Shougang Langze updates its IPO prospectus but still remains unprofitable; 64-year-old female General Manager Dong Yan's performance bonus drops by 40%

Rui Finance Yanming Association On March 17, Beijing Shougang Langze Technology Co., Ltd. (hereinafter referred to as: Shougang Langze) once again submitted a listing application to the Hong Kong Stock Exchange Main Board, with Guotai Junan International as the sole sponsor.

Shougang Langze was established in 2011, and its main business includes the sale of low-carbon products (primarily ethanol and microbial protein sales) and providing comprehensive low-carbon solutions for industrial clients. It is the only company in the global CCUS industry that utilizes validated synthetic biology technology to achieve the commercialization and scaling of low-carbon product production.

In July 2025, Shougang Langze announced that it had received a civil complaint, in which the company was listed as a defendant. This civil lawsuit was filed by a shareholder of one of the company’s main operating subsidiaries in the Pingluo County People’s Court. In light of this lawsuit, the company will postpone its global offering and listing.

Shougang Langze is 26.54% owned by Shougang Group, 9.48% by NZ Tang Ming (a company registered under New Zealand law on September 2, 2011), and 3.54% by Caofeidian Fund.

According to the latest prospectus, Shougang Langze’s revenue is expected to decrease by 4.9% from 593 million yuan in 2023 to 564 million yuan in 2024, and further decrease by 7.4% to 522 million yuan in 2025. In 2025, the company’s losses are expected to further widen to 325 million yuan.

In the first two months of 2026, the company’s average ethanol capacity utilization rate was 55.2%, an increase compared to the monthly average capacity utilization rate of 42.1% in 2025.

In 2025, Shougang Langze’s female general manager, Dong Yan, received a salary of 1.473 million yuan, a reduction of 380,000 yuan from the previous year’s 1.853 million yuan. Dong Yan’s performance bonus for 2025 was 390,000 yuan, down approximately 40% from the previous year’s 650,000 yuan.

Dong Yan, 64 years old this year, graduated from Xi’an University of Architecture and Technology and previously served as the vice president of the New Zealand Chinese Chamber of Commerce. She has been the general manager of Shougang Langze since January 2015.

The board of directors of Shougang Langze consists of 11 directors, including two executive directors, five non-executive directors, and four independent non-executive directors. Lin Siyu was appointed as an executive director on May 27, 2025. Previously, Dong Yan was the only executive director of the company.