Sou Hu Cai Jing·2025-07-16 11:39Core Viewpoint - Huadian New Energy is the first among the five major state-owned power groups to complete the integration and listing of renewable energy generation assets, aligning with the national "dual carbon" goals and the high-quality development of the renewable energy sector during the 14th Five-Year Plan period [2] Group 1: Company Overview - Huadian New Energy serves as the sole platform for the integration of China Huadian's wind and solar power businesses, with a total installed capacity of 68.6171 million kilowatts as of December 31, 2024, ranking among the industry leaders in both installed capacity and power generation [3] - The company has actively responded to national strategies for building clean energy bases, significantly promoting large-scale development in the "Three North" regions, leading the industry in the scale of clean energy base development rights [3] Group 2: Financial and Market Impact - The project represents the first IPO of over 10 billion yuan on the main board since the implementation of the comprehensive registration system, marking the largest A-share IPO project by a state-owned enterprise in the past three years and the largest strategic placement scale in the power industry to date [3] - The offline overall subscription multiple set a record for the highest in nearly five years for state-owned enterprises with projects exceeding 10 billion yuan [3] Group 3: Strategic Partnerships and Support - CICC has provided deep service to China Huadian for over 20 years, assisting in capital operation planning and leading the privatization of Huadian Fuxin, the restructuring of China Huadian's renewable energy assets, and the introduction of strategic investors for Huadian New Energy's A-share IPO [2][3] - CICC uniquely managed key arrangements such as issuance communication, strategic placement, and "green shoe" stabilization, successfully attracting numerous high-quality long-term capital during the strategic placement process [3]