Four nuclear power companies IPO race
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June 28 13:12:17, 2025
**The Nuclear Power IPO Race in China**
On the 7th of this month, China Nuclear Power Co., Ltd. appeared on the latest list of companies seeking an initial public offering (IPO) by the China Securities Regulatory Commission (CSRC). Alongside it, rumors have been circulating about other major nuclear power firms like China Nuclear Power Construction, Shanghai Electric Power, and Guangdong Nuclear Power also preparing for listings. These developments have sparked significant interest within the market.
According to reports, during the next three years of the “Twelfth Five-Year Plan,†approximately 400 billion yuan is expected to be invested in nuclear power construction, with nearly 200 billion yuan anticipated to be released in the coming period. This indicates a strong push from the government to accelerate nuclear energy development.
Two major central state-owned enterprises (SOEs) are now competing to secure the first share of the nuclear power industry. Recently, the Ministry of Environmental Protection approved the third and fourth units of the Tianwan Nuclear Power Plant, as well as flood control measures at the Qinshan Nuclear Power Plant, all within a short span of time. This signals a renewed focus on nuclear power projects, which had been delayed after the Fukushima disaster in 2011.
Despite the global doubts that followed the Fukushima incident, which led to a temporary halt in new nuclear projects in China, the industry has not stopped moving forward. Several key players have been actively preparing for their IPOs, and some have already passed environmental protection reviews. For example, China Nuclear Power recently completed the preliminary environmental review, while China Nuclear Construction also passed verification, clearing the way for its listing plans.
In June 2023, the Ministry of Environmental Protection confirmed that seven nuclear power companies under China’s nuclear sector had undergone environmental compliance checks. On November 1st, it further verified 10 subsidiaries of China Nuclear Construction, finding no violations of relevant laws. This process marks a critical step toward the long-awaited IPOs.
China Nuclear Construction, which had submitted its listing request in early 2011, saw its plans paused due to the Fukushima incident. However, after discussions with the CSRC, the company resumed its IPO preparations this year. It now plans to issue up to 525 million shares on the Shanghai Stock Exchange, raising around 1.8 billion yuan through six project plans—far less than the previously announced 3 billion shares.
Meanwhile, China Nuclear Power has also made progress. As the first company to pass environmental verification, it was initially seen as the likely candidate for the first nuclear power stock. However, recent developments suggest that China Nuclear Construction may now be catching up, leaving the race wide open.
Beyond these two giants, other nuclear power companies are also accelerating their listing efforts. Shanghai Electric, for instance, announced in July 2022 that it intends to issue non-public A-shares to selected investors, including CLP, with a fundraising target of up to 9.5 billion yuan. If successful, this move could bring CLP's high-quality nuclear assets onto the Shanghai Power platform.
Additionally, the State Nuclear Power Technology Corporation has outlined its goal of achieving full listing during the "12th Five-Year Plan" period. Its chairman, Wang Binghua, had set a "three-step" listing plan, aiming for full listing by mid-2012. Sun Qin, chairman of China National Nuclear Corporation, has also confirmed that China Nuclear Power, National Nuclear Power, and Guangdong Nuclear Power Group all have listing plans in place, though the pace will be carefully managed.
With the "Twelfth Five-Year Plan" now emphasizing nuclear power as part of the non-fossil energy sector, the country aims to reach 40 million kilowatts of installed nuclear capacity by 2015. This aligns with broader goals of increasing renewable and clean energy sources, positioning nuclear power as a key player in the energy mix.
The financial pressures on nuclear power companies are significant. With large-scale investments required—potentially reaching 400 billion yuan for 40 million kilowatts of capacity—listing offers a crucial avenue for capital infusion. Analysts note that the slow pace of market reforms in the nuclear sector has left many companies reliant on public funding, making IPOs a strategic necessity.
As nuclear projects require over five years of construction and involve hundreds of billions in investment, companies face challenges in securing enough capital. Listing provides a viable solution, allowing them to raise funds and support future expansion.
Looking ahead, the nuclear power industry is expected to see a surge in activity, with several major companies vying for a spot in the stock market. The competition for the first nuclear power IPO is intensifying, and the outcome will shape the future of the sector.
With the right timing and regulatory support, the nuclear power industry in China stands at a pivotal moment—one that could redefine its role in the country’s energy strategy for years to come.