CR New Energy Raises Over 24 Billion Yuan in Shenzhen’s Biggest IPO; Shares Jump 136.89%

CR New Energy (001248.SZ) raised more than 24 billion yuan in its Shenzhen Stock Exchange IPO, setting a record for the exchange, and it also logged the largest online subscription abandonment so far in 2026, according to Jiemian News. The stock priced at 10.11 yuan per share; if the overallotment option is fully exercised, total proceeds are expected to reach 24.5 billion yuan, surpassing Yihai Kerry Arawana’s prior 13.9 billion yuan record. On July 2, CR New Energy debuted on the Shenzhen main board. The shares surged as much as 198.32% to 30.16 yuan intraday, triggering a temporary trading halt, and closed at 23.95 yuan, up 136.89%, giving it a market capitalization of 311.5 billion yuan. CITIC Securities (600030.SH) and CICC (601995.SH) acted as joint sponsors and lead underwriters. The company’s issuance results showed online investors abandoned 33.6335 million yuan of subscriptions, or 3.327 million shares, which the joint lead underwriters must fully underwrite at the offer price under A-share rules. Base underwriting and sponsorship fees were 137 million yuan, rising to 158 million yuan if the overallotment is fully exercised.