China Resources New Energy Holdings set sights on a record‑sized debut, aiming to raise $3.6 billion in China’s largest IPO in four years. The company, a state‑backed renewable‑energy arm, will list on the Shenzhen Stock Exchange, attracting a surge of retail interest ahead of the July 12 launch for institutional investors and global green funds today.

The offering follows a decade of rapid expansion for China’s clean‑tech sector, as the government pushes carbon‑neutral goals. Analysts note that the share price will open near 120 yuan, valuing the firm at roughly $40 billion—a boost that could lift the broader energy index and signal confidence in the country’s green transition for international investors.

Retail investors dominate the order book, with bets piling on the firm’s renewable projects in solar, wind and battery storage. The IPO will fund the company's expansion into overseas markets and help meet China’s 2060 net‑zero target, positioning it as a key player in the global shift toward sustainable energy and attract further green capital.

The debut signals a bullish turn for China’s renewable‑energy listings, potentially encouraging more state‑affiliated firms to go public. Investors will watch the share price closely over the first week, as the market gauges whether the valuation matches the sector’s long‑term growth prospects and regulatory support in the context of global decarbonisation efforts and capital allocation.