Shenzhen’s largest IPO, China Resources New Energy, sees year’s highest abandoned subscriptions; underwriting windfall masks pricing concerns

Corporate Action
โดย Jiemian·Read original
Summary · why it matters

The largest IPO in Shenzhen Stock Exchange history, China Resources New Energy, has shattered records with fundraising exceeding 24 billion yuan, while also posting the highest online abandoned subscription amount for Shanghai and Shenzhen new shares since 2026, reaching 33.63 million yuan. China Resources New Energy’s issue price is 10.11 yuan, and if the overallotment option is fully exercised, total fundraising is expected to reach 24.5 billion yuan. CITIC Securities and CICC are the joint lead underwriters, and the two brokerages will underwrite all abandoned shares. With the average first-day gain for new stocks this year hitting 281.2 percent and no first-day declines, underwriting has shifted from a risk to an incremental profit source. In the first half of the year, CICC led with underwriting gains of 78.22 million yuan, followed by CITIC Securities with 53.6 million yuan. However, seasoned investment bankers point out that concentrated selling of large underwritten blocks can suppress first-day gains, and the underwriting backstop distorts the pricing risk signal from abandoned subscriptions, potentially pushing up the center of issuance valuations over the long term.

Impact on stocks 5

Others▲ · 5 stocks
CITIC Securities Co Ltd
600030
▲ PositiveCapitalrelevance

CITIC Securities earns underwriting fees from the IPO and will underwrite abandoned shares, generating incremental profit.

Off-coverage companies 1

China Resources New Energy Holdings Co LtdPrivate▼ Negative
Capitalrelevance

The IPO saw the highest abandoned subscriptions, indicating weak investor demand and potential pricing concerns.

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