China Resources Power CRP, a company that develops and operates power plants in China, has launched a HK$5.93 billion $760 million renounceable rights issue, according to a stock exchange filing posted late last Thursday. This is the largest rights issue undertaken by a Chinese company so far this year.
Hong Kong-listed CRP will issue 423 million shares at a ratio of one rights share for every 10 existing shares. The subscription price is HK$14 per share, which represents a 21.8% discount to Thursday's closing price and a 20.3% discount to the theoretical ex-rights price at the same time.
Outstanding share options, if vested, could bring the total number of shares issued as...
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