据两位知情人士透露，总部位于香港的可持续燃料生产商 EcoCeres 在私募股权公司 Bain Capital 的支持下，计划通过在香港的首次公开募股（IPO）筹集约 10 亿美元。
EcoCeres, a Hong Kong-based producer of renewable fuels backed by private equity firm Bain Capital, plans to raise about $1 billion in a Hong Kong initial public offering, two people with knowledge of the matter said.
该公司的主打产品是可持续航空燃料（SAF），这些人士表示，EcoCeres 计划在今年年底前在香港上市。他们同时指出，EcoCeres 的主要股东 Bain Capital 计划在本次 IPO 中出售部分所持股份。Bain Capital 的发言人拒绝对此事发表评论。
The company, whose flagship product is sustainable aviation fuel (SAF), aims to make its market debut in Hong Kong by the end of the year, said the people, who declined to be identified as the information is private. Its main shareholder Bain Capital aims to sell down part of its holding in the planned IPO, they added.
此次上市将为投资者对专门生产可持续航空燃料的企业的兴趣提供一个明确的测试机会，因为全球各地的航空公司和政府都在努力实现航空领域的减排目标。这也凸显了可持续航空燃料产业的快速商业化进程——近年来，该产业已从一个小众的生物燃料实验项目发展成为一项重要的战略目标；包括新加坡、日本和欧盟在内的多个国家和地区都已强制要求在航空燃料中添加可持续航空燃料。
A spokesperson for Bain declined to comment. The planned listing would offer one of the clearest public market tests yet of investor appetite for pure-play SAF producers, as airlines and governments worldwide seek to meet ambitious decarbonisation targets for aviation.
据这些人士透露，参与此次 IPO 的银行包括德意志银行（Deutsche Bank, DBKGn.DE）、汇丰银行（HSBC, HSBA.L）、摩根士丹利（Morgan Stanley, MS.N）和瑞银（UBS, UBSG.S）。
It also underscores the rapid commercialisation of the SAF industry, which has moved from niche biofuel experiment to strategic priority in recent years, with several countries and blocs — including Singapore, Japan and the European Union — mandating SAF blending requirements. Deutsche Bank DBKGn.DE, HSBC HSBA.L, Morgan Stanley MS.N and UBS UBSG.S are among the banks working on the deal, the people said.
两位消息人士还指出，此次 IPO 的发行规模、上市时间表以及 Bain Capital 计划出售的股份比例尚未最终确定，具体安排还需根据市场状况和监管机构的审批结果来确定。EcoCeres 的主要投资者 Towngas、德意志银行、摩根士丹利和瑞银均拒绝对此事发表评论；汇丰银行也未回应相关询问。
OUTPUT CAPACITY AND OTHER PRODUCTS The target offering size, listing timetable and Bain Capital’s planned stake sale have yet to be finalised and are subject to market conditions and regulatory approvals, the two sources said. EcoCeres, Towngas – one of EcoCeres‘ main investors – Deutsche Bank, Morgan Stanley and UBS declined to comment on the matter. HSBC did not respond to a request for comment.
其中一位消息人士表示，EcoCeres 曾考虑在伦敦上市，但在最终决定选择香港作为上市地之前，该公司曾考虑过其他选项。EcoCeres 采用基于废弃物的原料（如废弃食用油）来生产可持续燃料。
EcoCeres, which makes renewable fuels from waste-based feedstocks, including used cooking oil, had considered a London listing before turning its focus to Hong Kong, one of the sources said.
EcoCeres是一家由香港城市燃气供应商Towngas于2008年投资创立的全球性生物燃料生产商。根据该公司官网的信息，其在中国张家港和马来西亚柔佛的生产基地合计拥有每年约77万吨的可再生燃料生产能力。
Incubated by Hong Kong‘s city gas utility Towngas in 2008, EcoCeres is a large SAF producer globally, with combined renewable fuels capacity of about 770,000 metric tons per year across production bases in Zhangjiagang in eastern China and Johor, Malaysia, according to the company’s website.
EcoCeres的官网显示，2022年Bain Capital向该公司投资了超过7亿美元；此外，Kerogen Capital也是其投资者之一。
Bain Capital invested over $700 million in EcoCeres in 2022, while it also counts Kerogen Capital among its investors, EcoCeres‘ website showed.
除了生物航空燃料（SAF）之外，EcoCeres还生产可再生柴油和可再生石脑油（一种燃料成分）。生物航空燃料是一种低排放的替代品，与传统航空燃料相比可减少约80%的温室气体排放，并且无需对现有飞机进行任何改造即可使用。
Besides SAF, EcoCeres‘ products include renewable diesel and renewable naphtha, a fuel ingredient. SAF is a lower-emission substitute for conventional jet fuel that can cut greenhouse gas emissions by about 80% versus conventional jet fuel and can be used in existing aircraft without modification.
根据该公司官网的资料，EcoCeres于2025年10月在马来西亚启动了其第二家生产工厂——这是马来西亚首个生物燃料生产设施。该工厂每年可生产高达42万吨的生物航空燃料、可再生柴油和生物石脑油。
EcoCeres began operating its second plant in Malaysia, the country’s first SAF facility, in October 2025, according to its website. The plant can produce up to 420,000 tons a year of SAF, renewable diesel and bio naphtha, the company said.
自2021年以来，EcoCeres已在中国运营了第一家生物燃料生产工厂，目前为其客户提供包括Qantas、Air France、British Airways和Lufthansa在内的多家大型航空公司。
The company, which has operated its first biofuel plant in China since 2021, supplies major airlines including Qantas, Air France, British Airways and Lufthansa.