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China's renewables giant jumps in debut after biggest 2021 China IPO

Bloomberg
Bloomberg6/10/2021 4:18 PM GMT+08  • 2 min read
China's renewables giant jumps in debut after biggest 2021 China IPO
The company’s listing, the year’s biggest in China, was 78 times oversubscribed
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China Three Gorges Renewables Group Co. surged 44%, the daily limit, in its trading debut as investors sought to gain from the country’s push toward cleaner energy.

The unit of China Three Gorges Corp. saw its shares climb to as high as 3.82 yuan apiece on the Shanghai stock exchange in early trading Thursday, from its IPO price of 2.65 yuan.

The company’s listing, the year’s biggest in China, has been eagerly awaited. It raised 22.7 billion yuan (US$3.6 billion) in a May offering that was 78 times oversubscribed. China Three Gorges said proceeds from the offering would be used to help fund offshore wind power projects and replenish liquidity.

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