from：China Three Gorges Corporationdate：2021-06-11
China Three Gorges Renewables (Group) Co. (CTG Renewables, stock code: 600905) soared in its trading debut in the Shanghai Stock Exchange on June 10, after the company raised 22.71 billion yuan ($3.56 billion) from an initial public offering.
Trading of CTG Renewables started at 3.18 yuan, but soon climbed to 3.82 yuan, up 44.15 percent from CTG Renewables’ IPO price of 2.65 yuan, giving it a market capitalization of more than 100 billion yuan and making it the largest renewable company listed in China's onshore market.
The trading came at a crucial time when China aims to achieve peak CO2 emissions before 2030 and carbon neutrality by 2060.
The listing is an important milestone for the company. Experts said it will deepen the investors’ understanding of renewable energy sector and attract more capital to invest inand drive the high-quality development of the industry.
CTG Renewables raised a total of 28.57 billion shares out of 8.57 billion shares in the public offering, which will be used mainly for offshore wind power projects.
Industry analysts believe that CTG Renewables is attractive to the capital market, as investors sought to gain from the China’s push toward cleaner energy under its goal of carbon peak and neutrality amid an expectation of a speed-up development of renewable industry.
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