Opening gong sounds as dignitaries gather to witness CTGR’ listing


China Three Gorges Renewables (Group) Co., Ltd. (CTGR, ticker: SSE 600905), the new energy arm of China Three Gorges Corporation (CTG),officially listed on the Main Board of the Shanghai Stock Exchange at 9:30am on June 10.  Party Secretary and Chairman Wang Wubin of CTGR joined Party Secretary and Chairman of CTG Lei Mingshan and other distinguished guests in hitting the gong to herald the completion of the IPO. Han Jun, Deputy Party Secretary and General Manager of CTG, and other guests delivered speeches at the ceremony, which was attended by representatives from the state government, local governments, central enterprises, and industry organizations who gathered in order to witness the historical moment.

CTGR' market capitalization exceeded 100 billion yuan on its debut, making it the largest new energy company by market capitalization in the A-share market.

CTGR listing comes at the advent of the 100th anniversary of the Communist Party of China and aligns with the country’s ambitious goal of achieving peak emissions by 2030 and carbon neutrality by 2060.

The IPO is an important milestone in the development of the new energy business of CTG, which has thoroughly studied and implemented the important instructions given by the General Secretary of the Chinese Communist Party, Xi Jinping, in his address to the company. The IPO serves as a crucial part of CTG’s efforts to leverage the leading role of the state-owned enterprise and tap the capital market to drive the development of new energy industry.

Established to construct the Three Gorges Project, CTG has long been committed to generating clean energy, building a better homeland and benefiting the lives of everyone in China. Today, CTG has become the largest hydropower developer worldwide and the biggest clean energy group in the country. As CTG’s alternative energy arm, CTG Renewables has been developing onshore and offshore wind power and solar power, becoming a leader in the transformation of the new energy industry in China. CTGR will use the IPO as an opportunity to further improve its corporate governance structure, strengthen its management, make good use of the proceeds from the offering, and become a large-cap blue-chip stock in the A-share market. Positioned as a leading clean energy provider, CTGR will generate more clean energy and create value for its shareholders, playing an increasingly greater role in building China’s new energy-dominated power system.

The IPO is an important historical moment in the evolution of CTGR, completing a three-step roadmap that saw it refine its shareholder base and attract strategic investors before finally going public.  The listing has made the company a pioneer among central state-owned enterprises in the new energy industry and inspired its peers as to how to tap the capital markets to drive new energy business. CTGR, considered a rare investment target in the new energy industry in the A-share market, will help educate investors about the industry while also helping attract more social capital to empower the continued high-quality development of the new energy industry.

CTGR’ IPO has received an enthusiastic response from investors, with the online retail tranche oversubscribed. Statistics show approximately 16.19 million investors subscribed to 487.4 billion shares via online issuance. The overall subscription totaled nearly 1.3 trillion yuan, with around 22.66 billion yuan aggregated in subscription via online and offline issuance. The company now has 28.571 billion shares outstanding and 8.571 billion shares offered publicly. The proceeds from the offering will be mainly used to fund CTGR’ offshore wind power projects. The listing was a huge success, with the share price surging by the daily limit of 44%, as investors sought to capitalize on China’s drive to fulfill President Xi’s pledge for the country to achieve peak emissions by 2030 and carbon neutrality by 2060.