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| Stable coke prices and satisfactory development of hydrogen energy business continue to drive business performance |
HONG KONG, Nov 2, 2021 - (ACN Newswire) - Key shareholders and senior management of China Risun Group Limited ("China Risun", or the "Group", stock code: 1907), a leading integrated global coke, coking chemicals and refined chemicals producer and supplier and relevant operation management service provider, have recently time and again increased shareholdings in the Group, indicating their confidence in the Group's development prospects.
China Risun's controlling shareholder Texson Limited and Yang Xuegang, Chairman of the Board and CEO of the Group, bought a total of 2.18 million shares of China Risun in the market on average at HK$4.7028 per share and HK$4.54 per share on 27 and 28 October. Subsequently, Texson Limited and Mr. Yang now hold 3.122 billion China Risun shares, and their shareholding together has increased to 70.32%.
In addition, according to CCASS public data, the executive directors and senior management of Risun Group have continued to increase their holdings of the company's shares since June 2021.
The fundamentals of China Risun remain strong. Currently, the coke inventory of steel mills is at an absolute low level, meaning there is the need for replenishment. In addition, as the winter replenishment gradually starts, the demand for coke is expected to stay stable. Thus, with the current supply and demand situation considered, the spot price of coke is expected to remain strong in the short to medium term. As the business volume and price of coke are expected to be stable, plus the Group has continued to increase production capacity by expanding operation management services and through mergers and acquisitions, its results are set to grow in the medium to long-term.
Hydrogen energy business is another growth driver of the Group. In recent years, the Group has made deployment and pursued hydrogen production, storage, transportation and refuelling projects. The first phase of the Dingzhou Hydrogen Energy Base has been completed, with supply covering the Beijing-Tianjin-Hebei region. Furthermore, the Group has also actively participated in hydrogen industrialization projects in Hohhot, Inner Mongolia and Xingtai, Hebei (a hydrogen demonstration city in China). At present, the Group's hydrogen energy business plan in advancing in steady pace with projects gradually implemented and strategic partnerships forged with a good number of companies. As the Group has leading edge when it comes to hydrogen production cost (RMB 0.7-1 m3 only) and craftsmanship, it needs to only fine tune its existing hydrogen production process to produce hydrogen for fuel cells and high purity hydrogen, which have a vast market and very promising prospects.
About China Risun Group Limited
China Risun Group Limited is the world's largest independent producer and supplier of coke by volume in 2020, according to Frost & Sullivan. China Risun is an integrated coke, coking chemicals, refined chemicals and hydrogen energy products producer and supplier and relevant operation management services provider in China and occupies leading positions in a number of refined chemicals sectors both in China and globally. The vertically-integrated business model together with more than 26 years of experience in the coal chemicals industry production chain has enabled China Risun to further tap the downstream refined chemicals markets and hence diversify its income sources and create greater value.
China Risun has been listed on the main board of the Hong Kong Stock Exchange since March 2019 and is now included in various index series, including the Hang Seng Composite Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, and Hang Seng SCHK ex-AH Companies Index. For more details, please visit http://www.risun.com/En/
Topic: Press release summary
Source: China Risun Group
Sectors: Metals & Mining, Energy, Alternatives
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From the Asia Corporate News Network
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