China Three Gorges Renewables Group’s stock surged by 44 per cent on its debut following the country’s biggest onshore initial public offering of 2021, as investors rushed for exposure to the fast-growing clean energy sector.
Shares in the renewable energy arm of China Three Gorges Corp, the state-owned company that lends its name to the hydropower dam on the Yangtze river, shot up the maximum daily amount permitted by the Shanghai stock exchange on Thursday.
The group had earlier raised Rmb22.7bn ($3.6bn) in its IPO, the largest equity debut in the country since a $7.6bn share sale by China’s biggest chipmaker Semiconductor Manufacturing International Corporation last July. The first day jump pushed the company’s market capitalisation to $17.1bn, according to Bloomberg.