When Beijing puts its support behind a sector, investors take note. Its backing for renewable energy projects means that the initial public offering for China Three Gorges (CTG) Renewables, the largest one this year, was always going to attract attention.

That it did. The new Shanghai listing performed well on its first trading day on Thursday. Its share price rose by the daily limit of 44 per cent. CTG Renewables raised Rmb22.7bn ($3.5bn), giving it a market value of Rmb109bn, making it one of the largest mainland green energy groups.

Chinese president Xi Jinping plans to nearly triple local wind and solar power capacity by 2030. Parent China Three Gorges, which retains 60 per cent, is best known for its huge hydropower dam in central China. CTG Renewables operates wind and solar plants.