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Nuke firm shares up 19%
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SHARES in China’s largest nuclear power producer surged over 19 percent on its debut in Hong Kong yesterday, after raising more than US$3 billion in the city’s biggest initial public offering this year.
China General Nuclear Power Co soared 19.06 percent to HK$3.31 (43 US cents) slightly short of an intraday peak of HK$3.48.
The company’s IPO raised US$3.16 billion last week, with analysts saying it had a strong appeal to investors as global warming and air pollution in China have increased demand for cleaner energy.
China has ambitious plans to expand its nuclear industry— there are now 21 operational nuclear reactors and 27 reactors being built in the country, according to the World Nuclear Association.
The world’s second-largest economy regards nuclear as a key area for energy expansion as it seeks to lower its dependence on pollution-causing coal.
It is hoping that carbon dioxide emissions will peak in around 2030.
Shenzhen-based CGN recorded a 5 billion yuan (US$810 million) profit in 2013, a 2 percent rise from the previous year, according to the preliminary prospectus.
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