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CGN opens books for planned HK float
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CGN Power Co, the Chinese mainland’s largest nuclear power producer, opened its retail books yesterday for a Hong Kong initial public offering.
CGN Power, a subsidiary of China General Nuclear Power Group, will sell 441 million shares in Hong Kong — 5 percent of its total global offering of 8.8 billion shares.
The IPO price was set at HK$2.78 (35.80 US cents) per share and will raise US$3.16 billion, the biggest IPO in Hong Kong this year.
CGN Power’s retail book building is scheduled to close next Tuesday, with the trading debut slated for December 10 on the main board of the Hong Kong stock exchange.
CGN Power generates 55 percent of the mainland’s nuclear energy. It currently operates 11 power stations, mainly in south China’s Guangdong Province.
Nearly 55 percent of the IPO proceeds will be used to acquire an additional 41 percent equity interest in Taishan Nuclear, controlled by CGN Power’s parent company China General Nuclear Power Group. Other proceeds will be used to finance construction of new generating units, research and development, and debt servicing.
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