HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

China Three Gorges Renewables / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/beijing-shanghai-high-speed-railway" target="_blank" data-smartkarma-citation="entities:28433:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/china-three-gorges-renewables" target="_blank" data-smartkarma-citation="entities:28950:1" rel="noopener">China Three Gorges Renewables (CIWGCZ CH)</a>, CTGR, has filed an application for IPO in the Shanghai Stock Exchange. It engages in the development, investment and operations of wind and solar power generation projects, with total installed capacity of 9.91GW at end-Sep 2019. It has a national market share of 3.04% in wind power and 2.35% in solar power. CTGR plans to raise Rmb25bn in its IPO for the investment in seven offshore wind power projects and replenishment of working capital. CTGR will be the largest A-share in renewable energy business upon successful listing. </p></div><div><p>Key positives are: 1.) strong background, diversified locations and established record; 2.) solid capacity and profit growth with confirmed project pipeline; 3.) well balanced generation mix; and 4.) largest renewable A-share company with sizeable market capitalisation.</p></div><div><p>Key negatives are: 1.) heavy capex with significant capacity expansion; 2.) margin pressure on lower tariff/subsidies and power trading; and 3.) significant receivables from government subsidies.</p></div>

China Three Gorges Renewables (CIWGCZ CH), CTGR, has filed an application for IPO in the Shanghai Stock Exchange. It engages in the development, investment and operations of wind and solar power generation projects, with total installed capacity of 9.91GW at end-Sep 2019. It has a national market share of 3.04% in wind power and 2.35% in solar power. CTGR plans to raise Rmb25bn in its IPO for the investment in seven offshore wind power projects and replenishment of working capital. CTGR will be the largest A-share in renewable energy business upon successful listing. Key positives are: 1.) strong background, diversified locations and established record; 2.) solid capacity and profit growth with confirmed project pipeline; 3.) well balanced generation mix; and 4.) largest renewable A-share company with sizeable market capitalisation.Key negatives are: 1.) heavy capex with significant capacity expansion; 2.) margin pressure on lower tariff/subsidies and power trading; and 3.) significant receivables from government subsidies.

China Three Gorges Renewables A-Share Pre-IPO: Initial Thoughts

China

Jiangsu New Energy Development Co., Ltd. operates renewable energy development businesses. The Company generates wind energy, solar energy, biomass and geothermal energy, ocean energy, and other energy products. Jiangsu New Energy Development also operates industrial investments, investment management, and other businesses.

Jiangsu New Energy Development (603693 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Three Gorges Renewables A-Share Pre-IPO: Initial Thoughts

China Three Gorges Renewables (CIWGCZ CH), CTGR, has filed an application for IPO in the Shanghai Stock Exchange. It engages in the development,...

Osbert Tang, CFA