crp-braves-market-downturn-with-placement

CRP braves market downturn with placement

On a day when Hong Kong stocks take a tumble, China Resources Power raises $623 million for its first investment in coal production.
It didnÆt seem like the most auspicious of days to raise fresh equity with the Hong Kong market tumbling 1,391 points from its intra-day high and finishing the session more than 700 points down. Rumours of several more potential placements, including one for Sun Hung Kai Properties, was also widely cited as a contributing factor to why the local market suddenly reversed course.

But China Resources Power CRP took on the challenge and launched a top-up placement of more than $600 million after the market close through Morgan Stanley and Citi. The task was made even more difficult by the fact that the stock was suspended from afternoon trading, which meant it missed most of...
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