China Resources New Energy, the power generation subsidiary of China Resources Group, has debuted today on the Shenzhen Stock Exchange (SZSE) main board, raising more than RMB21.3 billion (USD3.14 billion) and set an IPO fundraising record on the SZSE.
The 3 July 2026 listing surpassed the RMB13.9 billion that packaged foods company Golden Dragon Fish raised in 2020 on the SZSE.
King & Wood, Haiwen & Partners and Clifford Chance acted as legal advisers to parties involved in the listing.
China Resources New Energy issued more than 2.107 billion shares at RMB10.11 per share. On its first day of trading, the stock surged by more than 177% at one point, triggering a temporary trading suspension. The company’s market capitalisation briefly exceeded RMB362.5 billion.
For China Resources New Energy, King & Wood advised on PRC law, with partners Pan Yujia, Liu Xiaoguang and Feng Xia leading the team. Clifford Chance acted as Hong Kong counsel to the company.
CICC and CITIC Securities served as joint lead underwriters for the offering, with Haiwen & Partners advising on legal matters.
Prior to the listing, China Resources New Energy was a wholly owned subsidiary of Hong Kong‑listed China Resources Power.
The spin‑off and A‑share listing process of the subsidiary took more than three years. China Resources Power first announced plans for the spin‑off in February 2023, and the SZSE formally accepted the IPO application on 14 March that year. On 28 April 2026, the company’s listing was approved at the exchange’s review meeting, and it received registration approval from the China Securities Regulatory Commission on 15 May 2026.
The prospectus said the offering proceeds would be used to fund the construction of wind and solar power projects.
