the Shanghai Stock Exchange, on September 11, the main board IPO application of China Power Construction New Energy Group Co., Ltd. (Hereinafter referred to as "Power Construction New Energy") was formally accepted!
According to the prospectus, after deducting the issuance fee, the fund raised by Xinneng Electric Power Company will be used for the construction of wind power and solar power projects, including new energy base projects, green ecological civilization projects, local load absorption center projects and industrial integration development projects, with a total investment of 48.481 billion yuan. Among them, 9 billion yuan is planned to be invested with the raised funds. In June
2023, China Electric Power Construction announced that it planned to split its holding subsidiary, China Electric Power Construction New Energy Group Co., Ltd. to be listed on the domestic stock exchange.
According to the announcement, Power Construction Xinneng was established on July 2, 2004, and is the only new energy business operator set up by China Power Construction to integrate its new energy project resources and build an intensive development platform. The company is responsible for the development, investment, operation and management of wind power and solar power projects in China, and is the only new energy business platform in the Power Construction Group.
From 2022 to 2024, the operating income of Power Construction Xinneng is 8.38 billion yuan, 8.73 billion yuan and 9.81 billion yuan respectively, and the net profit attributable to the owner of the parent company is 1.77 billion yuan, 2.33 billion yuan and 2.59 billion yuan respectively. In the first quarter of 2025, the operating income of Power Construction Xinneng was 2.66 billion yuan, and the net profit attributable to the owner of the parent company was 510 million yuan. During the reporting period
, the revenue of solar power generation business was 1.240 billion yuan, 1.591 billion yuan, 2.821 billion yuan and 750 million yuan, accounting for 15.47%, 18.35% and 28.94% of the revenue of various types of power generation, respectively, with rapid growth, but in the first quarter of this year, it accounted for 28.38%, with a slight decrease.
In addition, by the end of January 2025, the company's asset-liability ratio was 73.55%, which was at a relatively high level.
In recent years, it is not uncommon for power giants to split new energy business into capital market, and there is a trend of acceleration. On March 15,
2025, China Resources Power's new energy business platform , China Resources New Energy , was accepted for IPO on the main board of Shenzhen Stock Exchange, and the inquiry was completed on April 1, 2025. The issuance plan will raise about 24.5 billion yuan , which will be used for the construction of wind power and solar power projects after deducting the issuance fee. On July 15,
2025, Huadian Xinneng, the only new energy business platform of China Huadian, officially landed on the main board of Shanghai Stock Exchange. It is used for the construction of wind power generation and photovoltaic power generation projects, which has become the largest IPO project in the A-share market this year.
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