Shares of China National Uranium Co., the country’s only uranium mining enterprise, tripled on their first trading day Wednesday, underscoring booming investor appetite for nuclear-energy assets as Beijing accelerates atomic power expansion.
The stock closed at 67.99 yuan ($9.62), up 280% from its initial public offering (IPO) price of 17.89 yuan. Earlier in the session, it had surged as much as 347%. Turnover exceeded 8 billion yuan, propelling the company’s market value to around 141 billion yuan ($20 billion).
In its IPO on the Shenzhen Stock Exchange, the firm – now dubbed the “first natural uranium stock” on China’s A-share market – issued 248 million shares, raising roughly 4 billion yuan ($570 million). Proceeds will be channeled into domestic uranium production capacity, comprehensive utilization of associated radioactive minerals, and working capital.
The strong debut comes as China moves rapidly to build new nuclear plants. It already operates and is constructing the world’s largest fleet of reactors and is projected to overtake the United States and France as the biggest nuclear power operator by 2030.
Yet China remains heavily reliant on imports, which meet over 70% of its uranium needs. The listing is seen as a strategic step to secure fuel supply for its nuclear ambitions. Globally, uranium prices have rallied for four consecutive years, supported by commitments from the U.S., Japan, France and other nations to triple nuclear capacity by 2050.
A subsidiary of state-owned China National Nuclear Corp (CNNC), China National Uranium holds exclusive rights in China to mine uranium, positioning it as a strategic supplier or “granary” for the nuclear sector. Its businesses cover uranium mining, smelting, sales and trade, as well as recovery of associated minerals such as monazite and uranium-molybdenum ores.
“We will push for global deployment and enhance supply capacity and competitiveness,” Chairman Yuan Xu said in a statement carried by state media.
Financially, the company reported revenue of 9.55 billion yuan and net profit of 870 million yuan for the first half of 2025. From 2022 to 2024, its revenue grew at a compound annual rate of 28.07%, with profit rising 6.12%.
The firm has developed in-situ leaching technologies, including CO₂+O₂ leaching for complex sandstone uranium deposits, and holds 19 mining licenses and 6 exploration permits in China. Its flagship “National Uranium No.1” demonstration project yielded its first barrel of uranium within a year of launch, setting a domestic speed record.
Overseas, China National Uranium acquired a 69% stake in the Rossing uranium mine in Namibia – the world’s sixth largest – from Rio Tinto in 2019.
Global uranium resources are highly concentrated in a few countries, including Australia, Kazakhstan and Canada. Strengthening domestic supply has become a priority for China’s energy security.
At the listing ceremony, CNNC General Manager Zhang Tao urged the company to leverage capital markets to deepen integration of “technology, industry and finance,” and grow into a world-class enterprise that contributes to China’s energy security.
Analysts say the IPO will provide solid funding to enlarge China’s uranium self-sufficiency, supporting the country’s long-term nuclear power rollout amid a worldwide race for atomic energy capacity.
