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at a time when nuclear power approvals are becoming normalized and industry-wide prosperity is rising, state power investment group co., ltd. (hereinafter referred to as spic) plans to list its nuclear power assets through a backdoor listing. in the past ten years, the listing plan of its nuclear power assets has been delayed several times, but it finally broke through. if all goes well, the three giants in the domestic nuclear power industry will soon join forces in the a-share market.

power investment, industry and finance(000958.sz) announced on september 30 that it received the "notice on the planning of major asset reorganization matters" from the controlling shareholder and actual controller state power investment corporation, and plans to purchase the controlling equity of state power investment nuclear energy co., ltd. through the issuance of shares. at the same time, the controlling stake of state power investment corporation capital holdings co., ltd. will be purchased, and supporting funds will be raised based on specific circumstances.

power investment, industry and finance said that the main counterparty of the asset purchase through this issuance of shares is expected to be state nuclear power technology co., ltd. this transaction is expected to constitute a major asset restructuring andrelated party transactions, and it does not constitute a change in the actual controller, and the relevant plans are yet to be further discussed and determined. the company's shares have been suspended from trading since september 30, and the transaction plan is expected to be disclosed within no more than 10 trading days (before october 21).

the main business of power investment, industry and finance includes energy and finance. the energy sector covers combined heat and power, new energy and other businesses, and carries out the investment, operation and management of power stations. the financial sector mainly includestrust, insurance brokerage, futures and other businesses. interim report data shows that as of the end of june this year, the company's total assets were 46.144 billion yuan.

as the nuclear energy investment and operation management platform of spic, spic nuclear energy co., ltd. is mainly responsible for the investment, production and operation, nuclear safety, nuclear emergency and other business management of spic's domestic and foreign nuclear power plants. as of june 2024, the company's total assets exceed 100 billion yuan. according to the paper, state power investment nuclear energy co., ltd.’s participating nuclear power projects involve sanmen nuclear power, hongyanhe nuclear power, haiyang nuclear power, laiyang nuclear power and other projects.

haiyang nuclear power phase i project

long-delayed listing of nuclear power assets

spic was reorganized in may 2015 by china power investment corporation and state nuclear power technology co., ltd. for a long time, only three major domestic nuclear companies, cnnc, china general nuclear power group and state power investment corporation, have had nuclear power licenses, that is, nuclear power project owner development qualifications. this pattern was not broken until september 2020 - the approval of the second phase of hainan changjiang nuclear power project marked that huaneng group, a state-owned power generation enterprise, has officially become the fourth nuclear power group qualified to hold a controlling stake in the construction of large-scale pressurized water reactor projects. "nuclear power owners" club" expanded to four. judging from the installed capacity of its nuclear power plants in operation and under construction, spic’s nuclear power assets rank behind china national nuclear corporation and china guangdong nuclear power corporation.

the nuclear power duopoly cnnc and cgn have already packaged their nuclear power assets and pushed them into the capital market. december 2014,cgn power(01816.hk) is listed on the main board of the hong kong stock exchange. in june of the following year, china nuclear power co., ltd. (china nuclear power co., ltd.) controlled by china national nuclear corporationchina nuclear power, 601985.sh) was listed on the market, becoming the first pure nuclear power company listed on the a-share market. august 2019,china general nuclear power(003816.sz) is listed on the small and medium enterprises board of the shenzhen stock exchange.

as early as the reorganization and establishment of state power investment corporation, the listing of nuclear power assets had been planned. in december 2015, the paper exclusively reported that wang binghua, then chairman of the state power investment corporation, revealed at an internal meeting that in 2016, spic’s nuclear power asset segment, that is, the overall listing of the state nuclear power technology company, would be launched, seeking a backdoor listing in hong kong. . at the end of 2015, china power new energy (00735.hk), a subsidiary of state power investment corporation, announced that it had signed a memorandum of understanding with state power investment corporation regarding the injection of national nuclear power assets.

but the follow-up progress was not smooth. this is directly related to the cooling of domestic nuclear power construction at that time: after approving eight new nuclear power units in 2015, china did not approve new nuclear power projects in 2016. the only project started in 2017 was the china demonstration fast reactor project with a relatively special nature. . in 2018, there was once again “zero approval” for new domestic nuclear power projects. in 2019, three nuclear power projects including shandong rongcheng were approved. since then, nuclear power approval has once again entered a period of silence that lasted for more than a year.

in the past three years, the pace of domestic nuclear power approvals has returned to normal. in 2022 and 2023, 10 new nuclear power units will be approved during the year. so far, 11 new units have been approved for 2024. the nuclear power industry has entered a new round of rapid development, which has greatly promoted spic's renewed sprint to the capital market. the paper noted that in addition to nuclear power, state power investment corporation’s intention to integrate the assets of listed companies is very obvious:yuanda environmental protection(600292.sh) will become its domestic hydropower asset integration platform, and wind and solar new energy assets will remain inchina electric power(02380.hk), which is advancing the overall return to plan a.

the peak period of nuclear power project construction is approaching

the long construction period of nuclear power and the huge amount of funds required are the fundamental motivations for nuclear power giants to actively connect with the capital market.

normally, it takes 10 or even 15 years for a nuclear power project to be fully completed and put into operation. the initial investment is huge, of which 20% is shareholder capital and 80% relies on debt financing. going public is the best way to solve the funding gap of nuclear power companies. especially in the accelerated development stage of nuclear power, going public will significantly increase the financial liquidity and adequacy of nuclear power companies.

since 2022, multiple cap series third-generation nuclear power units under the state power investment corporation have been approved to start construction, and they will usher in a peak construction period in the next few years.

among them, the shandong haiyang nuclear power project site plans to build 6 million-kilowatt nuclear power units and 1 integrated small reactor, with room for expansion of two nuclear power units reserved. units 1 and 2 of the first phase of the project are projects that support my country's third-generation nuclear power autonomy and were fully put into operation in 2019; units 3 and 4 of the second phase of the project started in july 2022 and are planned to be fully operational in 2027; the third phase of the project units 5 and 6 and the integrated small reactor demonstration project obtained the preliminary work permit in september 2022.

the spic lianjiang nuclear power project site located in zhanjiang, guangdong plans to build 6 million-kilowatt nuclear power units with a total investment of approximately 130 billion yuan. the construction of two cap1000 units in the first phase of the project will start in september 2023 and april 2024 respectively, and is planned to be completed and put into operation in 2028.

the spic bailong nuclear power project located in fangchenggang, guangxi also plans to build six million-kilowatt nuclear power units with a total investment of approximately 120 billion yuan. in september this year, the first phase of the project was fully launched and is expected to be completed and put into operation in 2030.

not only that, spic also owns a number of preliminary sites for nuclear power projects. for example, its shandong laiyang nuclear power project site plans to build 6 "guohe-1" nuclear power units. it is planned at once and implemented in phases. in the first phase of the project, 2 "guohe-1" nuclear power units and their supporting facilities will be constructed. the project construction is in line with the relevant national and shandong province energy development plans, and various preliminary work is being advanced.