On July 3, China Resources Power rose 3.42% in regular trading, trading at 17.31 HKD/share, with turnover of 46.71 million HKD. The gain followed the strong debut of its spun-off subsidiary China Resources New Energy on the Shenzhen Stock Exchange.

China Resources New Energy began trading on July 2 and surged 136.89% on its first day to close at 23.95 yuan/share, with market capitalization exceeding 310 billion yuan. The IPO raised approximately 24.5 billion yuan, setting a new record for Shenzhen Stock Exchange IPO fundraising and marking the largest IPO in Asia this year. The offering attracted about 6.4 trillion yuan in retail investor bids, with demand exceeding 1,000 times the shares initially offered.

Following the listing, China Resources Power's stake in China Resources New Energy decreased from 100% to 83.8%, with the subsidiary remaining consolidated in its financial statements. Analysts note the subsidiary's strong debut helps the market reassess China Resources Power's new energy asset valuation, though Daiwa maintained a Hold rating, noting focus will shift to electricity price trends and earnings visibility.

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