China Three Gorges New Energy Group’s IPO to debut on Shanghai Stock Exchange tomorrow
Jun 09, 2021 (China Knowledge) - China Three Gorges New Energy Group (600905) to start trading on the Shanghai Stock Exchange – Main Board tomorrow. The firm will issue 8.57 bln shares priced at RMB 2.65 per share to raise RMB 22.71 bln. The company’s initial price-to-earnings ratio (PE) stands at 28.87. During subscription the IPO was 77.93 times oversubscribed.
CITIC Securities acted as the lead underwriter and sponsor for the IPO, while Huatai United Securities, Shenwan Hongyuan Financing Services, and Everbright Securities acted as Co-lead underwriters.
China Three Gorges is mainly engaged in the development, investment and operation of wind and solar energy. Its main products include offshore and onshore wind power, and photovoltaic power generation. At present, the company’s business covers 30 provinces, autonomous regions, and municipalities directly under the central government, and its installed capacity and profitability rank among the first tier of domestic new energy enterprises.
In FY 2020, China Three Gorges garnered a total revenue of RMB 11.32 bln, up 26.3% YoY. In terms of net income, it achieved RMB 3.61 bln, up 27.2% YoY. In Q1 2021, the company reported revenue of RMB 3.81 bln, a YoY increase of 43%, and its net profits reached RMB 1.5 bln, up 51.4% YoY.
The funds raised from the IPO will be used for offshore wind power projects and supplementary liquidity.
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