Has the Hong Kong Chemicals Industry valuation changed over the past few years?

Investors are optimistic on the Hong Kong Chemicals industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 20.8x which is higher than its 3-year average PE of 15.0x. The industry is trading close to its 3-year average PS ratio of 0.43x.

Which industries have driven the changes within the Hong Kong Materials industry?

Investors are most optimistic about the Commodity Chemicals industry which is trading above its 3-year average PE ratio of 28.2x. Analysts are expecting annual earnings growth of 94.4%, which is higher than its past year's earnings growth of 12.2% per year.

Hong Kong (HSI) Chemicals Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 16 Jul 2026	HK$156.0b	HK$325.4b	HK$7.5b	11x	20.7x	0.5x
Sat, 13 Jun 2026	HK$188.2b	HK$325.1b	HK$7.2b	10.9x	26x	0.6x
Mon, 11 May 2026	HK$179.1b	HK$322.6b	HK$7.4b	11.4x	24.1x	0.6x
Wed, 08 Apr 2026	HK$174.9b	HK$321.2b	HK$6.8b	11.1x	25.9x	0.5x
Fri, 06 Mar 2026	HK$186.8b	HK$327.9b	HK$10.8b	9.8x	17.3x	0.6x
Sun, 01 Feb 2026	HK$189.5b	HK$324.8b	HK$10.7b	10.5x	17.7x	0.6x
Tue, 30 Dec 2025	HK$166.8b	HK$320.8b	HK$10.6b	8.6x	15.8x	0.5x
Thu, 27 Nov 2025	HK$157.9b	HK$317.5b	HK$10.5b	9.3x	15.1x	0.5x
Sat, 25 Oct 2025	HK$156.2b	HK$315.3b	HK$10.4b	9x	15x	0.5x
Mon, 22 Sep 2025	HK$161.4b	HK$319.2b	HK$10.4b	8.1x	15.5x	0.5x
Wed, 20 Aug 2025	HK$160.7b	HK$326.7b	HK$8.9b	9.3x	18x	0.5x
Fri, 18 Jul 2025	HK$152.9b	HK$328.6b	HK$8.7b	9.9x	17.5x	0.5x
Sun, 15 Jun 2025	HK$142.1b	HK$327.9b	HK$8.8b	9.5x	16.2x	0.4x
Tue, 13 May 2025	HK$131.1b	HK$323.6b	HK$8.6b	9.3x	15.2x	0.4x
Thu, 10 Apr 2025	HK$125.3b	HK$318.3b	HK$8.6b	8.7x	14.6x	0.4x
Sat, 08 Mar 2025	HK$131.7b	HK$329.8b	HK$8.5b	9.7x	15.4x	0.4x
Mon, 03 Feb 2025	HK$127.1b	HK$330.0b	HK$8.6b	9.7x	14.8x	0.4x
Wed, 01 Jan 2025	HK$128.6b	HK$326.7b	HK$8.5b	9.4x	15.1x	0.4x
Fri, 29 Nov 2024	HK$125.6b	HK$329.0b	HK$8.2b	9.4x	15.2x	0.4x
Sun, 27 Oct 2024	HK$127.8b	HK$334.2b	HK$8.4b	9.2x	15.3x	0.4x
Tue, 24 Sep 2024	HK$116.9b	HK$340.9b	HK$8.8b	8.9x	13.4x	0.3x
Thu, 22 Aug 2024	HK$117.7b	HK$327.2b	HK$9.1b	9.5x	13x	0.4x
Sat, 20 Jul 2024	HK$123.1b	HK$322.0b	HK$9.9b	10.2x	12.4x	0.4x
Mon, 17 Jun 2024	HK$129.4b	HK$320.8b	HK$10.1b	9.7x	12.9x	0.4x
Wed, 15 May 2024	HK$135.4b	HK$321.7b	HK$10.1b	10.4x	13.4x	0.4x
Fri, 12 Apr 2024	HK$119.9b	HK$323.5b	HK$10.1b	9x	11.8x	0.4x
Sun, 10 Mar 2024	HK$114.4b	HK$315.8b	HK$11.2b	5.2x	10.2x	0.4x
Tue, 06 Feb 2024	HK$104.5b	HK$318.7b	HK$11.0b	5.7x	9.5x	0.3x
Thu, 04 Jan 2024	HK$118.2b	HK$320.3b	HK$11.3b	5.7x	10.4x	0.4x
Sat, 02 Dec 2023	HK$115.4b	HK$318.4b	HK$11.3b	5.1x	10.3x	0.4x
Mon, 30 Oct 2023	HK$115.6b	HK$311.4b	HK$11.0b	5.3x	10.5x	0.4x
Wed, 27 Sep 2023	HK$118.4b	HK$298.1b	HK$9.0b	5.7x	13.1x	0.4x
Fri, 25 Aug 2023	HK$123.8b	HK$308.9b	HK$12.3b	5.7x	10x	0.4x
Sun, 23 Jul 2023	HK$131.5b	HK$311.4b	HK$13.0b	5.1x	10.1x	0.4x


