PRC wind power company debuts in Hong Kong
June 17, 2011 | BY
clpstaff &clp articlesOne of China's largest wind power companies, Huaneng Renewables has raised US$762 million from its initial public offering (IPO) and listing of H-shares…
One of China's largest wind power companies, Huaneng Renewables has raised US$762 million from its initial public offering (IPO) and listing of H-shares on the Hong Kong Stock Exchange.
Best Investment Corporation, a subsidiary of China Investment Corporation (CIC), China's sovereign wealth fund, subscribed to US$60 million worth of Huaneng's H-shares. This represented approximately 7.51% of the global offering. Huaneng has entered into US$415 million worth of placing agreements with a group of cornerstone investors that include CIC, State Grid International Development, Fubon Life Insurace, GE Capital Equity Investment and Bank of China Group Investment, among others.
The sole global coordinator of the global offering was Morgan Stanley Asia. The joint sponsors, joint bookrunners and joint lead managers were Morgan Stanley Asia, China International Capital Corporation, Goldman Sachs and Macquarie Group.
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