Concord New Energy up over 8% a day after flat debut on SGX

[SINGAPORE] Concord New Energy, Singapore’s first listing of the year, recovered in early trading on Wednesday (Jan 7) following a muted opening on Tuesday.

The counter - which has a primary listing in Hong Kong - rose over 8 per cent to S$0.066 just minutes into the opening bell. On Tuesday, it was mostly flat at S$0.065, equivalent to the HK$0.34 Monday close in Hong Kong.

The Singapore-headquartered renewable energy company announced in December that it received approvals from regulators in China and Singapore for the planned listing, which did not involve any new fundraising.

Founded in 2006, Concord New Energy listed on the HKEX in 2007 and has a current market value of HK$2.6 billion. The group manages 83 wind and solar power plants globally, with a presence in North America, Europe and Asia.

In the first half of 2025, it had a 6.6 per cent year-on-year decline in revenue, at 1.4 billion yuan (S$260 million). During that period, net profit attributable to controlling interests fell 43.8 per cent to 282 million yuan and earnings per share dropped 42.6 per cent to 0.0358 yuan.

The company attributed the deterioration in performance to worsening curtailment issues and falling comprehensive electricity prices in China.

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Despite these financial headwinds, it continued its operational expansion, increasing its total attributable installed capacity by 18 per cent to 4.8 gigawatts, dominated by subsidy-free plants. The energy company also secured significant new wind and solar projects both domestically and internationally.

To counter the “adverse” market conditions, it also said it adjusted its strategy to prioritise quality and efficiency, successfully reducing overall financing costs to 3.6 per cent, cutting equipment failure losses by 40 per cent and increasing green electricity transaction volume by 26 per cent to help offset the impact of lower electricity prices.

In December, it confirmed a planned expansion of over US$1 billion in Asia to tap into “accelerating renewable energy demand” in the region and to “strengthen its long-term presence” there.