CRP scores new China success

A 920 million share IPO for China Resources Power (CRP) was priced at the very top of its indicative price range on Friday and like PICC before it, should make a similarly impressive debut on the Hong Kong Stock Exchange when it begins trading on Wednesday. Led by BOCI and Morgan Stanley, the offering was priced at HK$2.80 per share, representing a P/E ratio of 7.8 times 2005 earnings and 25% of issued share capital pre greenshoe.