Hong Kong-listed solar and wind farm operator Concord New Energy Group Ltd. (0182.HK) has been approved by China’s securities regulator to make a second listing in Singapore, the company said on Friday. The Chinese Securities Regulatory Commission (CSRC) posted a notice on its website the same day officially registering the plan.
Concord first announced its Singapore listing plan in February, saying it would not involve any new fundraising or new share issues. It said the move was designed to broaden its shareholder base, and open a potential future new fundraising channel. It submitted its application to the Singapore Stock Exchange in April. The CSRC approval clears one of the last major regulatory hurdles for the plan to proceed.
Concord reported revenue of 1.4 billion yuan ($198 million) for the first half of this year, down 7% from 1.5 billion yuan a year earlier. Its profit for the period fell 44% to 282 million yuan from 501 million yuan a year earlier.
Concord New Energy’s shares fell on Monday in Hong Kong and were down 1.6% at HK$0.315 in the afternoon. The stock is down 38% this year.
By Doug Young
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