22 February 2019

State Grid to back HK Electric IPO, Reuters says

State Grid Corp. of China is likely to become the biggest cornerstone investor in HK Electric Investments Ltd.’s US$5.7 billion Hong Kong initial public offering, which is due to launch Monday, Reuters reported Saturday, citing an unnamed person with knowledge of the matter. State Grid could buy more than 15 percent of HK Electric Investments, depending on the final pricing, and the cornerstone investors planned to buy a combined 35 percent stake, the report said. Power Assets Holdings Ltd. (0006.HK), controlled by tycoon Li Ka-shing, is planning to list the electricity assets as it seeks funds for overseas expansion, the report said.

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