There is a million-dollar question that must be answered about the electronic gases sector—a golden track.

In recent years, semiconductor chips have been one of the hottest sub-sectors in China’s A-share market. Downstream chip manufacturing, packaging & testing, and chip design offer the largest market scale—and naturally attract the most speculation. Upstream equipment and materials suppliers—often dubbed ‘the water sellers’ of the industry—have smaller market scales, yet their investment value remains substantial. Chip manufacturing requires numerous materials, and among them lies a category that may be overlooked by the general public but is critically important: industrial gases. This category is collectively known as electronic specialty gases (or 'electronic special gases'). Beyond semiconductor integrated circuits, they are also widely used in two derivative sectors: LED lighting and photovoltaic solar energy. According to SEMI data, in 2018 electronic gases accounted for 12.9% of global semiconductor manufacturing material sales—second only to silicon wafers, which held 36.6%. Virtually every securities firm report labels electronic special gases as a 'golden track' with significant investment potential. Let’s first examine the global giants in this sector. Overseas leaders—including U.S.-based Air Products (NYSE: APD), France’s Air Liquide, Japan’s Taiyo Nippon Sanso, U.S.-based Praxair (acquired by Linde in 2018), and Germany’s Linde Group—collectively command 94% of the global market. Air Products (NYSE: APD) has enjoyed a sustained bull market; its current market capitalization stands at $60 billion. Its annual report shows revenue nearing $9 billion and net profit approaching $2 billion. Linde (NYSE: LIN) currently boasts a market cap of $120 billion. Seeing this, many investors wonder: if overseas giants command such high valuations, while domestic A-share electronic gas companies are valued at merely several billion RMB, could these Chinese firms become 10x or even 100x multibaggers? Yet, securities reports often fail to reveal the industry’s essence—their logical reasoning frequently contains glaring flaws. Even deeply flawed domestic firms routinely receive 'buy' recommendations from analysts who benchmark them against Western giants and hype the next '10-bagger' or '100-bagger'. Every industry possesses its own unique essence. Without grasping it, corporate executives, senior management, and investors alike risk decisions that are 'off by a hair, astray by a mile'. Upon closer examination of the electronic special gases industry, one peculiar feature emerges: Electronic special gases constitute only a subset of industrial gases. We can imagine industrial gases as a comprehensive university, whereas electronic special gases represent a specialized college. Indeed, electronic special gases represent the most advanced, high-precision segment of industrial gases. Theoretically, a specialized college should be more valuable than a comprehensive university. But in reality—is that truly the case? This brings us to the million-dollar question addressed in this article: Within the industrial gases industry, is it better to operate as a 'comprehensive university' or a 'specialized college'? First, let’s analyze the disparity in market scale between the two. What proportion of revenue and profit do global giants like Air Products, Air Liquide, and Linde derive from electronic special gases? For instance, many securities reports list Air Products as the world’s leading company in electronic specialty gases. Indeed, APD is a pioneer in this field.

2026 Global and China Helium Refrigeration Systems Market Trend Analysis: Global Sales Expected to Reach USD 260 Million [Chart]

Company Name Headquarters / Founding Year Parent Group China Presence Core Helium Refrigeration System Products / Features Market Position Linde (Linde) Germany / 1879 (Linde Kryotechnik AG founded in Switzerland in 1992) Linde Group (NYSE: LIN, >80,000 employees) Operates branches across China, delivering end-to-end cryogenic system services L-Series standard helium liquefaction/refrigeration units (liquefaction capacity: 20–3,500 L/h); custom helium refrigerators; helium recovery systems; 26 patented inventions covering liquefaction processes and helium-3 separation technologies Global absolute leader in cryogenic equipment; standard-setter in helium liquefaction and refrigeration; holds #1 market share in Europe and North America Air Products (Air Products) Allentown, Pennsylvania, USA / 1940 Independent listed company (NYSE: APD), annual revenue >USD 12 billion, ~22,000 employees Entered China in 1987; operates over 30 subsidiaries and employs ~1,700 people across electronics, energy, healthcare, and steel sectors Large-scale deep-cryogenic helium refrigeration and liquefaction systems covering temperature ranges from 4.5 K (liquid helium) to 20 K (liquid hydrogen); integrated solutions combining industrial gases (helium/specialty gases) and cryogenic equipment Top-3 global industrial gas supplier; core supplier in deep-cryogenic equipment; leads market share in North America Chart Industries (Chart) Cleveland, Ohio, USA / 1992 (MVE origins date further back) Independent listed company (NYSE: GTLS) Chart Cryogenic Engineering Systems (Changzhou) Co., Ltd. (established 2004 as wholly owned subsidiary; registered capital USD 113 million; 483 employees in 2024; revenue CNY 700 million); recognized as a regional headquarters for multinational corporations Large vacuum-insulated liquid helium storage tanks; low-temperature liquid transport tankers (ORCA series); liquid helium Dewar flasks; full coverage across LNG, industrial gases, and liquid hydrogen supply chains; certified under ASME, EU PED, and China TS standards; delivered China’s first commercial liquid hydrogen storage tanks in 2024; scheduled to deliver six 500-m³ commercial liquid hydrogen storage tanks in 2025 Global leader among independent manufacturers of cryogenic equipment; products exported to 40+ countries; pioneer in commercial liquid hydrogen storage & transportation in China Sumitomo Heavy Industries (Sumitomo) Tokyo, Japan / 1888 Independent listed company (Tokyo Stock Exchange: 6302), diversified heavy machinery conglomerate Serves Chinese nuclear fusion and large-scale scientific facility customers via partner networks Large helium refrigerators and cryogenic systems, deployed for superconducting magnet cooling in Japan’s JT-60SA and other global nuclear fusion devices; added to China’s Ministry of Commerce export control watchlist in February 2026 Core Japanese supplier of cryogenic equipment; top-tier global supplier of helium refrigerators for nuclear fusion; business with China constrained by export controls Zhongke Qingneng (Zhongke Qingneng) Gongyi, Henan / June 2022 Backed by CGN Capital Holdings, Henan Aerospace Industry Fund, and Hefei Energy Research Institute Headquartered in Gongyi; branches in Shenzhen, Hangzhou, Shanghai, and Zhengzhou; completed pre-A++ round financing of nearly RMB 500 million in December 2025 (led by CDH Pegasus, with NIO Capital participating); registered capital increased to RMB 221 million 3 kW @ 4.5 K helium refrigerator (successfully commissioned in October 2025—the highest-capacity helium refrigerator operational in China’s nuclear fusion domain); 1 T/D hydrogen liquefaction equipment (supporting Long March 8 launches); 5 T/D unit exported to Europe; initiating R&D on 35 T/D hydrogen liquefaction system; deep-cryogenic sensing systems (1.8 K–325 K) Rising domestic leader in helium refrigeration for nuclear fusion; fully equipped with capital, technology, resources, and market access in the hydrogen liquefaction sector; planning IPO on STAR Market in 2026

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