Futu supported Shougang Langze (2553.HK), dubbed 'the first carbon capture stock,' in its listing on the Hong Kong Stock Exchange, with its share price surging over 105% at its peak on the debut day.

On June 3, 2026, Beijing Shougang Langze Technology Co., Ltd. ("Shougang Langze," stock code: $SHOUGANG LANZA (02553.HK)$ ) officially listed on the Main Board of the Hong Kong Stock Exchange, marking the company's official entry into a new phase of development driven by a global capital platform.

In this global offering, Futu acted as joint bookrunner and joint lead manager, partnering with Yuexiu Capital, Yuexiu Securities, Mango Finance, CCB International, and Minsheng Capital, among other institutions, to form a robust underwriting syndicate. Leveraging its advanced trading platform and diverse investor ecosystem, Futu played a pivotal role in matching the company with a vast pool of institutional and retail investors, thereby strengthening its global investor base and enhancing secondary market liquidity.

According to the prospectus and related announcements, the global offering comprised 40 million H-shares, priced at HK$14.60 per share, raising net proceeds of approximately HK$486 million. No cornerstone investor allocation was disclosed for this IPO, while the international tranche attracted subscriptions from 97 professional institutional and individual investors, underscoring strong global investor confidence in the synthetic biology CCUS sector and the company’s industrial capabilities.

According to Frost & Sullivan data, based on 2025 revenue, Shougang Langze commands a 58.4% global market share in the synthetic biology-based CCUS segment, firmly establishing its leadership position. The company operates four large-scale production facilities across Hebei, Ningxia, and Guizhou provinces, leveraging its proprietary first-generation carbon monoxide conversion decarbonization technology and its self-developed second-generation CO₂-negative technology. Its primary products include ethanol, microbial protein, and other by-products, with current annual production capacity of 210,000 tons of ethanol and 23,200 tons of microbial protein.

On the financial front, the company generated revenues of RMB 593 million, RMB 564 million, and RMB 522 million in 2023, 2024, and 2025, respectively. Its product mix remained stable, with ethanol consistently contributing approximately 80% of total revenue. In 2025, ethanol accounted for 81.3% of revenue, while microbial protein contributed 17.7%. In Q1 2026, both capacity utilization and product pricing showed signs of recovery, suggesting that a profit recovery inflection point may be approaching.

At the industry level, China’s ongoing implementation of its 'dual carbon' policy and strict controls on capacity expansion for coal- and grain-based ethanol have driven rapid growth in the industrial off-gas-to-bioethanol segment. According to Frost & Sullivan, China’s fuel ethanol market was valued at RMB 18.3 billion in 2025 and is projected to reach RMB 22.9 billion by 2030, with industrial off-gas-derived ethanol expected to grow at a compound annual growth rate (CAGR) of 22.0% from 2025 to 2030. Meanwhile, the domestic market for feed-grade microbial protein stood at RMB 1 billion in 2025 and is forecast to expand to RMB 6.2 billion by 2030, representing a CAGR of 44.9% over the same period. These converging downstream trends are unlocking significant long-term growth potential for the company.

Regarding the use of proceeds, Shougang Langze intends to allocate the net proceeds from this IPO strategically as follows:

– 24.5%: Construction of the Phase II production facility at Hebei Shoulang;

– 24.8%: Development and construction of the sustainable aviation fuel (SAF) production facility in Baotou, Inner Mongolia;

– 15.7%: Research and development of strains, production equipment and processes, and intelligent production management systems;

– 14.6%: Technical upgrades at four existing production facilities;

– 9.7%: New product development;

– 4.3%: Investment in a gas company to be established by local authorities in Ningxia Binze;

– 6.4%: General corporate purposes and working capital.

As a leading digital fintech company, Futu leverages its investor ecosystem of over 30.17 million users and a comprehensive corporate services platform to offer end-to-end solutions throughout the pre-IPO, IPO, and post-IPO stages. Core offerings include an all-in-one ESOP equity management solution, Hong Kong and U.S. IPO distribution*, investor relations (IR) and public relations (PR), financial communications services, international bookbuilding, and secondary market trading services.

In Q1 2026, more than 60% of companies listing on the Hong Kong Stock Exchange chose to partner with Futu. Futu’s platform recorded HK$3.1 trillion in subscription value for Hong Kong IPOs in Q1, solidifying its position as the market leader. Its U.S. IPO capabilities have drawn significant attention, with hot new listings such as Bullish, Figure, and Gemini achieving full allocation for all U.S.-based subscribing clients.

As of Q1 2026, Futu served 1,209 corporate clients, providing IPO distribution and IR services to 625 enterprises. It has supported 414 companies—including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili—in successfully listing in Hong Kong and the U.S. Futu has signed up 853 ESOP clients to date, with over 1,400 listed companies having joined its platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a larger customer base!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market cap as of the first day of listing

*Source: Futu Q1 2026 Financial Results

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