State-owned Sinohydro Corp is seeking to raise Rmb17.3 billion $2.7 billion in a Shanghai initial public offering, in a clear indication that Chinese authorities are determined to develop hydroelectric capacity despite turbulence in the country’s equity markets.
The deal is contesting to be China’s biggest IPO this year, alongside Shaanxi Coal Industry’s planned share sale, also worth around $2.7 billion and will be the biggest deal since China Everbright Bank’s $3.2 billion IPO last August. The two issuers will add 5.5 billion new shares to the Shanghai stock market, which has fallen 12% year-to-date, even after yesterday’s strong rally.
China’s securities regulator, the CSRC, typically...
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