China Resources New Energy Holdings just pulled off something that hasn’t happened in China’s capital markets in nearly two decades. The renewable energy company opened subscriptions for a 24.5 billion yuan (roughly $3.6 billion) IPO on the Shenzhen Stock Exchange, making it the largest domestic listing in the country since 2009.
To put that number in perspective, the previous Shenzhen record was set by Yihai Kerry Arawana back in 2020 at 13.9 billion yuan. This deal nearly doubles it. And retail investors showed up in force, with strong demand from the start of subscriptions on June 22.
Inside the deal
The company is selling approximately 2.11 billion shares at 10.11 yuan each, listed under the ticker 001248.SZ on the Shenzhen main board. The deal also includes a 15% overallotment option, a feature typically reserved for offerings where underwriters anticipate demand will outstrip supply.
China Resources New Energy is a subsidiary of China Resources Power, one of the country’s largest state-backed power generation companies.
