China Resources New Energy seeks $3.6 billion in IPO, set to be Shenzhen's largest (updated)

China Resources Power Holdings

11/06/2026 07:34

Updates with milestone in headline; LSEG data in paragraph 2-3; adds latest share closing of China Resources Power in paragraph 10
Deal would be Shenzhen's largest IPO on record, LSEG says
Subscriptions open June 22 after price consultations next week
Strategic investors allocated half of the initial offering
By Yantoultra Ngui

    SINGAPORE, June 11 (Reuters) - China Resources New Energy, the renewable unit of China Resources Power 0836.HK, aims to raise about 24.5 billion yuan ($3.62 billion) from a Shenzhen initial public offering, according to a filing with the exchange on Thursday.
If completed at that size, the deal would be Shenzhen's largest IPO on record, surpassing Yihai Kerry Arawana's 13.9 billion yuan listing in 2020, and China's largest onshore IPO since Beijing-Shanghai High-Speed Railway raised 30.7 billion yuan in Shanghai in 2009, LSEG data showed.
On China's domestic exchanges, year-to-date IPO and secondary-listing proceeds reached $6.89 billion as of June 11, up 63% from the same period a year earlier, LSEG data showed.
The company develops and operates wind farms and photovoltaic power plants across China and serves as the group's main renewable energy platform.
The offering will begin price consultations on June 16, with subscriptions scheduled to open on June 22, the filing showed.
China Resources New Energy plans to sell about 2.1 billion shares, or roughly 16.2% of its enlarged share capital, before any overallotment option.
Strategic investors will take half of the offering, while the remainder will be split between institutional and retail investors at an initial 70%-30% ratio, respectively, according to the filing.
The proceeds will go toward investment of about 40.4 billion yuan planned for wind and solar projects, of which 24.5 billion yuan is expected to be funded by the IPO, the prospectus showed.
China Resources New Energy's first-quarter net profit fell 31.1% to 1.62 billion yuan, while revenue slipped 2.8% to 6.21 billion yuan after adverse weather, tighter grid limits on power generation and lower subsidies for some plants, the prospectus showed. 
Shares of China Resources Power closed 1.68% lower in Hong Kong on Thursday.
China International Capital Corp and Citic Securities are acting as joint sponsors.    
     ($1 = 6.7757 Chinese yuan)

(Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman, Jacqueline Wong and Barbara Lewis)
((Yantoultra.Ngui@thomsonreuters.com;))