Huaneng Renewables to raise $204 million

Private placement priced at a 7.5% discount and allocated to 10 institutional investors over the long weekend.
Huaneng Renewables will sell approximately 582.3 million new H-shares at HK$2.71 apiece.
Huaneng Renewables will sell approximately 582.3 million new H-shares at HK$2.71 apiece.

Hong Kong-listed wind power producer Huaneng Renewables will raise HK$1.58 billion $204 million from a private placement of new H-shares carried out over the three-day weekend, which ended on Monday.

According to an announcement on the Hong Kong stock exchange website, the Chinese company will sell approximately 582.3 million new H-shares at HK$2.71 apiece.

The price is slightly lower than the HK$2.80 per share at which Temasek sold its entire 5.3% stake in the company in July and represented a 7.5% discount to Friday’s closing price of HK$2.93.

The Hong Kong market was closed for a public holiday on Monday....

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