HK Market	0.62%
Materials	2.53%
Chemicals	-1.84%
Industrial Gases	30.00%
Diversified Chemicals	-0.042%
Commodity Chemicals	-0.22%
Fertilizers and Agricultural Chemicals	-1.16%
Specialty Chemicals	-4.77%

Company	Last Price	7D	1Y	Valuation
1866 China XLX Fertiliser	HK$8.81	7.3% +HK$870.4m	54.0%	PE11.8x
546 Fufeng Group	HK$5.02	4.1% +HK$501.5m	-27.5%	PE4.4x
301 SANVO Fine Chemicals Group	HK$5.99	16.3% +HK$395.2m	347.0%	PS2.3x
1940 China Gas Industry Investment Holdings	HK$1.12	34.9% +HK$348.0m	124.0%	PE7.4x
2198 China Sanjiang Fine Chemicals	HK$3.08	10.4% +HK$342.9m	70.2%	PE7.7x

Announcement • Jun 24

Dongguang Chemical Limited Announces Board and Committee Changes, Effective June 22, 2026

Dongguang Chemical Limited announced that Ms. Lin Xiuxiang had tendered her resignation as an independent non-executive Director with effect from June 22, 2026, in order to maintain the Company’s good corporate governance practices, taking into account her long years of service with the Company. With effect from the same date, Ms. Lin ceased to be chairperson of the Audit Committee, chairperson of the Remuneration Committee, member of the Nomination Committee and member of the Corporate Governance Committee of the Board. The Company announced that Ms. Zhang Xiaomin had been appointed as an independent non-executive Director with effect from June 22, 2026. Ms. Zhang Xiaomin, aged 32, is a practising lawyer in the PRC. She has worked at Hebei Tonghe Law Firm since 2023. She has accumulated extensive experience in judicial practice, criminal, civil and administrative cases, as well as corporate legal affairs and compliance management. Before joining Hebei Tonghe Law Firm, Ms. Zhang worked at local prosecutorial agencies, where she developed rigorous case analysis and compliance review capabilities. Ms. Zhang was a core member of the Cangzhou Corporate Compliance Legal Service Group from February 2024 to February 2026, and also serves as a lecturer of the “Magnolia Engagement” Hebei Women Rule of Law Dissemination Group for a term from July 2025 to July 2029, and is a member and external practical course lecturer of the Corporate and Securities Law Professional Committee of the Lawyer’s College of Renmin University of China from March 2026 to March 2028. Ms. Zhang obtained her Bachelor’s degree in Management in June 2018 from Hebei Normal University of Science & Technology, qualifying as a legal professional. She obtained her senior legal counsel qualification accredited by the Training Center of China Management Science Society in August 2023 and the Corporate Compliance Officer Personal Proficiency Testing qualification accredited by the China Certification and Accreditation Institute in February 2024. The Company announced that Mr. Leung Ting Yuk had been appointed as an independent non-executive Director with effect from June 22, 2026. Mr. Leung Ting Yuk, aged 51, has over 25 years of experience in financial management, accounting and auditing. Between September 2018 to March 2025, he served as financial consultant of Hevol Service Group Co., Limited. From March 2017 to August 2018, he was the chief financial officer of S&R Group Limited. From September 2015 to September 2016, he has also been the chief financial officer of ASD International Holdings Limited. Prior to that, Mr. Leung served successively as chief financial officer of the following companies whose shares are listed on the Stock Exchange: ZMFY Automobile Glass Services Limited from October 2012 to February 2015, China 33 Media Group Limited from May 2010 to October 2012 and China Kangda Food Company Limited from January 2008 to May 2010. Prior to that, he commenced his career in the audit department of Grant Thornton Hong Kong from November 2000 to January 2008. Mr. Leung currently serves as an independent non-executive director of the following companies whose shares are listed on the Stock Exchange: Yanchang Petroleum International Limited since December 2009; Xinyi Energy Holdings Limited since November 2018; Tai United Holdings Limited since July 2023 and Shangshan Gold International Holdings Limited since May 2025. Mr. Leung had also been an independent non-executive director of Most Kwai Chung Limited between March 2018 and May 2026. Mr. Leung obtained a Bachelor of Commerce majoring in accounting from the University of Wollongong, Australia in September 2000. He is a member of the Certified Practising Accountants, Australia and of the Hong Kong Institute of Certified Public Accountants since November 2000 and January 2008, respectively. With effect from June 22, 2026, Mr. Leung was appointed as chairman of the Audit Committee, Ms. Zhang was appointed as member of the Audit Committee, Ms. Zhang was appointed as chairperson of the Remuneration Committee, Ms. Zhang was appointed as member of the Nomination Committee, Mr. Leung was appointed as chairman of the Corporate Governance Committee, and Ms. Zhang was appointed as member of the Corporate Governance Committee. Mr. Liu Jincheng ceased to be a member of the Corporate Governance Committee.

