China Resources New Energy’s shares more than doubled in their Shenzhen debut on Thursday after the wind and solar power company raised 24.5 billion yuan ($3.6 billion), making it Asia’s largest initial public offering of 2026 so far.
The stock rose as much as 198% during trading before closing at 23.95 yuan, up 137% from its IPO price of 10.11 yuan, according to Reuters.
The listing drew strong demand from retail investors, whose orders reached 6.4 trillion yuan. Reuters reported that the retail tranche was oversubscribed by more than 683 times.
China Resources New Energy is the renewable energy arm of China Resources Power and builds and operates wind and solar farms. The company plans to use the IPO proceeds to fund new wind and solar projects.
The debut comes as China’s domestic IPO market shows renewed activity, with regulators supporting listings in sectors including renewable energy, semiconductors and artificial intelligence infrastructure.
The company’s first-day gain gave IPO investors a strong opening return, but its longer-term performance will depend on investor confidence in China’s renewable power sector, project delivery and public market conditions after the debut trade.
