Date
18 October 2017
Chinese nuclear-energy firm CGN Power is gearing up for an IPO to expand its power projects and to build a war-chest for potential acquisitions. Photo: Bloomberg
Chinese nuclear-energy firm CGN Power is gearing up for an IPO to expand its power projects and to build a war-chest for potential acquisitions. Photo: Bloomberg

CGN Power plans US$3 bln Hong Kong IPO: WSJ

CGN Power Co., China’s biggest nuclear-energy company by installed capacity, plans to seek approval from the Hong Kong Stock Exchange for an initial public offering worth at least US$3 billion, the Wall Street Journal reported Monday, citing people familiar with the matter.

The company hopes to launch the IPO next month, in what could mark the fifth-largest initial share sale in the world this year, the report said. 

CGN, which is based in Guangdong province, will use most of the proceeds from the offering to expand its power projects, and for acquisitions, the paper said.

Other firms planning to list in Hong Kong in the fourth quarter include Chinese property firm Dalian Wanda Commercial Properties Co., which could raise up to US$6 billion, and Hong Kong Airlines, which is eyeing US$500 million in the city’s first dual-currency IPO, sources were quoted as saying.

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RC

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