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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information presented in this section, unless otherwise indicated, is derived from various official government publications and other publications and from the F&S Report, which was commissioned by us. We believe that the information has been derived from appropriate sources and we have taken reasonable care in extracting and reproducing the information. We have no reason to believe that the information is false or misleading in any material respect or that any fact has been omitted that would render the information false or misleading in any material respect. The information has not been independently verified by us, the Sole Sponsor, the [REDACTED], the [REDACTED], the [REDACTED] or any of our or their respective directors, officers or representatives or any other person involved in the [REDACTED], except for Frost & Sullivan, and no representation is given as to its accuracy or completeness of such information. Accordingly, you should not rely on such information in making, or refraining from making, any [REDACTED] decision. SOURCE OF INFORMATION We have commissioned Frost & Sullivan, an independent market research and consulting company, to conduct an analysis of, and to prepare a report on the natural gas industry in China, Zhejiang Province and Huzhou. The report prepared by Frost & Sullivan for us is referred to in this document as the F&S Report. A total fee of RMB430,000 was paid to F&S for the preparation of the Frost & Sullivan Report, which we believe reflects market rates for reports of this type. Frost & Sullivan is a global consulting company founded in 1961 in New York and has over 40 global offices with more than 2,000 industry consultants, market research analysts, technology analysts and economists. Our Directors confirmed that, after making reasonable investigation, there has been no material adverse change in the market information since the date of the F&S Report and up to the Latest Practicable Date, which may qualify, contradict or have an impact in any material respect on the information in this section. RESEARCH METHODOLOGY The F&S Report was prepared through both primary and secondary research obtained from various sources using intelligence collection methodologies. Primary research involved discussing the status of the industry with certain leading industry participants across the industry value chain and conducting interviews with relevant parties to obtain objective and factual data and prospective predictions. Secondary research involved information integration of data and publication from publicly available sources, including official data and announcements from government agencies, company reports, independent research reports and data based on Frost & Sullivan’s own data base. Basis and Assumptions In compiling and preparing the F&S Report, Frost & Sullivan has adopted the following assumptions: (i) the social, economic and political environment in the PRC, Zhejiang Province and Huzhou are likely to remain stable in the forecast period; (ii) industry key drivers are likely to drive the growth of the China, Zhejiang Province and Huzhou natural gas industry in the forecast period. All statistics are based on information available as of the date of the F&S Report and have taken into account the potential impact of the COVID-19 outbreak on the growth of macro economies and on China, Zhejiang Province and Huzhou natural gas industry. OVERVIEW OF MACRO ECONOMIC ENVIRONMENT IN ZHEJIANG PROVINCE AND HUZHOU Zhejiang Province’s nominal GDP has increased to approximately RMB6,461.3 billion in 2020, representing a CAGR of approximately 8.1% from 2016 to 2020. Looking forward, Zhejiang Province will further promote the economy digital transformation and vigorously develop emerging industries such as high-end manufacturing, renewable energy, biomedicine and new materials. The nominal GDP –67– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW of Zhejiang Province is expected to maintain a steady growth and reach RMB9,767.9 billion by 2025, illustrating a CAGR of approximately 8.2% from 2021. The nominal GDP of Huzhou has increased from RMB239.1 billion in 2016 to RMB320.1 billion in 2020 at a CAGR of 7.6%. The recent years found the huge lift in Huzhou’s industry with the flourish of emerging sectors such as new material, renewable energy and automotive electronics. With the economic integrations in the Yangtze River Delta becoming the strategic policy and the establishment of South Tai Lake New District (南 太湖新區) in 2019, more opportunities and benefits are on the way to embrace Huzhou. The nominal GDP of Huzhou is forecasted to increase from RMB351.5 billion in 2021 to RMB474.6 billion by 2025 at a CAGR of