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 20.7x which is higher than its 3-year average PE of 15.1x. The industry is trading close to its 3-year average PS ratio of 0.44x.

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 30.2x. Analysts are expecting annual earnings growth of 93.9%, 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
Mon, 27 Jul 2026	HK$156.1b	HK$325.6b	HK$7.5b	11.3x	20.7x	0.5x
Wed, 24 Jun 2026	HK$193.5b	HK$324.3b	HK$7.2b	12.7x	26.8x	0.6x
Fri, 22 May 2026	HK$165.6b	HK$322.7b	HK$7.4b	11.2x	22.3x	0.5x
Sun, 19 Apr 2026	HK$177.1b	HK$324.0b	HK$6.8b	10.9x	25.9x	0.5x
Tue, 17 Mar 2026	HK$195.9b	HK$327.8b	HK$10.8b	10.8x	18.1x	0.6x
Thu, 12 Feb 2026	HK$190.9b	HK$326.9b	HK$10.8b	9.9x	17.7x	0.6x
Sat, 10 Jan 2026	HK$172.2b	HK$322.7b	HK$10.7b	8.7x	16.2x	0.5x
Mon, 08 Dec 2025	HK$167.7b	HK$318.4b	HK$10.5b	8.9x	16x	0.5x
Wed, 05 Nov 2025	HK$154.4b	HK$315.4b	HK$10.4b	9.2x	14.8x	0.5x
Fri, 03 Oct 2025	HK$159.9b	HK$319.2b	HK$10.4b	8.8x	15.4x	0.5x
Sun, 31 Aug 2025	HK$164.3b	HK$326.7b	HK$9.1b	9x	18.1x	0.5x
Tue, 29 Jul 2025	HK$154.9b	HK$328.3b	HK$8.9b	9.7x	17.4x	0.5x
Thu, 26 Jun 2025	HK$139.7b	HK$328.3b	HK$8.8b	9.3x	15.9x	0.4x
Sat, 24 May 2025	HK$131.8b	HK$326.4b	HK$8.7b	9.5x	15.2x	0.4x
Mon, 21 Apr 2025	HK$127.5b	HK$320.5b	HK$8.7b	8.8x	14.7x	0.4x
Wed, 19 Mar 2025	HK$136.8b	HK$330.1b	HK$8.5b	9.4x	16x	0.4x
Fri, 14 Feb 2025	HK$127.2b	HK$328.0b	HK$8.5b	10x	14.9x	0.4x
Sun, 12 Jan 2025	HK$123.0b	HK$326.2b	HK$8.5b	9.2x	14.5x	0.4x
Tue, 10 Dec 2024	HK$129.8b	HK$328.5b	HK$8.5b	9.2x	15.2x	0.4x
Thu, 07 Nov 2024	HK$129.4b	HK$331.8b	HK$8.3b	9.6x	15.6x	0.4x
Sat, 05 Oct 2024	HK$139.8b	HK$339.9b	HK$8.7b	9.2x	16x	0.4x
Mon, 02 Sep 2024	HK$118.8b	HK$339.3b	HK$8.6b	9.6x	13.8x	0.4x
Wed, 31 Jul 2024	HK$119.8b	HK$322.9b	HK$10.0b	9.8x	12x	0.4x
Fri, 28 Jun 2024	HK$126.7b	HK$322.0b	HK$9.9b	9.1x	12.7x	0.4x
Sun, 26 May 2024	HK$133.1b	HK$321.4b	HK$10.1b	10.2x	13.2x	0.4x
Tue, 23 Apr 2024	HK$123.2b	HK$323.3b	HK$10.1b	9.2x	12.2x	0.4x
Thu, 21 Mar 2024	HK$118.2b	HK$321.0b	HK$11.1b	6x	10.6x	0.4x
Sat, 17 Feb 2024	HK$112.0b	HK$318.6b	HK$11.0b	5.7x	10.2x	0.4x
Mon, 15 Jan 2024	HK$116.6b	HK$320.0b	HK$11.3b	5.5x	10.3x	0.4x
Wed, 13 Dec 2023	HK$113.9b	HK$316.9b	HK$11.2b	5.2x	10.2x	0.4x
Fri, 10 Nov 2023	HK$115.0b	HK$312.2b	HK$11.0b	5.2x	10.4x	0.4x
Sun, 08 Oct 2023	HK$118.2b	HK$298.5b	HK$9.1b	5.4x	13.1x	0.4x
Tue, 05 Sep 2023	HK$125.9b	HK$303.2b	HK$10.6b	5.7x	11.8x	0.4x
Thu, 03 Aug 2023	HK$132.0b	HK$309.9b	HK$12.2b	5.3x	10.8x	0.4x


