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 (CR) Power's renewable energy arm, China Resources New Energy Holdings, launched Shenzhen's largest-ever initial public offering (IPO) 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, plans to raise 24.5 billion yuan to fund wind and solar projects across China, according to the company's prospectus. The sum potentially makes it one of the largest new energy listings in Shenzhen in recent years, according to media reports.

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

The company's assets footprint spread across China, and its grid-connected power generation projects have a total installed capacity of 33.1 million kilowatts (kW), including 23.53 million kW of wind power and 9.57 million kW of solar power, according to a sponsor's declaration.

In line with the national "dual-carbon" strategy, the company said 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 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, marking a key step in a years-long plan to tap capital markets amid strong demand for new energy.