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

• 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%.

The Trade:

• CRNE appears fairly priced on a trailing P/B metric; to possibly “cheap” on a trailing PER metric, depending on your forecast viewpoint.

• However, at ~700x oversubscribed, and given CRNE is part of the vast SOE China Resources Holdings, a pop on debut is a safe bet.

• The question is whether China Resources Power (836 HK) will cash in on this (expected) upside.

This insight is labelled bullish. CRP’s metrics are not demanding versus peers.