March 23, 2016 - 9:43 AM EDT
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Blue Sky Power Announces 2015 Annual Results - Natural Gas Segment Sees Profit Turnaround

Solid foundation built for further expansion in 2016 and beyond

HONG KONG, March 23, 2016 /PRNewswire/ -- Blue Sky Power Holdings Limited (or "the Company", together with its subsidiaries, the "Group", HKSE stock code: 6828) announced its annual results for the 12 months ended 31 December 2015. Blue Sky Power successfully turned profit-making which recorded a profit attributable to owners of the Company amounted to HK$ 17.16 million for the year ended 31 December 2015, as compared to a loss of HK$ 70.76 million last year. Blue Sky Power's natural gas segment recorded total revenue of HK$ 105.83 million, a growth of 85% from 2014. In 2015, the segment also achieved a profit turnaround, going from a segment loss of HK$ 8.96 million in 2014 to a profit of HK$ 102.70 million.

Blue Sky Power, an integrated natural gas provider, takes an innovative approach to gas sourcing and end-user distribution. The company's natural gas provision encompasses industrial, commercial, residential and transportation sectors, as well as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG) distribution and trading across China.

Mr. Hu Xiaoming, CEO of Blue Sky Power, commented, "2015 was an important year for Blue Sky Power, achieving profitability in our natural gas segment. Through our acquisitions and partnerships, we have grown our industry value chain, both in reach and scope of services. In 2015, Blue Sky Power conducted five acquisitions. These include 21 operating refueling stations in Hainan, Guizhou and Shandong; 41 L/CNG transportation fleet in Shandong as well as a LNG receiving terminal in Hainan. Blue Sky Power now operates in 7 provinces within China. Two additional acquisitions already received shareholder approval at our SGM in March, 2016, expanding our geographic reach to the provinces of Guangxi and Anhui. We are excited to develop and build a strong foundation for growth and greater profitability and to achieve new win-win partnerships."

In addition to its acquisitions, Blue Sky Power strengthened its financial position by successfully invited renowned international financial and industry investors to participate in our shares and convertible issuances. This included the issuance of convertible bonds to Templeton Strategic Emerging Markets Fund IV, LDC ("Templeton Emerging Market Fund") and Haitong International Securities Group Limited ("Haitong International Securities"), totaling HK$ 331 million. In January 2016, Blue Sky Power also entered into an agreement with Beijing Gas Group Co., Ltd ("Beijing Gas") in which Beijing Gas will subscribe to 2,155,555,555 subscription shares of the Group at HK$0.45 per share and also convertible bonds with total investment amount of HK$ 1.32 billion. Immediately after the issue and allotment of subscription shares and consideration shares, Beijing Gas will hold approximately 29% of the shares of the Group and become the single largest shareholder of the Group.

Mr. Tommy Cheng, Chairman of Blue Sky Power, stated that, "Blue Sky Power will continue to strengthen our supply chain of natural gas while expanding our reach to a wider customer base across more provinces in China. China is in the middle of an energy transformation, with the central government making a strong push to the increasing use of clean energy. Natural gas is the ideal solution of clean and affordable energy for China and Blue Sky Power is eager to actively promote and provide natural gas to a wide customer base across China where we see there is huge market potential which is currently underserved. Our innovative approach, our potential and value proposition in meeting the growing gas demand with diversified supply and distribution of natural gas, is reflected in the strong backing we have attracted from the likes of renowned institutional investors and experienced industry participants. Their backing also provides us with the financial strength to pursue continued M&A within the industry as we seek complementary assets to strengthen our industry value chain and further improve profitability for the Group. "

About Blue Sky Power Holdings Limited
Blue Sky Power Holdings Limited (HKSE Stock Code: 6828) is engaged in the natural gas distribution business in the PRC since late 2013 and is investing and operating natural gas business in the PRC, including Shandong, Guizhou, Jiangsu, Hubei, Hainan, Sichuan and Liaoning Provinces. To learn more about the company, please visit

Source: PR Newswire (March 23, 2016 - 9:43 AM EDT)

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