Company: BJSG Low Carbon Technology Group Co., Ltd.

Date of Prospectus: June 30, 2025

BJSG Low Carbon Technology Group 2025 IPO: Growth, Innovation, and ESG Leadership in Hong Kong’s Expanding CCUS Sector

BJSG Low Carbon Technology Group Co., Ltd. is set to make a significant debut on the Main Board of the Hong Kong Stock Exchange. As a pioneer in the carbon capture, utilization, and storage (CCUS) industry, BJSG Low Carbon Technology Group is offering investors a unique opportunity to participate in the growth of low-carbon solutions, synthetic biotechnology, and sustainable development in Asia’s most dynamic capital market. This article provides a comprehensive analysis of the IPO, business fundamentals, sector outlook, risks, and listing expectations, strictly based on the official prospectus.

IPO Snapshot: Dates, Structure, and Key Terms

Essential details on the BJSG Low Carbon Technology Group IPO: offer price, shares, timetable, and more.

• IPO Symbol: Not explicitly stated.
• Offer Price Range: HK\$14.50 – HK\$18.88 per H Share. The final offer price will be determined on or before 12:00 noon, July 7, 2025.
• Offer Size: 20,159,800 H Shares (comprising 2,016,000 Hong Kong Public Offer Shares and 18,143,800 International Offer Shares), with an over-allotment option of up to 3,023,800 H Shares (15% of initial offer).
• Post-IPO Outstanding Shares: 380,159,800 Shares after the Global Offering, assuming no exercise of over-allotment option.
• Offer Period: June 30, 2025 (9:00 a.m.) – July 4, 2025 (12:00 noon). Application results and allocation to be announced by July 8, 2025.
• Listing Date: Expected on or after July 9, 2025.

Use of Proceeds: The net proceeds from the IPO will be used primarily for research and development activities, business expansion, and general working capital. All funds raised from prior pre-IPO investments have already been fully deployed into the core business, including R&D and expansion initiatives, underscoring a growth-driven story.

Dividend Policy: No predetermined payout ratio. No dividend declared or paid during the track record period. Future dividends will depend on results of operations, cash flows, and the Board’s discretion. As of December 31, 2024, there were no distributable reserves available for shareholders.

Placement Breakdown:

• Hong Kong Public Offering: 2,016,000 H Shares (10% of the Global Offering)
• International Offering: 18,143,800 H Shares (90%)
• Over-allotment Option: Up to 3,023,800 H Shares (15% of the Offer Shares)
• Employee/ESOP: Employee shareholding platform exists, but no special allocation from IPO disclosed

Investor Participation and Book Quality

Comprehensive disclosure on investor tranches, pre-IPO investments, and implications for demand.

• Anchor/Institutional Investors: Details of specific cornerstone or anchor investors are not disclosed in the prospectus.
• Pre-IPO Investors: Major institutional participants in previous rounds include Caofeidian Fund, Shanghai Dehui, Mitsui & Co., Ltd., NZ Tang Ming, Tang Ming Hong Kong, Zhuhai Jinsheng, Beijing Jiayeyuan, and others. No early disposal by pre-IPO investors is indicated; all existing shareholders are subject to a 12-month lock-up.
• Oversubscription Metrics: Not provided.
• Book Quality Assessment: Based on the reputable bank syndicate and robust institutional participation in pre-IPO rounds, the book is likely to be of high quality, supporting a strong first-day performance.

Deal Parties and Structure

Leading investment banks and underwriting structure supporting the IPO execution and potential aftermarket strength.

• Sole Sponsor: Guotai Junan Capital Limited
• Joint Global Coordinators: Guotai Junan Securities (Hong Kong) Limited, CLSA Limited
• Other Bookrunners/Underwriters: Fosun International Securities, Maxa Capital, BOCI Asia, CCB International, DBS Asia Capital, CMBC Securities, Zheshang International, China Galaxy International Securities, Futu Securities International, Livermore Holdings
• Stabilization/Over-Allotment Option: Up to 3,023,800 H Shares (15%) may be issued to cover over-allocations. Stabilizing actions can be taken for 30 days post-listing.

The presence of top-tier local and regional investment banks, along with stabilization provisions, is expected to provide strong support for listing-day performance.

Company Overview: Business Model and Industry Position

Deep dive into BJSG Low Carbon Technology Group’s business, products, and market leadership.

• Core Business: Carbon capture, utilization and storage (CCUS) with a focus on producing low-carbon products including ethanol and microbial protein via synthetic biotechnology.
• Revenue Streams: Sale of low-carbon ethanol, microbial protein, and provision of integrated low-carbon solutions.
• Key Products/Services: Low-carbon ethanol, microbial protein, CCUS technology solutions.
• Customer Segments: Industrial clients seeking decarbonization solutions, buyers of low-carbon chemicals and proteins.
• Geographical Focus: Primarily China; expansion plans toward global markets.
• Market Position: According to Frost & Sullivan, BJSG is the first CCUS company utilizing synthetic biotechnology to achieve both commercialization and scalability of low-carbon products. The company is recognized for numerous breakthrough innovations and technological leadership in the sector.

Financial Performance and Health

Key financials and health indicators as disclosed.

Note: Detailed multi-period revenue, net profit, and margin figures are not explicitly disclosed on the analyzed pages. Financial disclosures emphasize disciplined use of proceeds, strong cost control, and the absence of dividends or distributable reserves as of December 31, 2024.

Market Position and Competitive Advantages

Leadership in CCUS, proprietary synthetic biotechnology, and a strong IP portfolio position BJSG as a sector leader.

