A renewable energy unit of the state-owned conglomerate China Resources will undertake the largest initial public offering on the Chinese mainland in more than four years, in a deal valued at the equivalent of around €3.1 billion.
China Resources New Energy Holdings will debut on the Shenzhen Stock Exchange, in southern China, by issuing 2.42 billion shares at just over 10 yuan (€1.3) per share, which will allow it to raise about 24.5 billion yuan (€3.1 billion), according to documentation filed with the market.
This is the largest mainland listing since the state-owned oil company CNOOC’s IPO, conducted in Shanghai in 2022.
The operation drew strong demand from retail investors. The block of shares allocated to online subscriptions registered demand 683 times higher than the available offering, even after the activation of a mechanism that transferred part of the shares initially reserved for institutional investors.
The stock market debut comes as Chinese capital markets recover. The volume of capital raised through initial public offerings on the mainland increased by 138% year-on-year this year, after several years marked by a tightening of the approval process for new listings.
Between 2021 and 2024, Chinese authorities tightened scrutiny of initial public offerings, at a time when stock markets were facing a prolonged period of weakness.
The CSI 300 index, which aggregates the major companies listed in Shanghai and Shenzhen, has risen about 6% since the start of the year, contrasting with the Hang Seng index’s drop of roughly 9% in Hong Kong.
China Resources New Energy is a subsidiary of China Resources Power, a company listed in Hong Kong and controlled by the state-owned China Resources Holdings.
The company generates electricity from solar and wind farms distributed across the 31 Chinese provinces. By the end of 2025, it had nearly 14 million kilowatts of installed solar capacity and 27.6 million kilowatts of wind capacity.
The China Resources group has interests in several sectors, including beer, real estate, and energy. Among its assets is Snow Beer, one of the world’s best-selling beers.
