Shenzhen Gas approves executive appointments, reviews H1 results and capital use

Shenzhen Gas Corporation held its 36th Board Meeting on August 27, 2025, approving several key resolutions. The board approved appointment agreements and 2025 performance responsibility statements for the chief executive and deputy chief executive, alongside adjustments to 2023-2025 term performance targets. Additionally, performance responsibility statements for the board secretary, chief financial officer, and chief safety officer were approved. The board also reviewed the company's 2025 Half-Year Report and its summary, as well as a special report on the use of raised funds.

As of June 30, 2025, Shenzhen Gas had utilized CNY 50,120.71 million of its total raised funds from convertible bonds, with CNY 4,931.16 million utilized in the first half of 2025. The remaining unutilized amount stands at CNY 247,904.00 million. The company's specialized bank accounts held CNY 38,848.95 million, with a difference of CNY 209,055.05 million attributed to fixed deposits, temporary working capital, and interest income. The funds were obtained through the issuance of convertible bonds in July 2023, totaling CNY 3,000,000,000.00.

The board also approved the temporary use of up to CNY 150,000.00 million of idle funds to supplement working capital and up to CNY 100,000.00 million for cash management through fixed-term deposits. As of June 30, 2025, CNY 115,000.00 million had been used for working capital, and CNY 100,000.00 million for fixed-term deposits. The funds are earmarked for the Shenzhen Natural Gas Reserve and Peak Shaving Base Phase II Expansion Project, which is 16.82% complete and scheduled for completion by December 31, 2026.