Nuke power giant surges 44% on debut
Print Edition
A Chinese nuclear power giant surged 44 percent on its first day of trading yesterday after launching the country’s biggest domestic stock offer in four years, as investors bet on China’s renewed push for nuclear energy.
Beijing-headquartered China National Nuclear Power Co raised 13.19 billion yuan (US$2.1 billion) last week, according to a statement to the Shanghai Stock Exchange, in what state media said was the biggest initial public offering since 2011.
Its stock price jumped the maximum allowed for new listings, 44 percent, to close at 4.88 yuan in Shanghai yesterday.
“The company’s IPO was hot because investors are confident of its future returns as China is now backing the development of nuclear power,” said Chen Xingyu, a Shanghai-based analyst with Phillip Securities Group.
CNNP said in its prospectus that its net profit edged down 0.17 percent year on year to 2.47 billion yuan in 2014.
CNNP will use the funds raised to build 10 nuclear power units and supplement its capital.
Investors seeking to buy into the IPO offered a whopping 1.68 trillion yuan in subscription funds, the company said.
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