CGN Power shares leapt a fifth during the company’s Hong Kong debut as investors bet that the country’s attempts to cut its reliance on coal will benefit Chinese nuclear producers, The Financial Times reported. Even in the wake of the 2011 Fukushima disaster in Japan, China has pushed ahead with the construction of 28 nuclear power plants. Analysts at Nomura on Wednesday gave CGN stock a 12-month price target of HK$4.10, saying that its strong capacity growth, rising demand and government support should lift its performance. Last month the company stated that it wanted to double its number of plants within five years.
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