TL Natural Gas Holdings

What TL Natural Gas Holdings does

TL Natural Gas Holdings Limited is a Hong Kong-listed CNG (Compressed Natural Gas) distribution company operating exclusively in Jingzhou, Hubei Province, China. Founded in 2007 and listed on the GEM board of the Hong Kong Stock Exchange in May 2018 (stock code 8536), the company operates four CNG refuelling stations: the Jingzhou Primary Station, which processes high-pressure pipeline gas received from PetroChina, and three substations (Shihao, Nanhuan, and Shahong) that serve as retail and wholesale refueling points. All four stations are situated on major high-traffic roads in Jingzhou, with three substations adjacent to public bus parking facilities.

The company generates revenue through a B2B2C model, distributing CNG to two primary customer segments: retail customers (vehicular end-users, predominantly bus drivers) and wholesale customers (urban gas companies, refueling station operators, and industrial users). Pricing is volume-based, although specific pricing is not publicly disclosed. Its gas supply is anchored by a 25-year Master Supply Agreement with PetroChina Company Limited signed in 2015, following a 2010 CNG supply framework agreement.

The company is family-controlled, with Liu Yong Cheng serving as Chairman, Executive Director, and CEO, and other family members (Liu Yong Qiang, Liu Chunde) in executive director roles. Beyond its core CNG operations, the company has pursued acquisitions (Jet Union Technology Limited in January 2020; Silver Max AP Company Limited in April 2020), a terminated Evergreen Leader Limited acquisition (February 2021), repeated post-IPO share placings (2024, 2025), and a joint venture formation (December 2025), with an operation management service agreement added in March 2026. Geographic footprint remains restricted to Jingzhou.

Name

TL Natural Gas Holdings

Legal name

TL Natural Gas Holdings Limited

Website

https://tl-cng.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

TL Natural Gas Holdings Limited is a Hong Kong-listed CNG distributor operating four refuelling stations in Jingzhou, Hubei Province, China. It sources pipeline gas from PetroChina and serves retail vehicular end-users (mainly bus drivers) and wholesale customers (urban gas companies, station operators, industrial users).

Ownership category

akta.pro rank

Product category

CNG (Compressed Natural Gas) Distribution

NAICS

Natural Gas Distribution (22121), Natural Gas Distribution (2212), Natural Gas Distribution (221210)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

akta.pro secondary industry

CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• CNG distribution
• Compressed natural gas
• Natural gas marketing
• Gas refuelling stations
• Vehicular fuel supply

Headquarters

HQ city

Jingzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. CNG Distribution: Revenue generated from distribution of Compressed Natural Gas (CNG) to retail customers (predominantly vehicular end-users such as bus drivers) and wholesale customers (urban gas companies, gas refuelling station operators, and industrial users). The company operates four gas refuelling stations in Jingzhou, Hubei Province.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

TL Natural Gas Holdings distributes Compressed Natural Gas (CNG) through one primary gas processing station and three substations in Jingzhou, Hubei Province. Revenue is generated by selling CNG to retail vehicular end-users (primarily bus drivers) and wholesale customers including urban gas companies, gas refuelling station operators, and industrial users. The company sources its gas from PetroChina via high-pressure pipeline under a 25-year Master Supply Agreement signed in 2015.

Product overview

TL Natural Gas Holdings operates as a CNG (Compressed Natural Gas) distribution company with a primary station (Jingzhou Primary Station) and three substations (Shihao, Nanhuan, and Shahong) in Jingzhou, Hubei Province, China. The company generates revenue by distributing CNG to both retail customers (primarily vehicular end-users) and wholesale customers (urban gas companies, gas refueling station operators, and industrial users). The primary station serves as a gas processing facility receiving high-pressure pipeline gas from PetroChina, while the substations provide localized CNG refueling services.

Differentiator

Problem solved

Functional benefit

Products and services

• Jingzhou Primary Station (荆州母站) Primary gas processing station located at Dongfang Road, Jingzhou Economic Development Zone, that receives high-pressure natural gas via pipeline from PetroChina and processes it for distribution through the company's station network. Operates as the core hub feeding the three retail/wholesale substations.
• Shihao Substation (十号子站) First CNG refuelling substation located at Shihao Road, Jingzhou, Hubei Province, adjacent to a public bus parking lot, providing CNG refuelling service to retail vehicular end-users.
• Nanhuan Substation (南环子站) Second CNG refuelling substation located at Nanhuan Road, Jingzhou, Hubei Province, adjacent to a public bus parking lot, providing CNG refuelling service to retail vehicular end-users.
• Shahong Substation (沙洪子站) Third CNG refuelling substation located at Shahong Road, Jingzhou, Hubei Province, adjacent to a public bus parking lot, providing CNG refuelling service to retail vehicular end-users.

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• PetroChina Company LimitedcoreStrategic or Co-development Partner · 1 January 2015Entered into a 25-year Master Supply Agreement with PetroChina Company Limited in 2015. PetroChina provides high-pressure pipelined gas transmission to the company's Jingzhou Primary Station, which serves as the primary gas processing station for the company's CNG distribution network. Additionally, a CNG supply framework agreement was signed with PetroChina in 2010.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Sinopec: One of China's largest integrated energy companies, with significant natural gas operations including refuelling station networks through its subsidiary. Comparable broad gas supply and refuelling capability, though Sinopec operates an upstream-to-retail portfolio across the entire energy value chain.
• Kunlun Energy: PetroChina's natural gas distribution and LNG/CNG terminal subsidiary, operating LNG/CNG refuelling stations and city gas projects across China. Directly comparable as a CNG refuelling station operator with upstream alignment to the same supplier (PetroChina) that anchors TL Natural Gas's supply.
• Towngas China: Mainland China-focused subsidiary of Hong Kong and China Gas operating city gas projects across multiple provinces. Comparable wholesale and end-user gas distribution model, though with broader geographic and customer diversification.
• ENN Energy Holdings: One of China's largest private natural gas distributors, operating city gas projects, gas connections, and vehicle refuelling stations nationwide. Comparable because it operates in the same gas distribution and end-user supply value chain, including CNG/LNG vehicle refuelling, though at vastly greater scale and geographic breadth.
• China Gas Holdings: Major Hong Kong-listed natural gas operator with city pipeline, LNG/CNG refuelling, and industrial/wholesale customer segments in China. Comparable business model combining wholesale gas supply with end-user refuelling, though at much larger scale.
• Tian Lun Gas: Hong Kong-listed natural gas distributor operating city gas projects in multiple Chinese provinces. Comparable end-customer gas supply business model (residential, commercial, industrial), though at larger scale.
• Hong Kong and China Gas: Long-established Hong Kong-listed gas utility with city gas distribution operations in Hong Kong and mainland China. Comparable as a natural gas distribution business serving residential, commercial, and industrial customers, though with a much broader and more diversified footprint.
• China Resources Gas: Hong Kong-listed gas distribution arm of China Resources, operating city gas projects across mainland China. Comparable in distributing natural gas to urban, commercial, and industrial customers, though operates at far greater scale and across many provinces.

Others

• PetroChina: TL Natural Gas's sole upstream supplier under the 25-year Master Supply Agreement. While not a direct competitor, PetroChina is comparable as a natural gas infrastructure counterparty that defines the company's supply economics and is the parent of Kunlun Energy, a CNG station operator.

Regional players

• Shenzhen Gas: Shenzhen-based city gas distributor listed in China, serving residential, commercial, and industrial customers in the Pearl River Delta region. Comparable natural gas distribution business, though primarily serving the southern China region rather than Hubei.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TL Natural Gas Holdings