Shareholding Restructure Cements Future With Hans Energy Becoming Citybus’ Majority Shareholder

24 May 2024, Hong Kong
Private Equity

(24 May 2024, Hong Kong) Hans Energy (0554.HK) announced today it will acquire 54.44% shares of Citybus’ parent company, Bravo Transport Holdings Limited (BTHL) for 2.72 billion Hong Kong Dollars (HKD) to become the majority shareholder. The transaction values BTHL, which comprises primarily of franchised bus operations, non-franchised bus operations and a media business, at 5 billion HKD.

This shareholding restructure between existing shareholders will vertically integrate the public transport operator and the energy supplier while maintaining the existing shareholding relationship between Templewater and Citybus as one of its portfolio companies, further harnessing the business opportunities brought on by the transition to zero-emission operations and the rapid growth of the new energy market. There will be no changes with the existing core management team of Citybus or the way that the franchise business is being run. Upon completing the deal, Hans Energy will own 70% of the shares of BTHL. As Hans Energy is a company listed on the mainboard of Hong Kong Stock Exchange, BTHL and Citybus therefore will become non-wholly owned subsidiaries of a public company.

Post completion of the deal, Templewater will continue to be a significant 30% direct shareholder of BTHL, and as part of the deal, Templewater will also become a minority shareholder of Hans Energy at around 6.59%. Templewater representatives will continue to serve on the board of BTHL and Citybus, and continue to provide strong support, including consultancy and advisory services in relation to business development, acquisitions, new energy and hydrogen related projects. The Chairman and CEO of Templewater, Mr. Cliff Zhang, will remain as the Chairman of Citybus. This will ensure the ongoing smooth operation of the business which since acquisition by a consortium led by Templewater in 2020 has proven to be a resounding and successful story of business stabilisation, growth and ongoing transformation. Citybus’ core management team, which have been leading the business successfully through the pandemic and its subsequent recovery whilst delivering key public services, will remain to manage the business. 

Mr. Cliff Zhang said: “The restructure of the company’s shareholding can cement the long-term prospects and future business continuity for Citybus, which will become part of a listed company on the main board of Hong Kong Stock Exchange. Since the acquisition of the business in 2020, we have embarked on an astonishing transformation journey to improve operational efficiency and adopt innovation across the business. With the major milestone of the franchise merger successfully completed and the introduction of Hong Kong’s first electric and first hydrogen double-decker bus into our operations, as well as Hong Kong’s first hydrogen refuelling station, the company is future-proofing its direction and ready to take on the challenges and embrace the opportunities ahead with a highly skilled management team and loyal workforce in place, who are most committed to providing class-leading services to the residents of Hong Kong. Citybus will always be aspired to bring Hong Kong people to love and enjoy efficient, comfortable, quality and zero-emission public transport.”

Hans Energy CEO Mr. Yang Dong said: “Since Hans Energy became a shareholder of Citybus in 2020, we have collaborated with other shareholders to promote the replacement of current diesel fleet with hydrogen buses, thereby accelerating the zero-emission transformation campaign #MissionZero of Citybus. The first hydrogen refuelling station, in which we participated and invested in, providing a guarantee for the smooth operation of Hong Kong’s first hydrogen double-decker bus. Hans Energy is currently undergoing a transformative phase, transitioning from the traditional energy sector to renewable energy sector. This acquisition aims to vertically integrate the energy supplier and key end-user. On the one hand, we leverage our existing advantages in petroleum product trading and logistics resources to reduce fuel costs for Citybus. On the other hand, our strategic development of the hydrogen industry aligns and creates synergy with Citybus’ #MissionZero goal. As a subsidiary of Hans Energy, as part of a public company listed on the main board of the Hong Kong Stock Exchange, Citybus will have greater transparency in its operations and services, as well as more conducive to obtain support from the capital market. This will ensure a more stable and sustainable development outlook for Citybus.”


Citybus is owned by Bravo Transport Services and is committed to improving the quality of life for the citizens of Hong Kong that we serve, whilst providing safe and reliable bus services. The company employs over 5,000 staff, operates over 1,700 buses across Hong Kong Island, Kowloon and the New Territories and carries over 1m customers per day. Citybus has an industry leading bus fleet with all buses operating at Euro5 emissions standard or above.

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