Which stocks are related to industrial gases?

Moreover, the continuous upgrading and refinement of bulk gas business models will also generate broad demand. First, many application scenarios that previously did not use bulk gases have gradually begun adopting them—for example, nitrogen packaging in the food industry was once rare, but as the industry upgrades, its adoption is becoming increasingly widespread. Second, factories with self-built gas facilities are progressively outsourcing their gas supply operations, entrusting specialized professionals to handle specialized tasks. Third, domestic gas suppliers are gradually transforming into total gas management (TGM) service providers, significantly enhancing both economic value-added and customer stickiness. Lastly, let’s not forget: hydrogen is also classified as a bulk gas. As the cleanest energy source for the future, hydrogen energy development has attracted widespread attention. Regardless of the production method used, storing and transporting hydrogen remains a critical challenge. Even more commendably, the bulk gas industry combines strong growth potential with exceptional stability. Demand for bulk gases is dispersed yet stable, spanning all levels of the macroeconomy and thus largely immune to short-term fluctuations in any single sector. Meanwhile, high-volume customers provide steady cash flow through long-term contracts lasting 15–30 years, while small customers benefit from flexible supply arrangements and rapid equipment turnover. Since bulk gases account for only a tiny fraction of downstream customers’ total costs, bulk gas companies enjoy relatively high pricing power. The table below shows the scale of China’s bulk gas industry since 2016—demonstrating steady, step-by-step market expansion with a compound annual growth rate of 8.8%, completely unaffected by the pandemic or broader macroeconomic volatility—truly a breath of fresh air in the industry. III. Big, Bigger, the Biggest The industrial gas industry exhibits pronounced economies of scale; the top few global giants collectively monopolize nearly 90% of the worldwide market. This industry is capital-intensive, requiring enormous upfront investment—especially in infrastructure such as pipelines—making it difficult for smaller firms to compete. Furthermore, industry leaders leverage their scale advantages to continuously reduce production costs and broaden their portfolios of gas products. Finally, these giants typically sign long-term contracts (often exceeding ten years) with downstream clients; industrial gas projects are often unique and exclusive in both time and space. China’s first-tier industrial gas market comprises Linde Group and Air Liquide. In 2021, their respective market shares stood at 21.9% and 20.7%. Internationally renowned industrial gas enterprises possess robust technological capabilities, massive scale, and comprehensive competitive strength—their advantages and dominant positions are unlikely to be challenged in the near term. In the second tier, domestic players—including Gas Power Technology (1678.HK) and Hangyang Co., Ltd.—have demonstrated strong competitiveness under the influence of technological advancement and supportive policies, securing significant market shares. The chart below illustrates the market share distribution of China’s industrial gas sector in 2020. Linde is currently the world’s largest industrial gas manufacturer and gas engineering provider. Its 140-year history is an epic saga of relentless global expansion. Starting from air separation equipment manufacturing, Linde grew into a global industrial gas giant—like a Pac-Man—through organic growth, strategic acquisitions, and vertical integration, extending its reach across every corner of the globe and into every niche industry. Taking Linde as a benchmark, scale is the most critical metric for industrial gas companies: only by being “big” can one become truly “strong”.

Tan Xuguang’s new leverage: Driving Europe’s largest forklift group into China and boosting consumption to reduce reliance on investment

To bid for KION, Tan Xuguang met privately with Dr. Klaus Lederer (CEO of KION Group) in 2012. Lederer was astonished to discover, “Weichai is no longer the struggling small factory it once was; in just over a decade, it has grown into a RMB 100-billion-scale conglomerate and acquired multiple European companies.” Lederer then gave Tan a detailed introduction to KION and Linde Hydraulics—further solidifying Tan’s determination to pursue the acquisition. However, KION’s asset sale attracted numerous global bidders—including several major Chinese construction machinery manufacturers who actively engaged in discussions. Moreover, the selling parties were two veteran capital giants, making negotiations extremely slow-moving. The core figure representing the sellers was the Chairman of Goldman Sachs’ European division—a seasoned financier with decades of experience in global capital markets and subject to various rumors. He spoke fluently and authoritatively on capital-market topics such as equity structuring and M&A methodologies; even when discussing engine technology, he displayed deep familiarity—even impressing Weichai executives—and possessed notable insight into China’s national conditions and cultural context. Tan Xuguang served as the principal representative of the acquiring side. Having completed acquisitions of French Baudouin and Italian Ferretti, he had become highly adept in international rules, M&A processes, and negotiation techniques. To onlooker Lederer, this “old friend from China” was no longer the green newcomer he’d met in 1999; facing top-tier global investment banks, Tan held his own without yielding an inch—“there was virtually no discernible difference between the two sides during negotiations.” These negotiations proved exceptionally arduous. On one evening, both teams embraced shoulders and clinked glasses, celebrating heartily—but the next morning, back at the negotiating table, they resumed fierce, uncompromising exchanges, sometimes reverting to the confrontational scene described earlier. Prolonged negotiations tested not only participants’ willpower but also their intellectual acuity. Just as talks reached an impasse, Tan recalled: “After pondering all night, inspiration struck—I devised a ‘70% + 25% + 1’ solution.” He explained: KKR and Goldman Sachs sought to divest Linde Hydraulics primarily to lower debt ratios and facilitate KION’s IPO. Acquiring 70% of Linde Hydraulics, 25% of KION Group, plus “1”—i.e., KION’s Asia-Pacific operations—would enable KKR and Goldman Sachs to offload Linde Hydraulics’ assets while simultaneously injecting cash into KION, thereby restoring its eligibility for listing. This arrangement effectively opened an exit route for KKR and Goldman Sachs—and reserved room for Weichai Power to increase its stake later. Indeed, Tan’s proposal enabled Weichai Power to ultimately stand out among competitors and reach agreement with Goldman Sachs and KKR. On December 27, 2012, Weichai Power acquired a 25% stake in Germany’s KION Group and 70% of Linde Hydraulics for €738 million—the largest acquisition ever made by a Chinese company in Germany at that time. Crucially, Weichai’s investment funds were not paid to shareholders but injected directly as capital into KION—immediately improving KION’s balance sheet structure and supporting its return to profitability that same year. Six months later, on June 28, 2013, KION Group successfully listed on the Frankfurt Stock Exchange, with its opening share price reaching €24.19. Goldman Sachs and KKR gained access to secondary-market exit and share reduction channels. Subsequently, Weichai Power repeatedly increased its holdings, raising its equity stake to 45.23%—fulfilling its ambition to become the controlling shareholder of the world’s second-largest forklift group.

Mirae Asset Global Investments Acquires 425,323 Shares of Linde PLC

1 day ago

Mirae Asset Global Investments purchased 425,323 shares of Linde PLC valued at $201.9 million. Linde reported strong Q3 results with $9.4 billion revenue, driven by demand from electronics and semiconductor sectors.

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