Wind turbines stand tall across the mountainous terrain at a wind farm in Qianxinan, Southwest China's Guizhou Province, as the sun rises on May 11, 2025. Photo: VCG

China Resources Power's renewable-energy arm, China Resources New Energy Holdings, launched Shenzhen's largest IPO in recent years with a listing price of 10.11 yuan ($1.49) per share on Monday.

China Resources New Energy, which houses the group's wind and solar assets, is expected to raise 24.5 billion yuan to fund wind and solar projects across China, according to the company's prospectus. 

Previously, the largest stock offering in the southern city was that of edible oil producer Yihai Kerry Arawana Holdings, which raised 13.9 billion yuan in 2020.

The IPO marked one more solid step for China in promoting the development of its green industry, banking on capital market resources and green finance.

The company's asset footprint extends across 30 provincial-level regions in China, and its grid-connected power generation projects have a total installed capacity of 33.1 million kilowatts, including 23.53 million kilowatts of wind power and 9.57 million kilowatts of solar power, according to a sponsor's declaration.

In line with China's dual carbon goals, the company said that it is accelerating the expansion of its new-energy power generation capacity, continuously strengthening its operation and management capabilities, and maintaining its leading profitability in the industry.

In recent years, Chinese financial regulators have guided the capital market through a series of measures, including optimizing IPOs, issuing green bonds, and improving infrastructure-based real estate investment trusts, to comprehensively support the development of the new-energy industry.

Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Monday that the IPO of China Resources New Energy Holdings is being closely watched by market participants as the company's main business aligns with the national strategies on developing new energy and the green industry.

"The fact that the largest IPO in the Shenzhen bourse is now focusing on new energy shows the capital market's growing support for green finance," Yang said.

The IPO of China Resources New Energy, which is a spin-off of a Hong Kong-listed firm, is an innovative way to get more high-quality companies listed on exchanges in the Chinese mainland, the expert said.

In April, China Resources Power, one of the largest mainland power producers listed in Hong Kong, received approval to spin off its renewable-energy arm for a separate listing in Shenzhen, a key step in a years-long plan to tap the capital markets amid strong demand for new energy.

According to domestic financial news portal 21jingji.com, the company is the first Hong Kong-listed company from the Greater Bay Area to have a spin-off entity listed in Shenzhen.

The effective implementation of supportive policies for green finance and the financial market's growing role in channeling capital toward low-carbon sectors have been underlying factors in the solid progress of China's green development, Sun Chuanwang, a professor at the School of Economics at Xiamen University, told the Global Times on Monday.