The gas company welcomes multiple measures in the budget proposal that promote high-quality development and green transformation in Hong Kong

HK & CHINA GAS (00003.HK) welcomes the new budget proposal and will continue to fully support the government's initiatives to promote high-quality development and green transformation in Hong Kong. Regarding the budget proposal to reduce or exempt port fees for the use or transportation of green fuel vessels and to provide incentives for relevant vessels registered in Hong Kong, the company stated that it has been committed to promoting green methanol as an environmentally friendly marine fuel and has made preparations for production capacity. Last year, the gas company established a joint venture, VENEX, with Foran Energy, which operates a green methanol plant in Inner Mongolia and is currently constructing a new production line in Foshan to expand capacity.

In terms of hydrogen energy development, the low-carbon hydrogen produced by the gas company has already developed several mature application solutions. In the future, the company will continue to work closely with various stakeholders to promote downstream applications of hydrogen energy in Hong Kong. The company is also actively participating in the government's efforts to formulate hydrogen energy standards and certifications, fully cooperating with the Hong Kong government to establish a demonstration base for green low-carbon hydrogen energy.

In the areas of innovation and technology and chip development, the gas company supports the government's leadership in promoting the research and development and industrial implementation of RISC-V technology. To promote the development of smart cities, the company collaborated with partners to develop the "Honghua Chip" based on RISC-V architecture, with a shipment volume of 6 million units to date; currently, some smart gas meters in Hong Kong have also adopted this chip.

The company also welcomes the government to improve the regulatory framework for the low-altitude economy. The company has been integrating innovative technology into its daily operations and is currently trialing the use of drones to inspect high-pressure gas pipelines and building exterior vertical pipes, thereby enhancing efficiency and ensuring public gas safety. As relevant legislation matures, it hopes to deepen the application of drones in gas pipeline management in the future