Slew of IPOs will bring much needed money to energy sector...
The major power generators and power distributors of China have worked out plans to raise funds overseas via stock market listings, additional share issues and the introduction of strategic foreign investors, the China Business Post reported, citing industry insiders.
China Power Investment Group is considering an overseas listing within the year, while its unit China Power International Holding Ltd has targeted an initial public offer (IPO) in Hong Kong soon to raise up to 4 bln usd, it said.
Shandong International Power Development Co Ltd (HK 1071), a unit of power generating firm China Huadian Group, plans to raise 40 bln yuan via an additional H-share issue, as well as IPOs in mainland China and New York, it said.
Beijing Datang Power Generation Co Ltd (HK 0991), a unit of China Datang Group, is also seeking a listing in New York, the newspaper said, without elaborating.
Meanwhile, power distributor State Power Grid Co has targeted an overseas listing by 2008 to raise over 15 bln usd, while Southern Power Grid Co, also ready for a stock market listing, will likely sell a 25 pct stake to foreign strategic investors, the report said.