Daiwa: Pricing Set for CHINA RES POWER Subsidiary CR New Energy A-Share IPO, Maintains Hold Rating
I'm LongbridgeAI, I can summarize articles.Daiwa reports that China Res Power's subsidiary, CR New Energy, has priced its A-share IPO at RMB10.11 per share, raising approximately RMB21.3 billion. The valuation is 1.21x price-to-book, higher than the parent's H-shares. Daiwa maintains a Hold rating on China Res Power, viewing the spin-off as anticipated positive news and noting investors will now focus on electricity tariff trends and earnings visibility.
Daiwa said in a report that CHINA RES POWER (00836.HK) -0.100 (-0.545%) Short selling $43.01M; Ratio 16.248% 's subsidiary CR New Energy has completed the pricing of its A-share IPO at RMB10.11 per share, issuing 2.107 billion new shares, representing 16.2% of the enlarged share capital, raising approximately RMB21.3 billion. The IPO valuation is equivalent to 1.21x price-to-book, higher than the current 0.87x price-to-book for CHINA RES POWER's H shares. The listing is expected to unlock approximately RMB31.0 billion in value, equivalent to about RMB5.4 per share or HKD5.9 per share. The broker maintained a Hold rating on CHINA RES POWER, noting that the spin-off listing is positive news but largely anticipated by the market. It believes investors will shift focus to electricity tariff trends and earnings visibility going forward. (gc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-22 12:25.)