Huaneng plans HK wind power listing
Huaneng New Energy Industrial Co., the wind power unit of China Huaneng Group Co. the largest energy company in China and a partner of WL Ross & Co., is reportedly looking at an IPO in Hong Kong by the end of this year.
Morgan Stanley, Goldman Sachs Group Inc. and China International Capital Co., and Macquarie Group have been appointed to arrange the tentative listing of Huaneng's wind unit.
The Beijing-based company plans to raise RMB10 billion ($1.47 billion) through the offering. This follows the disclosure a couple of months ago of Huaneng Group's plans to spin off its new energy business, whose main assets are managed by Huaneng New Energy Industrial Co, which will hold all wind power enterprises of the group. Last year, Huaneng Group partnered through its subsidiary Huaneng Capital Services with WL Ross to form a 50:50 joint venture, aiming to make investments in the growing energy business in China.
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