S&P affirms HK & China Gas rating for HK & China Gas stock

Published on 10/13/2026 at 01:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

For HK & China Gas stock, first-half profit reached HKD 3.64 billion, up 23.00 percent. Gas volume growth is projected at up to 3.00 percent per year through 2028.

Key points in brief

HK & China Gas received an A- rating affirmation with a stable outlook on October 8, 2026.
First-half 2026 revenue reached HKD 29.526 billion, up 7.00 percent year over year.
Profit attributable to shareholders rose 23.00 percent to HKD 3.640 billion in the first half of 2026.
Gas volume growth is expected to remain flat to 3.00 percent annually through 2028.
The company targets utility stability while expanding green fuels and renewable energy.

HK & China Gas, HK0003000038, Illustration mit AI erstellt.

HK & China Gas (ISIN HK0003000038) received an A- issuer credit rating affirmation with a stable outlook on October 8, 2026. S&P Global Ratings said the company's gas operations should support earnings resilience while its growth investments continue.

Three dated milestones shape the story

On September 21, 2026, HK & China Gas reported HKD 29.526 billion of revenue for the first half of 2026, up 7.00 percent year over year, according to Futu. On September 30, 2026, Towngas listed a USD 7.000 billion medium-term note program on its investor-relations page. On October 8, 2026, S&P Global Ratings affirmed the A- rating and stable outlook.

Profit growth meets utility pressure

The interim report showed profit attributable to shareholders of HKD 3.640 billion in the first half of 2026, an increase of 23.00 percent year over year. Basic earnings per share rose 23.00 percent to HKD 0.195, while the interim dividend stayed at HKD 0.12 per share, according to Futu.

The operating mix is shifting toward higher-growth businesses. Green fuel sales reached 320,000 tonnes in the first half, while mainland gas sales volume was 18.6 billion cubic meters and the price spread improved to RMB 0.55 per cubic meter.

What does the rating imply?

S&P Global Ratings expects gas sales volume to remain flat or grow by up to 3.00 percent per year over the next two to three years. It also projects annual capital expenditure of HKD 5.0 billion to HKD 6.0 billion and dividends of HKD 7.2 billion to HKD 7.4 billion during 2026 to 2028.

That combination defines the investor debate: regulated gas operations provide stability, while renewable energy and green fuels require capital. S&P Global Ratings said HKCG's operating cash flow is expected to reach HKD 10.0 billion to HKD 12.0 billion annually, leaving asset monetization and spending discipline central to the deleveraging plan.

Stable outlook, demanding capital plan

HK & China Gas remains a Hong Kong utility and energy group with activities spanning gas distribution, water, renewable power and green fuels. The interim report also set an additional 0.8 gigawatt target for new photovoltaic capacity in the second half of 2026, linking the near-term plan to the group's longer-term energy transition.

The further course of trading is shown by the continuously updated real-time quote of HK & China Gas stock.