approximately 7.8%. Since the “13th Five-Year Plan”, Zhejiang Province has unswervingly followed the strategy of energy “double control” (雙控) forcing economic sustainable transformation and upgrading. Great performance has been witnessed: from 2016 to 2019, Zhejiang Province’s energy consumption per unit of GDP dropped by approximately 14.2%. In 2019, Zhejiang Province contributed to 6.3% of China’s GDP by using 4.6% of the country’s total energy consumption. The total energy consumption volume in Zhejiang Province increased from 202.8 million tonnes of SCE (Standard Coal Equivalent) in 2016 to 223.9 million tonnes of SCE in 2019 and is estimated to have reached around 239.1 million tonnes of SCE in 2020. The rapid increase of energy consumption in 2020 is mainly attributed to the operation of Zhejiang Petrochemical Project Phase I and Phase II (浙石化項目). After the separate deduction of Zhejiang Petrochemical projects, the energy consumption of industrial enterprises above designated size in Zhejiang Province decreased by 0.1% in 2020 from 2019. The total energy consumption in Zhejiang Province is expected to reach 287.8 million tonnes of SCE by 2025 at a CAGR of approximately 3.6% from 2021, with increasing proportion of clean energy and growing energy efficiency. Driven by Huzhou’s government support and economy development, the total energy consumption volume of industrial enterprises above designated size increased steadily from 7.6 million tonnes of SCE in 2016 to approximately 8.8 million tonnes of SCE in 2020 at a CAGR of 3.8%. In the future, the total energy consumption volume of industrial enterprises above designated size of Huzhou is expected to increase from 9.1 million tonnes of SCE in 2021 to 10.4 million tonnes of SCE in 2025, illustrating a CAGR of 3.4%. OVERVIEW OF NATURAL GAS INDUSTRY IN ZHEJIANG PROVINCE AND HUZHOU Definition and Classification Natural gas is a type of flammable gas that occurs deep beneath the earth’s surface, consisting mainly of methane with minor amounts of ethane, propane, butane, nitrogen, etc. Natural gas is also a clean fossil fuel that has less carbon dioxide emission than coal and oil. Natural gas can be efficiently burned to generate heat and electricity, emitting less waste and toxins at the point of use relative to other fossil and biomass fuels. Downstream application areas for the natural gas industry include industrial, commercial and residential. Natural gas can be divided into three main categories: 1) liquefied natural gas (LNG); 2) pipeline natural gas (PNG); and 3) compressed natural gas (CNG). LNG is a type of natural gas that has been converted into liquid form through cooling. The liquefaction process involves removal of certain components, such as dust, acid gases, helium, water, and heavy hydrocarbons. The natural gas is then condensed into a liquid at close to atmospheric pressure by cooling it to approximately −162°C. LNG must be kept cold to remain a liquid, independent of pressure. PNG means that natural gas is transmitted and traded through pipeline in gaseous status. PNG is not stored at one place but is continuously supplied through the pipeline from the source. PNG is applicable to China, continental Europe, Northern Americas and other countries where pipelines can be laid to directly import natural gas from neighbouring –68– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW countries (or regions). CNG refers to gaseous natural gas that is compressed to a pressure greater than or equal to 10 MPa and no greater than 25 MPa, and then undergoes high-pressure deep dehydration and is stored in a gaseous state in a container. It has the same composition as PNG and can be used as vehicle fuel, making it an ideal alternative energy source for vehicles. It has the characteristics of low cost, high efficiency, no pollution, safe and convenient use, etc., which is increasingly showing strong potential of market development. Value Chain Analysis The value chain of the natural gas industry mainly consists of four segments namely source, transportation, distribution and consumption. Natural gas sources come from major domestic gas-producing regions and international importation. Natural gas is then transported via large-diameter, high-pressure steel transmission pipelines, which carry natural gas to large industrial customers and local distribution networks. For distribution purposes, the natural gas is transported to provincial natural gas enterprises, then to local natural gas enterprises through city gates. Local natural gas enterprises reduce the pressure of the gas, add odorant to aid in leak detection, and then deliver the natural gas via smaller, low-pressure lines to end users such as industrial, commercial, residential and others.
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