|
China Power International Holding Ltd (CPI), the listing arm of one of the nation's largest power generating firms, plans to become listed on the Hong Kong stock market this summer, raising billions in US dollars, an industry source said Wednesday.
The fund-raising plan aims to finance the expansion of its generating capacity to cash in on the electricity supply shortfall in China.
"The company plans to launch the initial public offering (IPO) in Hong Kong in July or August, should everything go according to plan," said the source familiar with the listing.
"The company hammered out the listing proposal two weeks ago, and it is now sticking to the timetable to push through the flotation," said the source.
At this point, China Power International Holding is selecting investment banks to advise the company on the listing, said the source.
Earlier reports said at least five foreign investment banks, including Citigroup, Credit Suisse First Boston, Deutsche Bank, Merrill Lynch and UBS, are competing for the advisory position.
Reports also said the company aims to raise between US$500 million to US$1 billion through the IPO.
"The reported proceeds are estimates from investment banks," said the source.
"The company has not come out with any specific figures at this time, which is pending on the situation of capital markets."
CPI is a Hong Kong-registered subsidiary of the China Power Investment Group, which is one of the five largest companies the government established after an industry reform last year.
(China Daily January 15, 2004)
|
