Stock Performance: HK & China Gas remains stable with no change in share price, while China Res Gas has seen a slight decline of 0.120 (-0.560%).

Short Selling Data: Significant short selling activity is noted across the companies, with HK & China Gas at $29.80M (28.257% ratio) and China Res Gas at $42.00M (35.576% ratio).

Analyst Ratings: HK & China Gas has been upgraded from "Hold" to "Outperform" with a target price increase from 7.1 to 7.7, while China Gas Hold maintains an "Outperform" rating with a target of 8.3.

Market Outlook: Daiwa has upgraded its view on the CN natural gas sector to "Neutral," expecting improved fundamentals in 2026.

ENN Energy Privatization Delay: ENN Energy has extended the deadline for dispatching its privatization scheme document to no later than January 30, 2026, due to the need for more time to meet pre-conditions, which was anticipated by the market.

Impact on Share Prices: JPMorgan believes the delay in ENN Energy's privatization scheme may have a slight negative effect on its share price, while its H-shares are viewed as offering better risk-return compared to A-shares.

China Gas Hold Performance: China Gas Hold reported a 24.2% decline in interim net profit for 1HFY2026, with weak operational indicators, but is expected to see a gradual recovery in gas sales over the next few months.

Market Opportunities: JPMorgan suggests that investors consider market entry opportunities in KUNLUN Energy, which is projected to achieve over 5% sales growth in 2H25, alongside improvements in gas sales for other companies like China Resources Gas.

Share Buybacks: CHINA RES GAS initiated share buybacks on November 20 and 21, repurchasing a total of 1.77 million shares, which is approximately 0.08% of its issued shares, though the reasons for the buybacks remain unclear.

Natural Gas Sales Performance: The company's natural gas sales saw a slight increase of 0.6% year-on-year for the first ten months of 2025, with industrial gas volume rebounding due to colder weather, while commercial gas volume experienced a decline of 3% year-on-year.

Analyst Rating and Target Price: BofA Securities raised its target price for CHINA RES GAS from $21 to $22.5, maintaining a Neutral rating due to high valuation, but noted a 4.6% dividend yield and buyback returns could support the stock price.

Market Context: The stock is currently facing short selling pressures, with a short selling ratio of 24.748% and a total short selling value of $37.33 million as of November 25, 2025.

Strategic Cooperation: HK & China Gas and China Resources Gas Investment have formed a strategic partnership to establish a Low-Carbon Smart Gas Joint Innovation Center.

Focus on R&D: The collaboration will emphasize technology research and development across the gas industry, with a focus on AI and green transformation, aligning with China's "15th Five-Year Plan."

Re-domiciliation Proposal: CHINA RES GAS plans to apply for re-domiciliation from Bermuda to Hong Kong, in line with the Companies (Amendment) (No. 2) Ordinance 2025.

Deregistration in Bermuda: The company intends to apply for deregistration in Bermuda after receiving the certificate of re-domiciliation from Hong Kong's Companies Registry.

Further Announcements: Additional details regarding the re-domiciliation and related proposals will be announced in due course.

Market Activity: The stock experienced a slight decline of 0.192%, with significant short selling activity reported at $5.72 million.