⚛️ Atomic lift-off in Shenzhen: The state-owned China National Uranium debuts in Shenzhen and jumps by +280% on its first trading day. IPO volume: 4.43 bn yuan (≈ USD 628m). Market cap after listing: about 140 bn yuan (≈ USD 20bn).
⛏️ Capital for nuclear supply security: Around 30% of the shares went to strategic state investors. The fresh capital will mainly fund new uranium projects in Xinjiang and Inner Mongolia to strengthen domestic supply.
🌍 Global resource hunt: China National Uranium holds 19 mining rights, including the Rossing mine in Namibia, whose majority acquisition from Rio Tinto has since turned into a stable cash-flow asset.
⚡ Reactor-driven demand: China is currently building more nuclear power plants than any other country and still covers over 70% of its uranium demand through imports. The global rise in uranium prices is significantly improving earnings prospects for existing mines.
🧱 Core pillar of the national security agenda: Parent company CNNC is among China’s most important defense and energy holdings. Uranium is officially classified as a strategic security resource, which is why many production and reserve figures remain undisclosed.
Big Picture
China is doubling down on nuclear power in the global energy race, while much of the West is phasing it out. Beijing’s calculus is pragmatic: reactors deliver clean, baseload electricity around the clock for industry, AI and cities without relying on imported oil and gas. With standardized reactor designs, state-backed financing and full control over the fuel cycle, China is building an industrial-scale nuclear platform designed for mass deployment.
The China Survival Guide for Western Businesses
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