China Resources New Energy Holdings, the spin-off of a state-backed power producer, has smashed multiple records on the Shenzhen Stock Exchange, as it prepares to become the biggest initial public offering (IPO) and the first so-called red-chip company to trade on the bourse.

The wind and solar power producer, carved out of China Resources Power, planned to raise 24.5 billion yuan (US$3.6 billion) from yuan-denominated shares on the Shenzhen bourse, it said in an exchange statement on Thursday.

If successful, China Resources New Energy will be the first Shenzhen-listed company incorporated overseas but operating mainly in mainland China under the red-chip structure.

The listing comes as major economies diversify into green energy, with rising crude oil prices fuelling inflation and squeezing corporate margins. The stock offering is expected to entrench China’s relative insulation from the oil shock by further boosting the share of clean energy in total energy consumption.

China Resources New Energy would sell 2.1 billion shares through the Shenzhen exchange on June 22, with the tranche representing between 16.2 per cent and 18.2 per cent of its enlarged capital, depending on whether an overallotment would be exercised, according to the statement.

Proceeds would fund construction of multiple renewable-energy projects worth 40.4 billion yuan, including a clean-energy base and a green ecological development project.