Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 15th May 2026, the CSRC approved SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).</li>
<li>CRNE's prospectus was lodged on the 10th June, with a tentative listing early July. CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E. </li>
<li>
CRNE has been priced at RM10.11/share, raising US$3.8bn, with a post-money market cap of US$20.8bn. CRNE's peer basket is down 21% in the past month. CRP is down 10%.</li>
</ul>


Back on the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).
CRNE's prospectus was lodged on the 10th June, with a tentative listing early July. CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E. 

CRNE has been priced at RM10.11/share, raising US$3.8bn, with a post-money market cap of US$20.8bn. CRNE's peer basket is down 21% in the past month. CRP is down 10%.


Update On CR Power (836 HK)'s Clean Energy Spin-Off

<ul>
<li>On the 15th May 2026, the CSRC approved SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).</li>
<li>CRNE's prospectus has now been lodged, with a tentative listing late June/early July. </li>
<li>CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E.  CRNE's peer basket is down 21% in the past month. CRP is down 6%.</li>
</ul>


On the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).
CRNE's prospectus has now been lodged, with a tentative listing late June/early July. 
CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E.  CRNE's peer basket is down 21% in the past month. CRP is down 6%.


CR Power (836 HK): Profit And Sector Dip Clouds Clean Energy Spin-Off

<ul>
<li>A fortnight after the Shenzhen Stock Exchange approved SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a> (CRP)'s A-share listing of its renewable energy unit, CSRC approval is now satisfied.</li>
<li>
The process has taken over three years. Since that time, CRP's earnings and attributable installed capacity, is now evenly split between its thermal and renewable energy segments.</li>
<li>With CSRC and SZSE approvals in the bag, the final stretch should move relatively quickly.</li>
</ul>


A fortnight after the Shenzhen Stock Exchange approved SOE-backed power play China Resources Power (836 HK) (CRP)'s A-share listing of its renewable energy unit, CSRC approval is now satisfied.

The process has taken over three years. Since that time, CRP's earnings and attributable installed capacity, is now evenly split between its thermal and renewable energy segments.
With CSRC and SZSE approvals in the bag, the final stretch should move relatively quickly.


CR Power (836 HK): CSRC Clears Clean Energy Spin-Off

<ul>
<li>After two years and change, SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a> has now announced the Shenzhen Stock Exchange has approved the A-share listing off its renewable energy unit.</li>
<li>Earnings, and attributable installed capacity, is now evenly split between CRP's thermal and renewable energy segments. </li>
<li>Shenzhen (&amp; Shanghai) renewable energy peers trade at significantly higher multiples to HK-listed plays. Assuming the spin-off occurs, there remains material upside to CRP here. </li>
</ul>


After two years and change, SOE-backed power play China Resources Power (836 HK) has now announced the Shenzhen Stock Exchange has approved the A-share listing off its renewable energy unit.
Earnings, and attributable installed capacity, is now evenly split between CRP's thermal and renewable energy segments. 
Shenzhen (&amp; Shanghai) renewable energy peers trade at significantly higher multiples to HK-listed plays. Assuming the spin-off occurs, there remains material upside to CRP here. 


CR Power (836 HK): Still Upside From Expected Clean Energy Spin-Off

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.</li>
<li>The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.</li>
<li>At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.</li>
</ul>


The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.
The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.
At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.


Hong Kong

China Resources Power Holdings Co. Ltd. is an investment holding company that invests in, develops, operates, and manages power plants and coal mine projects across mainland China. It generates power from thermal sources (coal and gas) and renewable energy (wind, solar, and hydro), and also engages in coal mining and energy distribution. The company was founded in 2001 and is headquartered in Wan Chai, Hong Kong.

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China Resources Power (836 HK)

Update On CR Power (836 HK)'s Clean Energy Spin-Off

CR Power is a BUY after 81.81%-held (after over-allotment) China Resources New Energy Group (001248 CH) opened at RMB21.60 versus an IPO price of...

David Blennerhassett

CR Power (836 HK): Profit And Sector Dip Clouds Clean Energy Spin-Off

Forward guidance for CRNE is not optimum. There's still material upside here; however, what holding company discount is applicable?

David Blennerhassett

CR Power (836 HK): CSRC Clears Clean Energy Spin-Off

There is material upside to CRP's share price here, even assigning a large holding company discount. CRP's current metrics are not demanding. CRP...

David Blennerhassett

CR Power (836 HK): Still Upside From Expected Clean Energy Spin-Off

Even assigning a hefty holding company discount, there remains considerable upside to CRP's share price here, should the spin-off unfold. CRP's...

David Blennerhassett

HONG KONG ALPHA PORTFOLIO: (June 2026)

At mid-month, we note that pc makers are passing on higher chip and component costs to consumers. For this reason, we sold our positions in Lenovo...

David Mudd

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