Equity & Credit Research

Duncan Chan

Thematic (Sector/Industry)

<ul>
<li>The market values <a href="https://www.smartkarma.com/entities/beijing-shougang-lanzatech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:55324:1" rel="noopener">Beijing Shougang Lanzatech Technology (2553 HK)</a> primarily as a low-carbon ethanol producer, underestimating its transition toward an industrial carbon-conversion platform driven by technology, engineering and licensing.</li>
<li>Four commercial plants have proven gas fermentation at industrial scale. Near-term losses keep focus on whether technology licensing and integrated solutions can deliver recurring, higher-quality earnings beyond manufacturing.</li>
<li>We remain constructive. Our bear, base and bull cases imply valuations of HK$20–22, HK$30–33 and HK$40+, respectively, depending on utilisation, technology licensing and integrated solutions becoming meaningful earnings drivers.</li>
</ul>


The market values Beijing Shougang Lanzatech Technology (2553 HK) primarily as a low-carbon ethanol producer, underestimating its transition toward an industrial carbon-conversion platform driven by technology, engineering and licensing.
Four commercial plants have proven gas fermentation at industrial scale. Near-term losses keep focus on whether technology licensing and integrated solutions can deliver recurring, higher-quality earnings beyond manufacturing.
We remain constructive. Our bear, base and bull cases imply valuations of HK$20–22, HK$30–33 and HK$40+, respectively, depending on utilisation, technology licensing and integrated solutions becoming meaningful earnings drivers.


Shougang LanzaTech: Beyond Ethanol Toward Industrial Process Technology

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

Endurance Acquisition Corp / Equity Capital Markets

<ul><li>Endurance Acquisition Corp. (EDNC) &amp; SatixFy (Valuation: $632M EV)</li><li>AMCI Acquisition Corp. II (AMCI) &amp; LanzaTech NZ (Valuation: $1.82B EV)</li><li>Rosecliff Acquisition Corp (RCLF) and Gett mutually agree to terminate their merger due to current market conditions</li></ul>

Endurance Acquisition Corp. (EDNC) &amp; SatixFy (Valuation: $632M EV)AMCI Acquisition Corp. II (AMCI) &amp; LanzaTech NZ (Valuation: $1.82B EV)Rosecliff Acquisition Corp (RCLF) and Gett mutually agree to terminate their merger due to current market conditions

United States

LanzaTech Global, Inc. provides carbon recycling technology. The Company develops gas fermentation technology designed to offer a profitable pathway for alleviating the significant carbon problem of heavy industry and manufacturing. LanzaTech Global transforms waste carbon into materials such as sustainable fuels, fabrics, packaging, and other products.

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LanzaTech Global (LNZA US)

Shougang LanzaTech: Beyond Ethanol Toward Industrial Process Technology

The market values Shougang LanzaTech as a low-carbon ethanol producer. We believe technology licensing and integrated solutions could gradually...

Duncan Chan

The SPAC Week in Review

Endurance Acquisition Corp. (EDNC) & SatixFy (Valuation: $632M EV). AMCI Acquisition Corp. II (AMCI) & LanzaTech NZ (Valuation: $1.82B EV)

SPAC Track

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