China Resources New Energy, a unit of China Resources Power, set the offer price for its Shenzhen main-board IPO at RMB10.11 per share. The deal implies base proceeds of about RMB21.30 billion from roughly 2.11 billion shares, rising to as much as RMB24.5 billion if an overallotment option of up to 316.1 million shares is fully exercised.
Filings showed strategic investors would take 1.05 billion shares in the base deal, including China Chengtong, Shenzhen Gas, Shaanxi Investment Group, China Life, New China Life, Taikang Life and the National Social Security Fund. Retail valid bids totaled 636 billion shares, worth about RMB6.4 trillion at the offer price, and demand for the public tranche exceeded 1,000 times the shares initially allocated to retail investors.
Under the clawback mechanism, the final retail tranche increased to 930.7 million shares, or 67.95% of the shares remaining after the strategic placement assuming full exercise of the overallotment option, and the reallocated retail tranche was subscribed 683.4 times. The company and underwriters conducted the allocation draw on Tuesday and said results would be published on Wednesday, while no trading debut date was disclosed. The proceeds are planned for wind and solar project investment.
Reuters said the deal would surpass Yihai Kerry Arawana’s RMB13.9 billion 2020 listing as Shenzhen’s largest IPO and would be the biggest onshore share sale in China since Beijing-Shanghai High-Speed Railway raised RMB30.7 billion in 2009. In its prospectus, the company reported first-quarter net profit of RMB1.62 billion, down 31.1% year on year, and revenue of RMB6.21 billion, down 2.8%, while citing weather conditions, tighter grid limits on generation and lower subsidies for some plants. As of the end of 2025, it reported controlled grid-connected capacity of 41.5899 GW across 31 provincial-level regions.