China Resources New Energy launches Shenzhen IPO targeting record $3.4 billion raise

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.

According to the prospectus, the funds will support four categories of renewable energy projects with a combined planned capacity of 7.18 GW and total investment of CNY 40.42 billion. The remaining investment will be financed through internal resources and other funding channels.

The largest allocation, CNY 10.5 billion, will be invested in renewable energy base projects totaling 2.8 GW. These include large-scale wind and solar developments linked to national ultra-high-voltage (UHV) transmission corridors and provincial renewable energy bases.

Another CNY 8 billion will support 2.5 GW of multi-energy complementary projects, including wind-solar-storage developments aimed at improving grid integration and local electricity consumption. China Resources New Energy will allocate CNY 3 billion to 1.31 GW of ecological renewable energy projects, including agrivoltaic, fishery-solar and livestock-solar installations. A further CNY 3 billion will fund 565 MW of integrated renewable energy projects, including distributed wind and solar generation.

Projects identified in the prospectus include the 1 GW Santanghu wind project in Xinjiang, the 200 MW Wuzhou Cangwu Liubao Phase III wind-storage project in Guangxi, the Weinan Heyang wind project in Shaanxi, and the Shenpu wind project in Yuexi County, Sichuan.

By the end of 2025, China Resources New Energy had 41.59 GW of attributable grid-connected renewable energy capacity, including 27.63 GW of wind and 13.96 GW of solar. Its portfolio spans all 31 provincial-level regions in mainland China, with projects concentrated in northern resource-rich areas and eastern coastal demand centers.

The IPO forms part of a broader asset securitization strategy by China Resources Power, which is spinning off its renewable energy business for a separate mainland listing. China Resources New Energy will remain under China Resources Power, while China Resources Group remains the ultimate controlling shareholder.