Shanghai Baosteel Gases Co.,Ltd.
宝钢气体
Shanghai Baosteel Gases Co.,Ltd. is an industrial gas company that was acquired by PAG, the Asia-focused private equity firm. In a 2022 deal described by PAG chairman Weijian Shan, PAG purchased a 65% stake in the company from Baowu Group (宝武集团), China's largest steel producer, as part of a strategy to combine it with AirPower (气体动力科技有限公司), formed from PAG's earlier full acquisition of Yingde Gases (盈德气体) . A late-2025 recap by 暗涌Waves noted the deal as PAG taking another "edge business" off Baowu's hands .
elsewhere's corpus does not otherwise cover this subject directly — the above is drawn from PAG deal reporting rather than dedicated company coverage.
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Coverage
"PAG's China Picture Is Just Beginning to Unfold, as 'One Step Forward, One Step Back' Sets Two Records"
Only pick the fruit you can see.
Buyouts in China: A "Boy Who Cried Wolf" Fable
After so many cycles of euphoria and heartbreak, will Chinese buyouts finally deliver a different ending this time?
A Conversation with Weijian Shan: Always Be Prepared
Even when cast into a barren wilderness of nothingness, a person can still make their own choices.
