Shanghai Baosteel Gases Co.,Ltd.

Shanghai Baosteel Gases Co.,Ltd. was an industrial gas business formerly owned by Baowu Group (宝武集团), China's largest steel producer, and was considered a peripheral or "edge" business within the state-owned conglomerate's portfolio . In 2018, PAG acquired it as a carve-out transaction, capitalizing on the state-owned enterprise reform push for companies to "focus on core businesses" . PAG subsequently merged it with Yingde Gases, another industrial gas company it had taken private in 2017, to form AirPower (气体动力科技有限公司) in 2021 . The combined entity grew substantially under PAG's ownership, with EBITDA rising from roughly RMB 2.6 billion in 2016 to nearly RMB 7 billion by 2023 . In January 2025, PAG sold the core industrial gas operations while retaining a 25% stake and the clean energy business, completing a seven-year buy-and-build cycle . Reuters had previously reported that the merged company's valuation reached the $10–12 billion range .