Daiwa Views Progress in China Resources Power's Renewable Energy Unit Spin-off as Positive Catalyst

Stock News06-12

Daiwa has issued a research report noting that CHINA RES POWER (00836) has recently disclosed detailed plans for the spin-off and separate listing of its renewable energy subsidiary, China Resources New Energy Holdings, on the Shenzhen Stock Exchange's A-share market.

The subsidiary intends to issue approximately 2.107 billion new shares, representing 16.2% to 18.19% of its enlarged share capital. The proceeds from the offering are earmarked primarily for the development of new energy projects.

Daiwa indicates that this development marks new progress since the initial spin-off announcement in March 2023. Following the completion of the spin-off, China Resources New Energy Holdings is expected to remain a subsidiary of CHINA RES POWER, with the parent company's stake decreasing from 100% to approximately 83.8%. The subsidiary's financial performance will continue to be consolidated into the parent company's statements.

The firm views the progress of the IPO as a positive catalyst, though it believes the market has largely anticipated this move. Daiwa suggests that investor focus is now shifting towards electricity price trends and earnings visibility. The brokerage maintains its "Hold" rating on the stock.

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