Impact of Return Cap for China's City Gas Distributors Hinges on Connection Fee Treatment
The shares of China city gas distributors took a hit May 15 following news that the government may impose a 6% cap on the annual rate of return on assets for natural gas distributors in urban areas. The share prices of China Gas Holdings, China Resources Gas Group, and ENN Energy Holdings dropped more than 10% from May 12, but we think the sell-off is overdone. In our view, the key to assessing the impact of the return cap is whether the earnings from gas connection are included in the calculati...ENN Energy Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the gas supply business in the People's Republic of China, including but not limited to the sales of piped gas, gas connection, construction and operation of vehicles gas refuelling stations, wholesale of gas, sales of other energy and sales of gas appliances and materials.
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