China’s two largest power producers plan to list their wind units in Hong Kong this month, counting on investor interest even at a time when the Hong Kong market has slumped.
Huaneng Group, China’s largest power producer, is planning to take subsidiary Huaneng Renewables public, in a listing that could raise up to $1.3bn, and plans to price this week. China Datang aims to raise as much as $879m for its renewables arm, China Datang Corp Renewable Power, which is doing an investor roadshow. Both have greenshoe options that could increase the size of the offerings by 15 per cent.
The listings, which come after similar moves from other Chinese wind companies in the past year, underscore the confidence of a sector buoyed by government support.
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