactors often have low capacity and high production costs, necessitating the development of larger reactors while considering efficiency and operational costs [16][17]. 4. **Separation and Purification**: The low concentration of ethanol in fermentation necessitates the development of new separation technologies to reduce energy consumption during purification [20][22]. Group 4: Upcoming Industry Events - The Fourth Synthetic Biology and Green Bio-Manufacturing Conference will be held from August 20-22, 2025, in Ningbo, Zhejiang, focusing on new carbon source exploration and bioconversion opportunities [23][28].

Group 1 - The company, Shougang Longze, plans to conduct an IPO from June 30 to July 4, 2025, offering 20.1598 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, at a price not exceeding HKD 18.88 per share and not lower than HKD 14.50 per share [1] - The company specializes in the Carbon Capture, Utilization, and Storage (CCUS) industry, focusing on producing low-carbon products such as ethanol and microbial protein through carbon capture and utilization technology [1] - Since its establishment in 2011, the company has made significant breakthroughs in applying its proprietary synthetic biology technology for industrial production, including the world's first industrial facility that uses carbon-containing industrial waste gas from steel and ferroalloy plants for fermentation to produce ethanol and microbial protein [1] Group 2 - The company's revenue grew rapidly, increasing by 52.1% from RMB 389.5 million in 2022 to RMB 593 million in 2023, but then decreased by 4.9% to RMB 564 million in 2024 [2] - The company reported losses of RMB 23.9 million, RMB 110 million, and RMB 246 million for the years ending December 31, 2022, 2023, and 2024, respectively [2] - The company's EBITDA (non-IFRS measure) for the years ending December 31, 2022, 2023, and 2024 were RMB 33.1 million, RMB 14.2 million, and -RMB 82.5 million, respectively [2] Group 3 - The company intends to use the net proceeds of HKD 284 million from the IPO for various purposes, including approximately 37.9% for developing SAF production facilities in Baotou, Inner Mongolia, and 21.2% for the second phase of production facilities in Hebei [3] - About 11.4% of the proceeds will be allocated for R&D of strains, production equipment, and smart production management systems to enhance production efficiency, while 14.1% will be used for technological upgrades of four production facilities [3] - The remaining proceeds will be used for new product development (5.3%) and general corporate purposes and working capital needs (10.0%) [3]

Core Viewpoint - Beijing Shougang Longze Technology Co., Ltd. (Shougang Longze) is focused on the carbon capture, utilization, and storage (CCUS) industry, aiming to produce low-carbon products through innovative technologies and provide comprehensive low-carbon solutions [3]. Company Overview - Shougang Longze is the only company in the global CCUS industry that has commercialized and scaled the production of low-carbon products using verified synthetic biology technology [3]. - The company has achieved significant innovations, including the world's first industrial facility that uses carbon-rich industrial waste gas from steel and ferroalloy plants to produce ethanol and microbial protein through fermentation [3]. - The company's ethanol can be used as fuel and as a raw material for products like perfumes, sportswear, detergents, and packaging materials, while its microbial protein is the first novel feed protein raw material in China [3]. Business Model - The primary revenue sources for the company include the sale of ethanol, microbial protein, and by-products such as biogas and crude alcohol, along with providing low-carbon comprehensive solutions to industrial clients [3]. Production Capacity - Shougang Longze operates four production facilities across three provinces in China, with a total annual production capacity of 210,000 tons of ethanol and 23,200 tons of microbial protein [3]. Market Opportunity - The global CCUS industry is projected to grow from an annual investment of $12.6 billion in 2023 to $76.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 43.5% [4]. - In China, the CCUS industry investment is expected to increase from RMB 21.6 billion in 2023 to RMB 99.3 billion by 2028, with a CAGR of 35.7% [4]. Customer Dependency - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for 82.1%, 86.0%, and 78.9% of total revenue in the respective years [4]. - The largest client contributed 37.5%, 46.5%, and 26.3% to total revenue in the respective years [4]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is approximately RMB 389.5 million, RMB 592.6 million, and RMB 563.6 million, respectively [5]. - The net losses for the same periods are RMB 23.9 million, RMB 110.1 million, and RMB 245.6 million, respectively [5].

