Sole sponsor Morgan Stanley and joint bookrunner BOCI are beginning to soft market a Hong Kong IPO of the power assets of the China Resources group. Roadshows for a roughly 900 million share offering in China Resources Power CRP are provisionally scheduled to begin on October 20, with final pricing set for Monday November 3. Alongside the leads, co-leads are CICC, CLSA, HSBC and ING.
Unlike recent benchmark Hong Kong IPO's, there will be no POWL public offering without listing in Japan and also no involvement by a strategic investor. This latter point is hardly surprising given most global IPP's have been actively selling off their Asian investments...
