On September 5, the official website of the Shanghai Stock Exchange announced that Shaanxi Hydropower Development Group Co., Ltd. The Shanghai Stock Exchange decided to terminate the examination of the initial public offering of Shaanxi Hydropower and its listing on the main board of the Shanghai Stock Exchange. The first IPO trip of
Shaanxi's "electricity boss" on the main board of Shanghai Stock Exchange was officially terminated.
The announcement shows that the application documents for the initial public offering of Shaanxi Hydropower and its listing on the main board of Shanghai Stock Exchange were accepted and examined by the Shanghai Stock Exchange on December 30, 2023, and the status was updated to inquiry on January 26, 2024. On June 27, 2025, Shaanxi Hydropower updated its financial report, but unexpectedly withdrew its IPO application after more than two months. Established in 1999,
Shaanxi Hydropower, as the "power boss" of Shaanxi Province, the leading enterprise in the field of clean energy power generation in Shaanxi Province, and the sole operator of clean energy power generation business under Shaanxi Investment Group, is a clean energy enterprise focusing on the integrated development of "wind, solar, water and storage". Its main business is the investment, development and operation of green clean energy power generation projects such as photovoltaic power generation, wind power generation and hydropower generation . In terms of
performance, the operating income was relatively stable during the three years of 2022, 2023 and 2024, but the net profit deducted from non-profits declined sharply in 2024. During the three years, the operating income of Shaanxi Hydropower was about RMB 1.030 billion, RMB 1.082 billion and RMB 1.060 billion respectively; during the same period, the net profit attributable to the parent company was RMB 185 million, RMB 288 million and RMB 362 million; Net profit after deduction was 163 million yuan, 282 million yuan and 170 million yuan .
By the end of 2024, the grid-connected installed capacity of the projects put into operation was 1,781.69 MW, of which photovoltaic power generation was 1,257.89 MW, accounting for more than 70% . The withdrawn IPO project of
Shaanxi Hydropower was originally planned to raise 1 billion yuan, which will also be used for the construction of photovoltaic power plant projects after deducting the issuance fee.
It is reported that Shaanxi Investment Fugu 250 MW Photovoltaic Delivery Project is located in Laogaochuan Town, Fugu County, Yulin City, Shaanxi Province, with a total planned installed capacity of 250 MW and a total investment of 1,259.7 million yuan, of which 100 million yuan is raised. The main body of the project is Shaanxi Investment Fugu, and the construction includes photovoltaic array area, supporting the construction of a 220kV booster station and other related facilities. The project is
expected to have a construction period of 1 year and a production and operation period of 25 years. After completion, the project will achieve an average annual power generation of 464,983,900 kW · H and an equivalent utilization time of about 1,549.90 hours. The project has obtained the environmental impact assessment report issued by Yulin Ecological Environment Bureau on November 7, 2022, and the original plan is to complete the full capacity grid connection in June 2025.
However, it is noteworthy that the project has been partially connected to the grid.
According to the report of Shaanxi Hydropower Official Public Number on October 15, 2024, the third batch of power generation units of Shaanxi Investment Fugu 250 MW Photovoltaic Transmission Project have been connected to the grid, and the main transmission structure of the project has basically formed. "Take the implementation of the construction land in the photovoltaic array area as the key, seize the golden construction period, and make every effort to promote the civil construction of the pile foundation and collector lines in the photovoltaic plant area, so as to lay a good foundation for the full-capacity grid-connected power generation of the project."
On November 13, Shaanxi Hydropower Yulin Company held a special meeting on the promotion of the construction of 250 MW photovoltaic transmission project in Fugu, requiring the project to adopt the construction strategy of "construction, site selection and coordination at the same time", and "go all out to ensure the construction period and catch up with the progress, so as to ensure that the project achieves the goal of full capacity grid-connected power generation on schedule. ”
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