IPO News | Xinao Shares (600803.SH) Hong Kong Stock IPO Prospectus Expires

The Zhitong Finance App learned that the Hong Kong stock prospectus submitted by Xinao Natural Gas Co., Ltd. (600803.SH for short) on June 16 expired on December 16 after 6 months. CICC was the sole sponsor at the time of submission.

According to the prospectus, Xinao Co., Ltd. is the largest private natural gas enterprise in China, covering the entire natural gas industry chain. Based on the full natural gas scenario, the company has more than 30 years of operating practice, a huge and solid customer base, rich domestic and foreign cooperation resources, private LNG receiving stations with the largest processing capacity in China, self-developed risk control and hedging trading systems, and continues to deepen the integrated layout of the natural gas industry chain.

According to Frost & Sullivan, China's gas industry is relatively concentrated. In 2024, China's top five urban combustion companies will total retail gas volume of about 135.5 billion cubic meters, accounting for about 31.7% of the total market share. Among the top five urban combustion companies, Xinao Co., Ltd. is the largest private enterprise in terms of retail gas volume in 2024, and according to this retail gas volume, in 2024, the company ranked third, with a market share of about 6.1%.