China's Energy Firms Heat Up Hong Kong's IPO Market

The Chinese government's thrust to raise the consumption of cleaner forms of energy has fired up investor interest in the renewable-energy sector this year and has led to a deluge of listings in Hong Kong, reports the Wall Street Journal.

 

Citing a term sheet seen by Dow Jones Newswires, the Journal says that Huaneng Renewables Corp., the wind-power unit of China Huaneng Group, plans to list shares on the Hong Kong stock exchange Dec. 16 following its IPO to raise about US$1.5 billion.

 

Another company, China Datang Corp. Renewable Power, a unit of power generator China Datang Corp., plans to list its shares in Hong Kong on Dec. 9 in an effort to raise as much as US$1 billion.

 

According to the Journal, six "clean-energy" companies have listed since 2009 to raise a total of US$4.4 billion in Hong Kong, among them China Longyuan Power Group Corp., the biggest so far, and wind-power equipment producer Xinjiang Goldwind Science & Technology Co., which raised US$1.05 billion from its IPO last month.

 

Hong Kong, which has dominated global IPO activity this year, has also attracted also overseas companies, says the Journal.

 



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