Equity Snap: China Resources Power (836 HK) Renewable subsidiary debuts on the A-share market

Research evidence excerpt

Equity Snap: China Resources Power (836 HK) Renewable subsidiary debuts on the A-share market

2 July 2026

Equity Snap: China Resources Equities Electric Utilities

Power (836 HK)

Renewable subsidiary debuts on the A-share market China

◆ Renewable subsidiary debuted on the A-share market, Daniel Yang*

showing meaningful premium over CRP’s current valuation Analyst, Asia Energy Transition The Hongkong and Shanghai Banking Corporation Limited

daniel.h.yang@hsbc.com.hk

+852 299 66976

China Resources Power (836 HK, HKD16.92, Hold, TP HKD20.00)

Evan Li*

(Priced as of 30 Jun 2026) Head, Asia Energy Transition Research

The Hongkong and Shanghai Banking Corporation Limited

Subsidiary CR New Energy debuts on the A-share: China Resources Power evan.m.h.li@hsbc.com.hk

(CRP)’s renewable energy listing vehicle, China Resources New Energy (001248 +852 2996 6619

CH; RMB25.99, not rated), made its debut on the A-share main board today. The Vivian Zhou*

Associate

offering is the second-largest renewable utilities IPO on record in China’s A-share Guangzhou

market, behind Three Gorges Renewables (600905 CH; RMB3.76, not rated). Upon

the company’s listing, CRP will hold an 83.8% equity stake in CR New Energy, * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

maintaining a controlling shareholding in the business. not registered/ qualified pursuant to FINRA regulations

The IPO raised RMB24.5bn with shares priced at RMB10.11 per share, implying a

valuation of 22.5x P/E at listing. As of the time of writing, the stock has surged by

157% to RMB25.99, taking its market capitalisation to approximately RMB328bn.

With an 83.8% shareholding, CRP’s stake in CR New Energy implies a market

capitalisation of approximately RMB275bn. This valuation represents a significant