Yingde Gases
盈德气体
Yingde Gases is an industrial gas company that PAG took private in 2017 through a HK$10 billion deal at HK$6 per share, then spent seven years building into Asia's largest industrial gas player through the "Buy and Build" playbook . After privatization, PAG acquired Baosteel Gases from Baowu Group in 2018 and merged the two into Gas Power Technology in 2021, lifting EBITDA from roughly RMB 2.6 billion in 2016 to nearly RMB 7 billion by 2023 . In January 2025, PAG sold the core industrial gas business while retaining a 25% stake and the clean energy unit, recycling capital back to domestic buyers . The original investment thesis rested on industrial gases being an indispensable, small-cost-but-critical link in steel and heavy manufacturing supply chains, with durable cash flows even through sector downturns .
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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.
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暗涌Waves·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.
暗涌Waves·
