Analysis of Shanghai Electric (02727.HK) Making Hong Kong Stock Hot List After Securing Wind Power Project

This analysis is based on data from the Hong Kong Stock Popularity List on the East Money App [0]. Shanghai Electric (02727.HK) became a popular stock after securing the EPC contract for Kazakhstan’s largest 1GW Mirny Wind Power Project [3]. The project is co-developed by French, Kazakhstani, and Chinese parties, set to start construction in 2026. Upon completion, it will optimize the local energy structure, marking a major breakthrough for Shanghai Electric in the Central Asian energy market. As of December 12, 2025, its share price rose 3.47% to HK$4.17, with a turnover of HK$74.5381 million [3]. The year-to-date return is 44.56% [2], outperforming the Shanghai Composite Index. The stock made it to the Hong Kong Stock Popularity List on the East Money App, significantly increasing retail investors’ attention [0].

1. Overseas Wind Power Project Breakthrough: The 1GW wind power project is a major order for Shanghai Electric in the Central Asian market. The “China-France-Kazakhstan” collaboration model may lay the foundation for subsequent overseas business expansion [3].
2. Contradiction Between Market Sentiment and Valuation: The share price rise is driven by fundamental orders, but the static price-to-earnings ratio of 70.38 times is at a relatively high level in the industry [2], so attention should be paid to the rationality of valuation.
3. Liquidity Pressure Emerges: Recently, it issued RMB 1.7 billion in short-term debt and RMB 2.1 billion in 65-day bonds [1], which may reflect the company’s short-term capital needs, and debt rollover risks should be vigilant.

• Risks
  : High valuation risk (static P/E ratio of 70.38x [2]); short-term liquidity pressure (recent debt issuances [1]); overseas project execution risks (geopolitical issues, exchange rate fluctuations, etc. [0]).
• Opportunities
  : Expansion in the Central Asian energy market (the 1GW project is a regional benchmark [3]); growing demand in the wind power industry (global new energy transition trend [0]).

Shanghai Electric (02727.HK) became popular in Hong Kong stocks due to the Kazakhstan wind power project. Its share price rose with increased volume but is overvalued, and it faces liquidity pressure at the same time. Investors need to objectively evaluate the investment background by combining the potential of overseas business expansion and risk factors.