Group 1 - The 32nd China Beijing Seed Industry Conference will be held from September 11 to 14, 2023, with the theme "Deepening Regional Coordination and Focusing on Seed Industry Revitalization" [1] - The main venue is located in Tongzhou District, with seven sub-venues in various districts, featuring a series of activities [1][2] - The conference aims to showcase cutting-edge technologies in the seed industry, including biobreeding, synthetic biology, smart agriculture, and intelligent equipment [2][3] Group 2 - The event will include a hundred agricultural technology achievements on display, a hundred named service presentations, and live interactions with a hundred new agricultural economic entities [3] - The conference is a collaborative effort among agricultural departments from three regions, enhancing agricultural cooperation in the Beijing-Tianjin-Hebei area [3][4] - Various specialized forums will be held across different districts, focusing on specific agricultural sectors such as corn, vegetables, and livestock [4][5] Group 3 - The conference will feature a series of pre-heating activities throughout the year, showcasing various crops and agricultural innovations [5] - The event aims to accelerate the application of new varieties and technologies in the agricultural sector, enhancing the quality of life for citizens [5][6] - Beijing's seed industry has made significant advancements, establishing itself as a leader in various breeding technologies and achieving global recognition [6][7]

Core Viewpoint - The plan aims to establish Pinggu District as a leading domestic hub for the alternative protein industry, targeting a scale of 100 billion yuan by 2027 [1] Group 1: Strategic Directions - The plan focuses on five strategic directions: breakthrough key technologies, platform empowerment for results transformation, scenario-driven demonstration promotion, nurturing emerging industries, and collaborative regional development [2] - It outlines 14 key tasks across four major areas, with the goal of creating a nationally leading innovation application hub for alternative proteins by 2027 [2] Group 2: Technological Development - The plan emphasizes core technology research, particularly in frontier areas such as plant protein, microbial protein, and cell-cultured protein [2] - It supports technology companies in collaboration with domestic and international universities and research institutions to create comprehensive innovation platforms that integrate R&D, incubation, and transformation [2] Group 3: Industry Structure - The plan establishes a "3+X" industry cultivation system, focusing on the development of plant-based meat and dairy alternatives, addressing specific consumer needs such as allergies and youth nutrition [2] - It aims to overcome key technological bottlenecks in microbial protein production, particularly in filamentous fungi, to facilitate the transition from lab research to industrial-scale production [2] - The cell-cultured protein sector will focus on foundational technology research to achieve breakthroughs in efficient cell proliferation and differentiation [2] Group 4: Additional Directions - The plan encourages exploration of other development directions such as insect protein and synthetic protein, promoting innovation applications in animal feed and functional foods [3] - To ensure successful implementation of the plan, Pinggu District plans to establish high-level public service platforms for alternative protein bio-manufacturing [3]

Core Viewpoint - The article emphasizes the transformative potential of synthetic biology in addressing sustainability challenges in traditional agricultural protein production, particularly through the development of microbial protein from non-grain raw materials [1][2]. Group 1: Technological Innovations - The research team has made significant breakthroughs in the use of methanol as a renewable C1 compound, enhancing the efficiency of converting methanol into single-cell protein through metabolic engineering and genomic perturbation [2]. - Innovations in gas-phase non-grain microbial protein production include the construction of a light-dark energy adapter in E. coli, enabling light-driven CO2 assimilation [2]. - The team has developed a machine learning model to decode the composition of degrading enzyme systems based on the structural characteristics of lignocellulose, facilitating the production of microbial protein from agricultural waste [2]. Group 2: Economic and Environmental Impact - The innovative conversion models not only enhance the economic value of agricultural waste but also pave the way for the industrial-scale biosynthesis of microbial protein from these resources, achieving a dual benefit of resource utilization [2]. - The research highlights the integration of synthetic biology and interdisciplinary innovation as a driving force for sustainable protein production, contributing to food security and carbon neutrality goals [6]. Group 3: Future Research Directions - Future research will focus on the super-evolutionary design of chassis cells, the closed-loop integration of negative carbon manufacturing systems, and the construction of AI-driven intelligent bio-manufacturing platforms [6].