China Resources New Energy Holdings Co., Ltd. (China Resources New Energy) has officially filed for an initial public offering (IPO) on the Shenzhen Stock Exchange (SZSE), according to the exchange’s disclosure on March 14. This IPO sets multiple records, making it a landmark transaction in China’s renewable energy sector.
Source: Yicai Global
China Resources New Energy Holdings Co., Ltd. (China Resources New Energy) has officially filed for an initial public offering (IPO) on the Shenzhen Stock Exchange (SZSE), according to the exchange’s disclosure on March 14. This IPO sets multiple records, making it a landmark transaction in China’s renewable energy sector.
It is the first IPO accepted by SZSE in 2024 and the first main board IPO of the year. More significantly, with a planned fundraising target of RMB 24.5 billion (approximately USD 3.4 billion), China Resources New Energy ranks as the largest IPO applicant in SZSE’s pipeline and has set a new record for the exchange’s largest-ever IPO fundraising target.
China Resources New Energy is a wholly-owned subsidiary of China Resources Power Holdings Co., Ltd. (0836.HK), a Hong Kong-listed company. As of the IPO filing, China Resources Power remains the sole shareholder, holding 100% of the company’s shares. The business is ultimately controlled by China Resources Group, which exercises full voting rights through China Resources Holdings.
As the exclusive platform for China Resources Power’s wind and solar energy investments, China Resources New Energy plays a central role in the company’s renewable energy strategy. By September 2024, its operations spanned 30 provinces, autonomous regions, and municipalities across China, with a total installed capacity of 28.21 million kW. This includes 21.57 million kW from wind power and 6.64 million kW from solar power.
The IPO proceeds will be used to finance four key projects, including:
These projects require a total investment of RMB 40.4 billion, with the remainder of the funding to be sourced through alternative financing channels.
China’s "dual carbon" goals—aiming for peak carbon emissions by 2030 and carbon neutrality by 2060—have fueled rapid expansion in the renewable energy sector. With its strong market position and growing installed capacity, China Resources New Energy is poised to benefit from this shift. The company has applied under the SZSE listing standard for firms with an estimated market capitalization of at least RMB 20 billion and annual revenue of no less than RMB 3 billion. As one of the largest renewable energy IPOs in China, this listing is expected to further accelerate green energy infrastructure investment and reinforce China Resources New Energy’s leadership in the sector.
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