Concord New Energy (CNE), a renewable energy business listed on the Hong Kong Stock Exchange (HKEX), is seeking a secondary listing on the Singapore Exchange (SGX). It has already received a letter of eligibility from the SGX.
According to CNE’s introductory document, the company was founded in 1997. Following the acquisition of a renewable energy business in 2007, the company was renamed to China WindPower Group Ltd and was listed on HKEX in the same year.
The company was rebranded under its present name in 2015 and shifted its headquarters to Singapore in 2023. It operates two business segments, namely power generation and “others”.
Under its core power generation business, CNE operates and invests in wind and solar plants under the build-own-operate (BOO) or build-transfer (BT) models. The power generation segment generated 91.4% and 95.4% of our total revenue in FY2024 and 6M2025 respectively.
The “others” segment comprises provision of design, technical and consultancy services; engineering , procurement and construction (EPC) of power plants; and finance leasing to the company’s existing customers. CNE says it is “in the process” of winding down the finance leasing sub-segment.
CNE says that it has a portfolio of “premium quality assets” that enables the company to “exceed” its estimated minimal rate of return on investment. As at 30 June 2025, CNE has equity interests in 91 grid-connected wind and solar power plants, with a total installed capacity of 6.025 GW and attributable installed capacity of around 4.78 GW.
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CNE adds that it has wind power resources reserves of over 5.9 GW and solar power resources reserves of over 3.55GW which are suitable for future development with a prospective capacity.
CNE aims to advance the energy transition by providing clean energy and low-carbon service solutions. It says that it is “committed to delivering high-quality clean energy and professional services to foster sustainability and promote the harmonious development of both people and nature”.
According to a report by Asian Power, CNE is planning to spend more than $1 billion over the next 5 years for expansion. It says that it is working with banks on funding and aims to diversify funding sources by issuing real estate investment trusts or REITs.
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For FY2024, the company reported 6.3% y-o-y revenue growth to around RMB 2.75 ($0.505) billion and a 8.2% decline in profit attributable to equity holders to RMB805 million. For the six months ended June 30, the company reported unaudited y-o-y revenue decline of 6.6% to RMB 1.4 billion and y-o-y decline of 43.7% in profit attributable to equity holders to RMB 282 million.
At around 12:45 pm on Dec 31, shares in CNE were trading flat at HK$0.32.
