China Resources New Energy and CNNC Uranium List on Shenzhen Main Board, Bolstering Capital Market Support for Energy Transition

Beijing, September 24 (CNR) — Reporter: Ni Guyue

The 2026 Government Work Report has, for the first time, replaced energy intensity targets with carbon emission intensity targets, explicitly setting a goal of "reducing carbon dioxide emissions per unit of GDP by approximately 3.8%." The full implementation of the "dual control" system for carbon emissions has made the construction of a new power system centered on renewable energy and the clean substitution of fossil fuels an irreversible trend.

Within this policy framework, two newly listed companies in the clean energy sector on the Shenzhen Stock Exchange (SZSE) — China Resources New Energy (001248.SZ) and China Uranium Corporation (001280.SZ) — have become key players in the capital market's new energy landscape, representing the supply side of renewable energy and the nuclear fuel resource side, respectively. Both companies are contributing to China's economic transformation from different dimensions, serving as crucial "cornerstones" in the capital market's new energy sector.

Institutional Breakthrough: Red Chip Company Returns to A-Share Market on SZSE Main Board

China Resources New Energy was listed on the SZSE Main Board on July 2, 2026, with its listing path carrying significant institutional implications. As a wholly-owned subsidiary of Hong Kong-listed China Resources Power (00836.HK), it represents a classic "H-share spin-off to A-share" structure. It is the first red-chip enterprise to pass the listing review on the SZSE Main Board and the first case of a Guangdong-Hong Kong-Macao Greater Bay Area company listed on the Stock Exchange of Hong Kong returning to the Shenzhen stock market.

This path was enabled by the institutional arrangement outlined in the June 2025 Opinions on Deepening the Shenzhen Comprehensive Reform Pilot Program to Further Reform, Innovate, and Open Up, which allows "Guangdong-Hong Kong-Macao Greater Bay Area enterprises listed on the Stock Exchange of Hong Kong to be listed on the Shenzhen Stock Exchange in accordance with policies and regulations." Dong Yaohui, Vice President of the Shenzhen Institute of Financial Stability and Development, told CNR Finance that the spin-off and A-share listing of China Resources New Energy demonstrates that the SZSE Main Board can accommodate large red-chip and state-owned enterprise (SOE) new energy assets, providing a replicable case for high-quality subsidiaries of Hong Kong-listed central SOEs.

From a capital allocation perspective, the 24.5 billion yuan raised will be directly converted into incremental wind and solar photovoltaic (PV) installed capacity. As of the end of June 2026, the company's controlled power generation projects had a grid-connected installed capacity of 45.01 GW, including 29.22 GW of wind power and 15.79 GW of solar power, with operations covering 31 provinces nationwide. In 2025, the company's green electricity sales reached 66.9 billion kWh, saving 20.25 million tons of standard coal and reducing carbon dioxide emissions by 35.52 million tons. Under the policy framework targeting an average annual addition of approximately 200 GW of wind and solar capacity, the sustained financing capability of such capital-intensive new energy operators directly impacts the pace of achieving installation targets.

In terms of technological innovation, China Resources New Energy pioneered an intelligent string-type grid-forming energy storage system. Its Santanghu project completed the "world's first performance test of a 100 MWh-class string-type grid-forming energy storage power station," and the results were included in the National Energy Administration's "Fourth Batch of First (Set) Major Technical Equipment in the Energy Sector." The company also innovatively integrated "traditional wind measurement towers + ground-based LiDAR" models, developed a wind power forecasting system with fully independent intellectual property rights, and deployed a self-developed intelligent new energy operation and maintenance system, promoting "fewer personnel on duty, unmanned operation" to enhance efficiency and reduce costs through digital intelligence.

Strengthening Resource Security: First Natural Uranium Stock Listed on A-Share Market

China Uranium Corporation was listed on the SZSE Main Board on December 3, 2025, becoming the first natural uranium stock on the A-share market. According to SZSE disclosures, the company issued 248,181,818 shares at an offering price of 17.89 yuan per share, raising net proceeds of 4.44 billion yuan. The funds are allocated to domestic natural uranium production capacity projects, radioactive co-associated mineral resource comprehensive utilization projects, and working capital supplementation. As of the end of June 2026, the overall investment progress of the raised funds exceeded 80%.

China Uranium Corporation has consistently ranked among the world's top ten natural uranium producers and holds a dominant position in China's domestic natural uranium industry. Previously, A-share listed companies in the nuclear energy chain were concentrated in midstream nuclear power operations and downstream equipment sectors, with the upstream uranium resource development segment long absent. The listing of China Uranium Corporation now provides a direct market representation for this segment.

From an operational data perspective, China Uranium Corporation's revenue grew from 10.535 billion yuan in 2022 to 19.894 billion yuan in 2025, achieving a compound annual growth rate of 23.60% over the past three years. In the first half of 2026, the company reported revenue of 10.583 billion yuan, a year-on-year increase of 10.8%, and net profit attributable to the parent company of 987 million yuan, a year-on-year increase of 29.08%.

In terms of technological innovation, China Uranium Corporation has successively overcome challenges in uranium mining, including multi-layer ore coordinated mining, "three-high" (high calcium, high iron-aluminum, high salinity) uranium ore leaching, and scattered ore body recovery. It has developed a third-generation mining and metallurgy technology system marked by the "CO₂ + O₂" in-situ leaching (ISL) uranium mining technology. The company independently developed the "Guoyou No.1" complete set of uranium mining technologies, built China's first single-site thousand-ton-class uranium mine base, and successfully revitalized hundreds of thousands of tons of domestic uranium resources, turning "dormant mines" into "treasures." Additionally, its monazite integrated utilization technology and multi-metal molybdenum ore oxygen pressure leaching comprehensive recovery technology were included in the Ministry of Natural Resources' Catalogue of Advanced Applicable Technologies for Mineral Resource Conservation and Comprehensive Utilization (2025 Edition).

Optimizing Capital Allocation: Enhancing the Function of Serving the Energy Transition

The listing of China Resources New Energy provides an operational template for the SZSE Main Board to accommodate large red-chip enterprises, enriching the structure of listed entities on the board. At the same time, the use of its raised funds aligns closely with the national green development strategy, helping to drive capacity expansion and technological innovation in the new energy operations sector.

For China Uranium Corporation, its listing means that the upstream resource security link of the nuclear power chain has, for the first time, gained a direct capital allocation channel. Leveraging the capital market to advance global resource布局 is becoming a practical path to enhance strategic resource security capabilities. The company stated that it will firmly pursue its strategic goal of "focusing on uranium as the core, striving for international excellence," leveraging the capital market's resource allocation advantages to promote the deep integration of "technology, industry, and finance."

From a broader perspective, the listing windows of these two companies (from late 2025 to mid-2026) coincide precisely with the policy rhythm of the full implementation of the "dual control" system for carbon emissions and the rollout of the "15th Five-Year Plan" carbon peak action plan. The direction of capital allocation in the capital market regarding energy transition and resource security is forming a closer alignment with national strategic priorities.