-- Towngas Lifestyle, a wholly-owned subsidiary of The Hong Kong and China Gas Company Limited (Towngas), responsible for extended business operations, recently held a signing ceremony for its strategic funding round. The investment, jointly led by investment institutions Oriza FOFs and FountainVest, will help Towngas Lifestyle accelerate business expansion, enhance product competitiveness, and strengthen its AI and IoT platform capabilities, advancing its strategic vision of becoming the most trusted lifestyle platform for customers.
As leading investment institutions, Oriza FOFs and FountainVest bring extensive industry experience and a broad network of resources. Their support demonstrates strong market confidence in Towngas Lifestyle’s business model and growth potential, laying a solid foundation for the company’s nationwide expansion.
Speaking at the ceremony, Mr Peter Wong Wai-yee, Managing Director of Towngas, expressed that he hopes this strategic funding would help replicate Hong Kong’s successful extended business model in the vast market of the Chinese mainland. “As a century-old enterprise, Towngas began exploring extended business opportunities 60 years ago, designing and manufacturing appliances suited to Hong Kong users’ needs, as well as developing a home merchandise business and premium kitchen cabinets. Today, we’ve earned an excellent reputation and market share in Hong Kong through customised gas appliances and professional services. With 45 million household gas customers across the Chinese mainland and Hong Kong, serving nearly 120 million people, the market potential is enormous. This funding round confirms investors’ confidence in Towngas Lifestyle’s direction and business prospects, and we look forward to providing more families with superior products and services.”
Ms Xu Qing, Managing Partner of Oriza FOFs, noted that this collaboration represents more than just a union of capital and industry – it demonstrates a collective commitment to digital home consumption upgrade. “We believe Towngas Lifestyle can carve out new territory in the mainland market, which is our shared goal. The market is changing rapidly, creating more opportunities, so I’m very confident about this partnership.”
Mr Frank Tang Kui, Founder, Chairman and CEO of FountainVest, praised Towngas as a reputable company that has consistently provided reliable, customer-focused products and services, making it a trustworthy partner. “Beyond its traditional business, Towngas has fostered innovative and pioneering companies like Towngas Lifestyle, generating additional revenue and profit streams whilst serving millions of households. We hope to leverage our networks, resources and teams to accelerate Towngas Lifestyle’s growth.”
Mr Yang Jun, Chief Operating Officer – Extended Business of Towngas and Executive Director & General Manager of Towngas Lifestyle, emphasised that this funding marks just the beginning: “We must maintain our entrepreneurial spirit in facing challenges, drawing on Hong Kong’s experience to enhance our overall service standards. Moving forward, Towngas Lifestyle will stay close to customers whilst taking major strides in development. Through our investment partners’ resources, we’ll transform from a traditional sales model to a comprehensive user-centric service model, providing one-stop lifestyle solutions that create greater value for customers.”
Marking Towngas Lifestyle’s tenth anniversary this year, this funding round signals the company’s entry into a new phase of development. Towngas Lifestyle will seize this opportunity to work with partners in delivering smarter, more convenient products and services to customers.
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Press photos:
Photo 1:
Witnessed by Mr Peter Wong Wai-yee (centre, back row), Managing Director of Towngas; Ms Xu Qing (2nd from left, back row), Managing Partner of Oriza FOFs; Mr Frank Tang Kui (2nd from right, back row), Founder, Chairman and CEO of FountainVest (back row, second right); Mr Edmund Yeung Lui-ming (1st from right, back row), Executive Director and Chief Financial Officer of Towngas; and Mr Alan Chan Ying-lung (1st from left, back row), Executive Director and Chief Investment Officer of Towngas, the funding agreement is signed by Mr Yang Jun (centre, front row), Chief Operating Officer – Extended Business of Towngas and Executive Director & General Manager of Towngas Lifestyle; Mr Xu Zhenyu (left, front row), Investment Director of Oriza FOFs (front row, left); and Mr Evan Chen (right, front row), Managing Director of FountainVest.
Photo 2:
Mr Peter Wong Wai-yee, Managing Director of Towngas, expresses that he hopes this strategic funding will help replicate Hong Kong’s successful extended business model in the vast market of the Chinese mainland.
Photo 3:
Ms Xu Qing, Managing Partner of Oriza FOFs, notes that this collaboration represents more than just a union of capital and industry – it demonstrates a collective commitment to digital home consumption upgrade, and believes Towngas Lifestyle can carve out new territory in the mainland market.
Photo 4:
Mr Frank Tang Kui, Founder, Chairman and CEO of FountainVest, hopes to leverage FountainVest’s networks, resources and teams to accelerate Towngas Lifestyle’s growth.
Photo 5:
Mr Yang Jun, Chief Operating Officer – Extended Business of Towngas and Executive Director & General Manager of Towngas Lifestyle, states that through the investment partners’ resources, Towngas Lifestyle’s business will transition from a traditional sales model to a user-centric service model, offering one-stop lifestyle solutions.
Ms May Tam
Assistant Corporate Affairs Manager
Tel: 2963 3475 / 9192 0062
Email: [email protected]
Mr Julius Chow
Senior Corporate Affairs Officer
Tel: 2963 3471 / 6969 1360
Email: [email protected]
Media Enquiries
For media enquiries, please contact our Corporate Affairs Department.
Corporate Affairs Department
The Hong Kong and China Gas Company Limited
21/F, 363 Java Road North Point, Hong Kong
WhatsApp: (852) 6702 6449
Email: [email protected]
Release ID: 89166015
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