The proceeds will fund 7.18 GW of wind and solar projects across China, supporting the company’s expansion and its parent’s strategy to separately list its renewable energy business on the mainland.
China Resources New Energy Holdings has launched its A-share initial public offering (IPO) on the main board of the Shenzhen Stock Exchange, in what could become one of China’s largest renewable energy listings.
The company, a renewable energy subsidiary of China Resources Power, has received registration approval from the China Securities Regulatory Commission (CSRC) and is scheduled to begin online and offline subscriptions on June 22. The IPO is being sponsored by China International Capital Corp. (CICC) and CITIC Securities.
China Resources New Energy plans to issue 2.11 billion shares, representing about 16.2% of its enlarged share capital. If the 15% overallotment option is fully exercised, the offering will increase to 2.42 billion shares, equivalent to about 18.2% of the company’s post-listing share capital.
The company aims to raise CNY 24.5 billion ($3.4 billion), which would mark the largest IPO on the Shenzhen market to date. It said all proceeds will be used for wind and solar project development rather than debt repayment or general corporate purposes.
