SHOUGANG LANZA (HKEX: 02553), a company specializing in carbon capture, utilization, and storage (CCUS) technologies, commenced trading on the Hong Kong Stock Exchange today.
The company offered 40 million H shares globally at a final price of HK$14.6 per share, raising gross proceeds of HK$584 million.
After deducting underwriting fees and other offering expenses totaling approximately HK$97.54 million, the net proceeds amounted to HK$486 million.
The listing followed several delays; the company initially targeted a July 2025 debut, but the process was postponed due to litigation involving its second-largest shareholder, Hainan Jiyuan Junyi Biotechnology Co., Ltd.
The listing proceeded after SHOUGANG LANZA reached a settlement agreement with Hainan Jiyuan in March 2026, leading to the withdrawal of the lawsuit.
The stock opened at HK$29.98, surging 105% above its offer price.
It closed its first trading day at HK$21.06, a gain of 44%, giving the company a market capitalization of approximately HK$8.42 billion.
Financial Performance Overview
Founded in 2011, SHOUGANG LANZA operates a business model centered on the sale of low-carbon products like ethanol and microbial protein, as well as providing comprehensive low-carbon solutions for industrial clients.
The company's revenue is primarily derived from sales of ethanol, microbial protein, and by-products such as biogas and crude alcohol.
According to its prospectus, the company reported revenues of 593 million yuan, 564 million yuan, and 522 million yuan for 2023, 2024, and 2025, respectively.
Gross profit turned negative in recent years, standing at 17.71 million yuan in 2023, then losses of 93.35 million yuan in 2024 and 128 million yuan in 2025.
Net losses for the same period widened significantly from 110 million yuan in 2023 to 246 million yuan in 2024 and 325 million yuan in 2025.
EBITDA followed a similar negative trend, reported at 14.17 million yuan for 2023, then negative 82.46 million yuan for 2024 and negative 155 million yuan for 2025.
As of December 31, 2025, the company held cash and cash equivalents of 68.74 million yuan, reflecting a continued decline.
Total assets were 2.5 billion yuan, with total liabilities of 1.9 billion yuan, resulting in total equity of 609 million yuan.
Key Shareholders and Capital Structure
The company's executive director is Ms. Dong Yan.
Prior to the listing, Shougang Group was the largest shareholder, directly holding approximately 26.54% of the issued share capital.
NZ Tang Ming held about 9.48%, and Caofeidian Fund held roughly 3.54%.
NZ Tang Ming, a New Zealand-registered investment company, is 65.57% owned by executive director Dong Yan, 30.89% by Beijing Shouye Xinyuan Technology Development Co., Ltd. (ultimately controlled by the Changping State-owned Assets Supervision and Administration Commission), and 3.54% by an independent third party.
Other significant pre-IPO shareholders included Shanghai Mingda Industrial Co., Ltd. (15.34%), LanzaTech Hong Kong Limited (9.31%), Ruihong Investment (7.27%), Mitsui & Co., Ltd. (4.61%), Shanghai Dehui (4.56%), Guofu Yonglang (3.34%), and Pingyang Puyi (2.92%).
Post-IPO Shareholding Changes
Following the offering, Shougang Group's stake diluted to 23.88%.
The combined holding of Shanghai Mingda Industrial and Shanghai Dehui is 17.91%.
NZ Tang Ming's stake is now 8.53%, and LanzaTech Hong Kong holds 8.38%.
Ruihong Investment holds 6.54%, Mitsui & Co., Ltd. holds 4.15%, and Caofeidian Fund holds 3.19%.
Public shareholders hold a 10% stake in the company.