China Resources New Energy, the renewable energy subsidiary of state-backed China Resources Power, is targeting a $3.6 billion initial public offering (IPO) on the Shenzhen Stock Exchange. This offering, priced at 10.11 yuan per share, could become Shenzhen's largest IPO ever, surpassing Yihai Kerry Arawana's 2020 listing of $1.9 billion. If the full greenshoe option is exercised, the deal value could reach $3.6 billion, making it China's largest onshore IPO since Beijing-Shanghai High-Speed Railway's $4.3 billion listing in 2009.
The proceeds from the IPO will primarily fund a pipeline of renewable energy projects, specifically wind and solar developments across China, reflecting China's broader strategy to channel capital into its renewable energy infrastructure. The company plans to sell approximately 2.11 billion shares initially, with an additional 316.1 million shares available through the greenshoe option. Strategic investors, including China Chengtong Holdings Group and China Life Insurance, will acquire 1.05 billion shares, representing half of the base offering.
Price consultations for the offering began on June 16, with subscriptions scheduled to open on June 22. Joint sponsors for the transaction are China International Capital Corp (CICC) and Citic Securities. The
