Global Market: China Resources New Energy shares soar on Shenzhen debut after $3.6 billion IPO

China Resources New Energy, controlled by Hong Kong-listed China Resources Power, debuted on the Shenzhen Stock Exchange at 21.60 yuan against an IPO price of 10.11 yuan, rising as much as 198% and triggering a temporary trading halt. The $3.6 billion offering is Shenzhen's largest IPO on record, with the online tranche oversubscribed more than 683 times by retail investors. The successful listing, against a backdrop of a nearly 2% decline in the CSI300 index, is seen as a test of Beijing's efforts to revive domestic capital markets, potentially paving the way for larger offerings including ChangXin Memory Technologies' planned 29.5 billion yuan IPO.