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China Resources Power (CR Power) [0836:HK] has selected ABC International Holdings and China International Capital Corporation [3908:HK] for the listing of its renewable energy business in Hong Kong, as reported by Bloomberg on February 14. The unit is working on the IPO with HSBC [HSBC:US] and Morgan Stanley [MS:US], according to people familiar with the matter. The company plans to begin stock trading in mid-2022 and raise between USD1bn and USD2bn from the offering.
Due to a large increase in fuel costs, CR Power forecasted a 70% to 80% drop in profit for 2021 in an earlier announcement. In recent years, CR Power has increased the share of renewable energy in its power-producing business. The firm’s profit in 1H21 was HKD5.11bn (USD654.8m), up HKD576m (USD73.8m) or 12.7% over the same period in 2020, with the renewable energy business accounting for 84.9% of the total. Furthermore, during the 14th five-year plan term, CR Power intends to install 40m kilowatts of renewable energy capacity. Renewable energy is predicted to account for more than half of the company’s installed generators by the end of 2025. CR Power expects to speed up the IPO process since its renewable energy objective could put the company under a lot of financial strain.
Sources:
https://finance.sina.com.cn/tech/2022-01-07/doc-ikyakumx8840293.shtml
