Huadian Power in $1.12b A-share placement

Huadian Power pulled off China's largest follow-on offering in the utility and energy sector in about five years.

Huadian Power International has raised Rmb7.15 billion $1.12 billion from a hotly contested A-share private placement, China's largest follow-on offering from the utility and energy sector in about five years.

In spite of the fragile investment backdrop following weeks of Chinese stock market turmoil, the Chinese power generator successfully sold about 1.06 billion shares to 10 institutional investors, including controlling shareholder China Huadian Corporation, a filing with the Shanghai Stock Exchange showed on Thursday.

Huadian Power, which initially set the price for the offering at Rmb4.77 per share on May 26, lifted the final price to Rmb6.77 per unit thanks to strong demand, with a total of...

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