China Resources New Energy began trading on the Shenzhen Stock Exchange on July 2 after completing what Reuters, citing LSEG data, described as Asia’s largest listing so far in 2026 and Shenzhen’s largest IPO on record.
The company, a unit of Hong Kong-listed China Resources Power that develops and operates wind farms and photovoltaic power plants in China, sold 2.107 billion new shares at RMB10.11 each before any overallotment option. The deal could raise as much as RMB24.5 billion if the greenshoe is fully exercised.
The stock opened at RMB21.60, rose to RMB28.08 within minutes and was temporarily halted, reached an intraday high of RMB30.16, and closed at RMB23.95, up 136.89% from the offer price, giving it a market value of about RMB311.5 billion.
IPO filings showed retail investors submitted valid bids for about 636 billion shares, equivalent to roughly RMB6.4 trillion at the offer price. After a clawback increased the public allocation, the final retail tranche rose to 930.7 million shares and remained 683.4 times subscribed. Strategic investors were allocated 1.054 billion shares, equal to 50% of the initial issuance, with a 12-month lockup, while 1.062 billion A-shares were available for trading on the first day. The company said IPO proceeds would be used for wind and solar projects, adding a funding channel for renewable expansion at the parent group.