Announcement • May 27

Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Yanran (Hainan) Investment Management Partnership (Limited Partnership), Hainan Zhongfang Energy Co., Ltd and Morewisdom (Shanghai) Private Equity Fund Management Co., Ltd. cancelled the acquisition of an additional 25% stake in China Gas Industry Investment Holdings Co. Ltd. (SEHK:1940).

Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Yanran (Hainan) Investment Management Partnership (Limited Partnership), Hainan Zhongfang Energy Co., Ltd and Morewisdom (Shanghai) Private Equity Fund Management Co., Ltd. proposed to acquire an additional 25% stake in China Gas Industry Investment Holdings Co. Ltd. (SEHK:1940) for approximately HKD 190 million on March 13, 2026. A cash consideration valued at HKD 0.626 per share and of HKD 118 million will be paid by Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Yanran (Hainan) Investment Management Partnership (Limited Partnership), Hainan Zhongfang Energy Co., Ltd and Morewisdom (Shanghai) Private Equity Fund Management Co., Ltd. As part of consideration, an HKD 187.8 million is paid towards common equity and HKD 118 million is paid towards Loans of China Gas Industry Investment Holdings Co. Ltd. The transaction will be financed through its internal resources and external margin loan in the principal amount of not more than HKD 195 million provided by First Shanghai. The Offeror intends to maintain the listing of the Shares on the Main Board of the Stock Exchange after the close of the Offer. Huitang Zhihe (Hong Kong) Co., Limited has undertaken not to accept the Offer in respect of the 431.904 million Non-acceptance Shares held by it, a total of 300 million Shares will be subject to the Offer. Assuming the Offer is accepted in full, the maximum cash consideration payable by the Offeror under the Offer will be HKD 187.8 million. It is expected that the Offeror will require certain of the Directors to resign from the Board and the Offeror will nominate new Directors to the Board at the earliest time as permitted under the Takeovers Code. It is proposed that LI Jun, SONG Jiajun and CHEN Tianyi will be appointed as Directors following the despatch of the Composite Document or the close of the Offer. The transaction is subject to minimum tender, obtaining approvals from the Stock Exchange, the SFC and other relevant regulatory authorities, including obtaining approval from the independent Shareholders of the Company. The Board of Directors of China Gas Industry Investment Holdings Co. Ltd. formed a special committee for the transaction. The tendering period will commence on May 4, 2026 and will close on May 26, 2026 and can be extended if assuming the Offer becomes, or is declared, unconditional . CMB International Capital Limited acted as financial advisor for Yanran Investment Management Partnership, Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Morewisdom Private Equity Fund Management Co., Ltd., Hainan Zhongfang Energy Co. and Ltd. CEB International Capital Corporation Limited acted as financial advisor for Yanran Investment Management Partnership, Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Morewisdom Private Equity Fund Management Co., Ltd., Hainan Zhongfang Energy Co. and Ltd. First Shanghai Securities Limited acted as financial advisor for Yanran Investment Management Partnership, Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Morewisdom Private Equity Fund Management Co., Ltd., Hainan Zhongfang Energy Co. and Ltd. Nuada Limited acted as fairness opinion provider for China Gas Industry Investment Holdings Co. Ltd. Sichuan Dingxiang Equity Investment Fund Management Co., Ltd., Yanran (Hainan) Investment Management Partnership (Limited Partnership), Hainan Zhongfang Energy Co., Ltd and Morewisdom (Shanghai) Private Equity Fund Management Co., Ltd. cancelled the acquisition of an additional 25% stake in China Gas Industry Investment Holdings Co. Ltd. (SEHK:1940) on May 26, 2026.

Hong Kong (HSI) Chemicals Industry Analysis

Industry Valuation and Performance

Industry Trends

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