China Resources Power’s renewable energy arm cleared for Shenzhen IPO

China Resources Power (CRP), one of the largest mainland power producers listed in Hong Kong, has 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. The Shenzhen Stock Exchange’s listing committee approved the proposed A-share offering of China Resources New Energy Holdings on April 28, according to a filing by CRP. The deal, however, still required registration approval from the China Securities Regulatory Commission and remained subject to market conditions, the company said. The approval marks a step forward for a plan first announced in March 2023, bringing the state-backed power producer close to the final stage after roughly three years of preparation. China Resources New Energy, which houses the group’s wind and solar assets, is seeking to raise about 24.5 billion yuan (US$3.6 billion) from the initial public offering (IPO), potentially making it one of the largest new energy listings in Shenzhen in recent years. The proceeds would be used to fund the construction of wind and solar projects, according to the company’s prospectus. The unit has built a sizeable nationwide footprint. As of the end of 2025, its installed capacity reached about 41.6 gigawatts, with wind accounting for the majority and solar making up the rest, the prospectus showed. Its power plants spanned 31 provinces, positioning it among the leading renewable energy operators in China. Revenue rose to 22.9 billion yuan in 2025 from 20.5 billion yuan in 2023, while net profit declined to 6.1 billion yuan from 8.28 billion yuan over the same period, according to its prospectus. The listing comes amid sustained investor appetite for renewable energy assets, driven by China’s long-term decarbonisation targets and policy support. It also underscores a broader trend among central state-owned enterprises to separately list their renewable businesses to unlock value and secure dedicated funding channels. China Three Gorges Renewables completed a blockbuster listing in 2021, followed by China Huadian’s renewable unit, Huadian New Energy Group, in 2025, while PowerChina’s green energy arm was also preparing a similar listing in Shanghai, targeting a fundraising of about 9 billion yuan. The listing also marked a breakthrough in China’s capital market reforms. China Resources New Energy is set to become the first red-chip company – firms incorporated offshore but with most operations in China – to pass a listing hearing on Shenzhen’s main board. Previous red-chip listings in the A-share market have largely taken place in Shanghai, either on the main board or the Star Market.