RMB24.5B, or roughly $3.6B, is the maximum fundraising figure attached to China Resources New Energy's Shenzhen IPO. The Financial Times reported on June 23 that the renewable-power arm of China Resources is preparing mainland China's largest IPO in more than four years. China's securities regulator approved the registration in May, and the prospectus filed through CNINFO sets out the planned use of proceeds.

The issue price is RMB10.11 per share. Chinese market reports and the FT cited an offering of 2.42B shares if the overallotment option is fully exercised, lifting gross proceeds to about RMB24.5B. The online retail tranche was oversubscribed 683 times after the clawback mechanism, a demand signal that stands out during a period when mainland equity issuance is reopening after several years of tighter IPO review.

The issuer is the renewable-energy platform carved out from China Resources Power. The prospectus describes wind and solar assets across all 31 provincial-level regions in mainland China. It also lists nearly 14M kilowatts of solar capacity and about 27.6M kilowatts of wind capacity by the end of 2025, giving the listing a direct link to China's domestic energy-transition financing.

The use of proceeds is capital-intensive infrastructure, not a balance-sheet slogan. Prospectus materials describe planned investment in renewable-energy base projects, multi-energy complementary projects, ecological renewable-energy projects, and integrated renewable-energy projects. The total project investment is about RMB40.4B, with RMB24.5B expected from the IPO if the full allotment is used.

The market stake is twofold: a large state-linked renewables issuer is reopening the A-share IPO window, and domestic investors are absorbing a record Shenzhen financing at a time when Chinese policy is steering capital toward local markets. The next checks are the final allotment result, first trading performance, and whether the company keeps earnings pressure from grid curtailment, weather, subsidies, and power-pricing changes within the ranges described in the prospectus.

Not investment advice. Verify all figures with primary sources before acting.

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China Resources New Energy targets RMB24.5B IPO; retail book 683x