CR New Energy Prices Shenzhen IPO at 10.11 Yuan, Raising Up to 24.5 Billion Yuan
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CR Power New Energy priced its Shenzhen IPO at 10.11 yuan per share, targeting up to 24.5 billion yuan (~$3.6 billion) if the greenshoe is fully exercised — the largest-ever IPO on the Shenzhen exchange and mainland China's biggest domestic listing since 2009.
How big is this deal?
The base offering is roughly 2.13 billion shares raising about 21.3 billion yuan. If the greenshoe — an over-allotment option — is fully exercised, another 316.1 million shares bring the total to roughly 2.42 billion shares and 24.5 billion yuan (~$3.6 billion).
This means → it surpasses Yihai Kerry Arawana's 2020 record of 13.9 billion yuan, making it the largest IPO in Shenzhen exchange history.
Across all of A-shares, it is the biggest domestic listing since the Beijing–Shanghai High-Speed Railway raised 30.7 billion yuan in Shanghai in 2009.
What does CR Power New Energy actually do?
It is the renewables subsidiary of CR Power (0836.HK), developing and operating wind farms and solar plants across China.
In plain terms = the parent carved out its "green power" arm and is listing it separately on the A-share market to raise capital.
Proceeds will go directly into wind and solar project investment.
What does the strategic-investor lineup signal?
Strategic investors will subscribe to roughly 1.05 billion shares — about 50% of the base offering, locked in before the stock starts trading.
The roster includes China Chengtong Holdings, Shenzhen Gas, Shaanxi Investment Group, plus insurers China Life, New China Life, Taikang Life, and the National Social Security Fund.
This means → state-backed capital and major insurers are entering together. The market reads this as a policy signal: green-power assets remain a priority allocation for national-level funds.
How strong was the book-building demand?
During the offline inquiry phase, 616 investors managing 10,218 accounts participated in early price consultation.
After invalid and high-priced bids were stripped out, 461 investors managing 9,492 accounts submitted valid quotes.
This reflects strong institutional interest. Subscriptions open on June 22; retail participation levels will be the next test of the market's capacity to absorb the deal.
Content is for reference only, not financial advice.