The Beijing-based company, which is engaged in solar and wind power generation and claims to have 27.24 gigawatts (GW) of installed capacity, is seeking the A-share listing after it was delisted from the Hong Kong bourse following a privatisation deal by its parent company in June 2020.
Huadian New Energy, a well-known renewable energy unit of China Huadian (one of China’s five state-owned electricity generators), aims to raise about CNY 30 billion (USD 4.5 billion) via a listing on the Shanghai Stock Exchange, according to its draft initial public offering (IPO) filing.
The Beijing-based company, which is engaged in solar and wind power generation and claims to have 27.24 gigawatts (GW) of installed capacity, is seeking the A-share listing after it was delisted from the Hong Kong bourse following a privatisation deal by its parent company in June 2020. Previously called Huadian Fuxin Energy, the company is seeking to raise a far higher amount than the USD 319 million it raised in its 2012 Hong Kong IPO. China Huadian owns about 83.4% of Huadian New Energy through its subsidiary and an affiliate company.
Huadian New Energy plans to issue new shares amounting to at least 15% and no more than 30% of its enlarged issued share capital, including an overallotment option if there is strong demand. Solar panels cover hillsides in Zhangjiakou, in China’s northern Hebei province, on November 15, 2021. The country aims to get 25 of its power from renewable sources by 2030. Solar panels cover hillsides in Zhangjiakou, in China’s northern Hebei province, on November 15, 2021. The country aims to get 25 of its power from renewable sources by 2030.
China’s top economic regulator, the National Development and Reform Commission, in June unveiled a new plan for renewable energy during the 14th five-year period, which runs from 2021 through 2025. Aiming to guide the development of the sector in support of China’s 2060 carbon-neutral goals, the plan calls for increasing the installed capacity of wind and solar power to 1,200GW and raising the share of energy generated without fossil fuels to 25% by 2030, compared with 20% in 2020.