China Resources New Energy Holdings has successfully opened subscriptions for a 24.5 billion yuan ($3.6 billion) IPO on the Shenzhen Stock Exchange, the largest domestic listing since 2009. The previous record was 13.9 billion yuan set by Yihai Kerry Arawana in 2020, indicating remarkable demand from retail investors since subscriptions began on June 22.
The firm is offering roughly 2.11 billion shares at 10.11 yuan each, under ticker 001248.SZ, including a 15% overallotment option-typically a sign of strong anticipated demand. Proceeds will fund wind, solar, and integrated energy projects exclusively, with no investment in fossil fuels.
With approximately 28,207 MW of renewable energy capacity spread across 30 provinces, the company’s diverse operations mitigate risks from regional policies and grid issues, such as curtailment faced by other operators in China. This IPO marks a significant achievement for red-chip companies, which are incorporated outside mainland China but operate extensively within it.