Key facts
- China Resources New Energy shares surged 144% on their Shenzhen debut.
- The company raised 24.5 billion yuan ($3.61 billion) in its IPO, the largest in Asia this year.
- The stock opened at 21.60 yuan, significantly higher than its IPO price of 10.11 yuan.
- The renewable energy firm's shares closed at 23.95 yuan, giving it a market capitalization exceeding 300 billion yuan.
Shares of China Resources New Energy Holdings Co. Ltd. surged 144% in their Shenzhen trading debut on Thursday, following Asia's largest initial public offering of the year. The state-owned clean energy producer, a spinoff from Hong Kong-listed China Resources Power Holdings Co., raised a record 24.5 billion yuan ($3.6 billion) in its IPO. The stock opened at 21.60 yuan, significantly higher than its IPO price of 10.11 yuan, and closed at 23.95 yuan, giving the wind and solar operator a market capitalization exceeding 300 billion yuan. The strong performance occurred despite a nearly 2% decline in the blue-chip index, signaling renewed investor appetite for large listings and potentially boosting confidence for future IPOs. China Resources New Energy operates 4% of China's wind power and 1.2% of its solar assets, with proceeds intended for project investment.