Energy firm prepares listing

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Last updated at: (Beijing Time) Thursday, March 04, 2004

Energy firm prepares listing

SHENZHNE Energy Group is preparing for an initial public offering in Hong Kong that could value the top power supplier at around US$2 billion, the Financial Times reported Wednesday.

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SHENZHNE Energy Group is preparing for an initial public offering in Hong Kong that could value the top power supplier at around US$2 billion, the Financial Times reported Wednesday.

The paper, citing people close to the deal, said the firm, which controls over 80 percent of power supply to Shenzhen, was looking to raise US$500 million from the sale of at least 25 percent of its equity and a Hong Kong Stock Exchange listing.

That would give Shenzhen Energy, 25 percent owned by China's largest independent power producer Huaneng Power International, a market capitalization of around US$2 billion.

The paper said investment bank JP Morgan had been selected to advise the issue, its first such role for a State-linked IPO in China.

The listing, likely to take place before the end of the year, is part of plans by Shenzhen government to reduce its holdings in companies it controls, the paper added.

Source:Xinhua

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