• First-mover advantage: First CCUS company to commercialize and scale synthetic biotechnology in China.
• Strong R&D backbone: Multiple breakthrough innovations validated in industrial production.
• IP Portfolio: Material trademarks registered; details provided in statutory disclosures.
• Brand Strength: Recognized by Frost & Sullivan for commercialization and scalability.

Management Team

Experienced leadership and technical teams underpin the company’s growth.

• Board and Supervisors: Names and detailed biographies are provided in the prospectus (refer to Directors, Supervisors and Senior Management section).
• Shareholding Platform: Employee shareholding platform (Beijing Jiayeyuan) established to attract and retain talent.

Trends, Timing, and Market Environment

Favorable macro and sector trends support the IPO timing.

• ESG Momentum: Rising ESG focus in the Hong Kong market aligns with BJSG’s low-carbon business model.
• Sector Growth: CCUS is identified as a strategic, high-growth industry in China and globally. Market size figures are not specified, but the sector is described as rapidly expanding.
• Economic Environment: The company perceives the Hong Kong Stock Exchange as an international platform with strong investor appetite for ESG and innovation-driven stories.
• IPO Timing: Offer period runs June 30 – July 4, 2025; expected listing on or after July 9, 2025. The company deliberately opted for Hong Kong over an A-share listing to leverage international capital flows and ESG interest.
• Recent Developments: No material adverse change in financial or trading position since December 31, 2024.

Risk Factors

Comprehensive risk disclosures highlight key exposures for investors.

• Control Risk: Controlling shareholders will hold 37.46% post-IPO, with significant influence over key decisions.
• Market Liquidity: 94.7% of shares (pre-IPO shareholders) will be subject to a 12-month lock-up, potentially impacting post-listing liquidity.
• Regulatory Risk: Changes in PRC legal and regulatory environments could materially impact costs and compliance obligations.
• Industry Data Risk: Reliance on official and third-party industry statistics, which have not been independently verified.
• Customer Support, Competition, and Technology Risks: Failure to meet customer support needs or adapt to competitors’ advances could adversely affect results.
• Dividend Risk: No guarantee of future dividends; no dividends have been declared to date.
• Litigation/Enforcement: No current material litigation, but potential risks from legal or regulatory actions.

Growth Strategy

BJSG’s growth is driven by R&D, global expansion, and technology commercialization.

• Use of IPO proceeds: Funding research and development, global market expansion, and general working capital.
• Globalization: The company is positioning itself to access global customers and capital, leveraging Hong Kong’s international platform.
• Technology Leadership: Continued investment in synthetic biotechnology and CCUS solutions to capture future market share.
• Business Expansion: No specific M&A or project pipeline is detailed, but the focus is on organic growth and technology scale-up.

Ownership and Lock-Ups

Detailed pre- and post-IPO shareholding structure and lock-up arrangements protect investor interests and support stability.

• Pre-IPO Shareholders: Prominent institutional and strategic investors, including Shougang Group, Shanghai Mingda Industry, NZ Tang Ming, LanzaTech Hong Kong, Mitsui & Co., Ltd., and others.
• Lock-up Periods: All pre-IPO shareholders are subject to a 12-month lock-up from the listing date. The company and controlling shareholders are also restricted from issuing or selling shares for six months post-listing, with further restrictions thereafter.
• Employee Shareholding: Employee shareholding platform in place (Beijing Jiayeyuan) for incentivization.
• Public Float: Upon completion, public H Shares will represent approximately 37.79% of total issued shares, satisfying Hong Kong’s minimum public float rules.

Valuation and Peer Comparison

Peer company symbols and valuation metrics are not disclosed in the prospectus. No comparative tables provided.

Research and Opinions

No external analyst coverage, price targets, or explicit opinions are disclosed in the prospectus.

IPO Allotment Result

Subscription results and tranche allocations will be announced by July 8, 2025. No final figures are available at this stage.

Listing Outlook

Based strictly on the prospectus, the BJSG Low Carbon Technology Group IPO demonstrates:

• Significant market leadership and technological innovation in the CCUS sector.
• Strong institutional support, prudent use of proceeds, and robust governance mechanisms.
• Well-structured offering and syndicate, with stabilization mechanisms to support post-listing trading.
• Favorable alignment with ESG investment trends in Hong Kong and globally.
• Risks: Heavy reliance on controlling shareholders, regulatory exposure, and absence of near-term dividends.

Inference: The IPO appears to offer attractive exposure to a high-growth, ESG-aligned sector with material upside potential. Based on the solid syndicate, lock-up structure, and sector momentum, the listing is likely to perform strongly on debut, with the offer price expected to be supported or exceeded in initial trading, provided market conditions remain stable.

Prospectus Access

The full prospectus and related documents are available at: www.hkexnews.hk and www.bjsglt.com

How to Apply

Application Channels:

• Apply online via the HK eIPO White Form service at www.hkeipo.hk
• Apply through the HKSCC EIPO channel by instructing your broker or custodian (who must be an HKSCC Participant) to submit electronic instructions via HKSCC’s FINI system

Application Window: June 30, 2025 (9:00 a.m.) to July 4, 2025 (12:00 noon)

Eligibility: Applicants must be 18 years or older and have a Hong Kong address (for HK eIPO White Form service)

• Multiple applications are prohibited except for nominees applying on behalf of underlying investors.
• Allotment results will be published on www.hkexnews.hk, www.bjsglt.com, and www.hkeipo.hk/IPOResult by July 8, 2025.