Stocks in Hong Kong-listed utilities companies are soaring on the back of the rapid expansion of China's gas network.
The country plans to spend more than US$7 billion on gas pipelines and city networks in the next five years and hopes to quadruple its use of natural gas to 8 percent of household fuel by 2010.
Shares of Xinao Gas Holdings, Hong Kong's top-performing utility stock, have surged 116 percent this year.
Wellington Management, Capital Group and JP Morgan Chase are among companies that have invested in Xinao and other Hong Kong-traded gas suppliers this year.
Xinao, based in Lanfang, holds rights to distribute gas in 39 Chinese cities and said it is in talks on 20 more.