HK Market	2.48%
Materials	10.71%
Chemicals	3.99%
Commodity Chemicals	7.65%
Fertilizers and Agricultural Chemicals	6.15%
Diversified Chemicals	1.73%
Specialty Chemicals	-0.11%
Industrial Gases	-4.39%

Company	Last Price	7D	1Y	Valuation
1866 China XLX Fertiliser	HK$9.11	5.3% +HK$667.3m	43.5%	PE12.2x
338 Sinopec Shanghai Petrochemical	HK$1.14	3.6% +HK$421.7m	-18.0%	PS0.1x
336 Huabao International Holdings	HK$2.99	4.5% +HK$419.7m	-18.3%	PS2.4x
9879 Migao Group Holdings	HK$9.34	5.2% +HK$418.1m	52.6%	PE19.6x
746 Lee & Man Chemical	HK$4.82	6.6% +HK$247.5m	11.8%	PE7.1x

Announcement • Jul 22

China XLX Fertiliser Ltd. Announces Board and Committee Changes, Effective July 22, 2026

China XLX Fertiliser Ltd. had resolved that, having considered the views of The Stock Exchange of Hong Kong Limited regarding the independence of Mr. Tan Wei Shyan, and in view of exercising prudent compliance and ensuring continuous compliance with the requirements relating to directors’ independence under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, Mr. Tan Wei Shyan was re-designated from an independent non-executive Director to a non-executive Director with effect from July 22, 2026. The Board considered that the re-designation reflected the employment background of Mr. Tan and the actual circumstances more appropriately and avoided any concerns raised regarding his independence. The re-designation did not affect Mr. Tan’s continuous contribution to the Board by virtue of his professional expertise and experience. Mr. Tan had been serving as an independent non-executive director of the Company, a member of the audit committee and the nomination committee of the Board, as well as the chairman of the remuneration committee of the Board since June 23, 2026. From the effective date of the re-designation, Mr. Tan served as a non-executive director of the Company. Mr. Tan Wei Shyan, aged 48, is a director in the corporate & finance practice group of Drew & Napier LLC, a Singapore-based law firm, where he has been practising since July 2026. Mr. Tan was previously a partner in the Corporate Finance practice group at Shook Lin & Bok LLP, another Singapore-based law firm for over 20 years. He has extensive experience in corporate finance, capital markets, mergers and acquisitions and corporate regulatory compliance. Mr. Tan obtained a Bachelor of Laws (First Class) degree from the University of Exeter in the United Kingdom. He is a solicitor of the Supreme Court of Singapore. Mr. Tan has served as an independent director, chairman of the remuneration committee, members of the audit committee and the nominating committee of JEP Holdings Ltd. since April 2024. He has also been appointed as an independent director, chairman of the remuneration committee, members of the audit committee and the nominating committee of Anchun International Holdings Ltd. in April 2024. He has been appointed as an independent director, chairman of the nominating committee, members of the audit committee and the remuneration committee of HGH Holdings Ltd. since May 2026. Save for the change in director category from independent non-executive director to non-executive director, the term of appointment of Mr. Tan remained unchanged. Mr. Tan entered into a letter of appointment with the Company for an initial fixed term of three years. He shall hold office until the next annual general meeting following his appointment and shall then be eligible for re-election at that meeting. Thereafter, his appointment shall be subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the articles of association of the Company and the Listing Rules. Following the effective date of the re-designation, Mr. Tan ceased to be the chairman of the Remuneration Committee and a member of the Nomination Committee, but remained as a member of the Audit Committee and the Remuneration Committee. The Board further announced that Mr. Li Hongxing, an existing independent non-executive Director, was appointed as the chairman of the Remuneration Committee with effect from July 22, 2026.

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

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